A Comparative Market Analysis, CMA for short, is a way we help determine value of a home. We compare the property in question to other homes that have sold or are currently for sale.
This is completed prior to a home being listed for sale or a buyer making an offer on a home. Please note, comps (a.k.a. comparable homes) have to be repulled every 30 days. With how busy the Real Estate Market is, things change quickly! The factors we take into consideration when determining value. This includes: square footage, # of beds/baths, location, features, lot size, etc. We also are only looking in an immediate area. If the home is in a suburban area, we like to stay within 1/2 mile to 1 mile of the property to find comparable homes. The closer the better. In rural areas, we can expand up to 10 miles because the lack of inventory.
Another thing to consider is what is competing with your home? What is on the market right now? That can help justify price if your home is superior or inferior to competition. Also, not all repairs are equal. If you invest $100k into a pool, that does not mean you'll get $100k more in value. That type of improvement is more for personal enjoyment.
Now, a buyer's value and an appraiser's value are two different things. In the market we are in now, some buyers are willing to pay OVER the appraised value. We want to give you both values or a range of the potential sales price based on the two. Also, we are not licensed appraisers and appraisals are a professional opinion. But our goal is to use our experience to help gauge what an appraiser might say. See below for a blog post all about appraisals..
What is an Appraisal? | Tip Tuesday: https://homesbyhenson.net/blog/post/1247615
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Hi, we're Chantel Henson and Betty Stringer and we'd love to assist you. We are a mother-daughter team, committed to assisting you with your Real Estate needs! Providing you with Local Real Estate updates and advice for Monterey, Santa Cruz, Santa Clara, & San Benito County's real estate market for over 24 years.
We will provide you the FACTS! For an honest answer, call us. Our goal is, not to make a sale, but to create a Customer for Life!
Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having real estate professionals by your side. We'd be honored to put our real estate experience to work for you.
Chantel Henson & Betty Stringer
Broker/Owner & Broker Associate
Realtors®
DRE # 01271580 & 02042438
[email protected]
VANCO Real Estate Executives
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***Disclaimer- A Realtor has a fiduciary duty to Buyers and Sellers individually. Our goal is to have a strong knowledge base of contracts. However, we are not Real Estate attorneys. Please contact a Real Estate attorney for more information about how to protect yourself from liability and Real Estate contracts affect you and your situation directly.***