Comparative Market Analysis

 

Why complete a CMA?	The comparative market analysis (CMA) is completed before establishing the sales price for a property.  By comparing the subject property with other like properties one can determine a fair price for the subject property.  This process is similar to the process that an appraiser will perform for the lender when establishing the value of the home for loan limit purposes. This information can be used to determine the pricing strategy for the home.
Like Properties	The first step in doing a CMA is to find at least 3 properties that have been sold in the last 6 months, in the same area, and the same style as the subject property.  If there are many properties to choose from then one can include similar square footage, bathrooms, year built, and other important features.
Style	A two story with a basement could be compared to a two story without a basement.  A tri-level could be compared to a 4-level home.  A rancher with basement could be compared to a rancher without basement.  Try not to compare a 2 story with a multi-level home.
What Items Ken Compares?	Bathroom - Adjustments are made based on the type of the bathroom.  ie) 5-piece, full, three-quarter, half   Garage - The size of the garage.   Square Feet - The square footage above grade is more valuable that the square footage in the basement.  Finished square feet is more valuable than unfinished square feet.   Central Air - Properties with central air conditioning are worth more than ones that do not have one.   Fireplaces - A home with 2 fireplaces is worth more than a home with 1 fireplace.   Age - A small adjustment is made for age.   Lot Size - Some adjustments will be given if the lot size are much bigger or smaller than the subject property.   Condition - The condition is based upon the property description and pictures.   Other Factors - These would include working hot tub, the propety is bank owned, view comparisons, and other exceptional items.
What is MY Home Worth in Today's Market?	Ken can perform a CMA for you.  He will need some information about your house and about how to contact you when he is done.  Please fill out the form below.