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Evaluation
In this highly active
market, it is hard to know where the true value of your property
lies. If you have been wondering what your property is worth,
simply fill out the form below, and I can perform a "drive-by"
assessment of your property. There is no obligation, and no cost
for this service. Simply complete the form below (at the bottom of
this page) and send it in to me, and I will call you or send an
e-mail to you with an estimate as to the value of your property. Itīs
as simple as that!
Also there is a new site -
www.zillow.com where you can get an
instant "value".
You also can get an idea
of price using a
price estimator at
the National Association of Home Builders which determines average
prices using features as the indicator.
A comparative market analysis is an informal estimate
of market value, based on sales of comparable properties, performed
by a real estate agent or broker. It is not an appraisal of value
but an analysis of recent home activity in your market usually
within the last 6 months. The agent uses the MLS to find homes
similar in such things as style, square footage, rooms, bedrooms,
age, construction and amenities. Your real estate agent will be
happy to provide this analysis. Most agents offer free analyses in
the hopes of winning your business.
This analysis provides the background data on
which to base your list-price decision. You also can research "the
comps" yourself by checking on recent sales in public records. Be
sure that you are researching properties that are similar in size,
construction and location. This information is not only available at
your local recorder's or assessor's office but also for a fee
through private companies that specialize in real estate data and on
various real estate Internet sites.
Study the comparable sales material presented to
you by the different agents you interviewed initially. If the
analyses are more than two or three months old, have your agent
update the report for you.
If all agents agreed on a price range for your home, go with the
consensus. Watch out for an agent whose opinion of value is
considerably higher than the others.
A Comparative Market
Analysis will provide you with the information you need to set a
value on the home you own. CMAs are written reports comparing the
prices of recently sold homes that are similar to yours in terms of
location, style and amenities. CMA's often include information on
properties currently for sale plus the properties which failed to
sell.
Knowledge is power!
A CMA, or comparative
market analysis, is a report that provides all the information you
need to make an informed decision as to how much you should list
your property for in today's market. It should also give you an
anticipated range for the final selling price.
It is best to get your CMA AFTER a qualified professional agent does
a walk-through of your home. That way, you will know that your agent
can properly compare your property to others in your neighborhood.
The CMA will contain information on properties that are comparable
to yours that have sold in the last 6 months, properties currently
on the market, and properties that have expired before being sold.
It is not an appraisal.
When you call to list your property, an agent should meet you at
your home so that he can gather the information needed to prepare
the CMA and to take measurements of the rooms. At that time he also
can review any Marketing Agreements that he offers and answer any
questions you may have. After the initial meeting, you should
receive the CMA within a day or two.
A CMA contains recent market information on properties similar to
yours that are:
-
Active -
These are properties similar to yours that are currently
available for sale. These are the homes you will be in
direct competition against for the buyer's attention. Take
note however,that some of these homes are likely to expire.
- and if you price your home in consideration that everyone
of these homes are priced competitively, you'll probably end
up pricing your home too high
-
Expired -
These are homes similar to yours that have recently expired.
That is, they failed to sell within the listing period
(typically 3-4 months). These homes will give you an
indication of what is likely too high a price to list your
home.
-
Sold -
These homes are similar to yours and have recently sold.
These homes will provide you the clearest indication of
exactly how much you should list your home for in today's
market. They are a track record of proven successes. They
also provide excellent insight as to how much your property
will likely sell for and how long it will take.
A comparative
market analysis (CMA) is not an appraisal. It is an
estimated value of what your home is worth based on recent sales
and market trends in your area. Unlike an appraisal, a CMA takes
into account the current market and competition, not just past
sales.
When any real estate agent assigns a value to your home, you
deserve to know how and why they have come to that conclusion.
Why? It is important because different agents use different
strategies to get your listings. If you choose the agent who
quotes you the highest value, you may be doing yourself an
incredible disservice.
Your home has a value to a buyer. Buyers shop around and compare
values. With that understood, I will show you how to get the
highest value out of your house possible.
Every real estate
transaction must be supported with detailed, documented,
statistical data about real estate transactions in the area. As
part of our Comparative Market Analysis, we provide:
-
A complete
list of real estate sales, including private sales, on
the subject propertyīs street
-
A complete
list of similar properties that have sold in the area.
-
A complete
list of similar properties currently on the market in
your area
-
A
computer-generated Comparative Market Analysis showing,
among other details, the average asking and selling
price for similar properties in the area
-
A summary
page, incorporating all the data we have compiled for
your consideration, in a concise and easily understood
format.
-
A
recommended listing and possible sale price for the
property
Expireds: Out of Range
Up to 35% of all homes put on the market donīt sell. The
prices at which these homes expired represent the "out of
reach" price. If you price there, then yours will also
expire.
For Sale: Upper End of Range
These are asking prices only. They have not been attained in
the market. Examine the number of days on market and if it
has been a long time, the homes are priced too high.
Solds: Lower End of Range
These are actual sale prices and are your best evidence on
which to base your pricing decision. Assuming the homes are
similar to yours, you should be able to obtain similar
prices. In a rising market these represent the lower end of
the range. In a declining market these represent the higher
end of the range.
HOW MUCH IS MY HOME
WORTH!
Please complete the following information
which will be used to prepare a comprehensive report
detailing all current real estate listings and recent sales
activity in your neighborhood.
If
you are planning to sell your home within the next 3, 6, or
12 months or even years from now, it is never to soon to
know the market value of possibly your most
important and valued asset!
Please simply answer a few questions to enable me to
effectively email an accurate CMA of residential,
condo/town-home, multi-family, land or commercial property.
*
Required Fields
Thank You!
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