Comparative Market Analysis (CMA)
Determining the value of your home is based on several factors, but most important is your neighborhood. A profile of your neighborhood’s real estate market is created to compare the value of other homes recently sold or listed in that area. This brings us to the recommended listing price of your home.
We can determine your home’s value by finding comparable homes based on the number of beds/baths, property size, and various notable features, and how much these homes have sold for.
Several other factors come in to decide how the value can be adjusted. Active listings that have been on the market for too long can hint at overpricing. If your home contains more premium features than those around you, the value of your home can increase.
An in-person evaluation is conducted, to examine the condition of your home and its place in the neighborhood, to draw a data-based and accurate price.
Note:
The CMA requires experience, knowledge, and critical thinking on behalf of your agent. A poorly executed CMA might compare your property to other properties that are not similar, or it might draw the wrong conclusions from the data.
