Real Estate Values 101
What is a Comparative Market Analysis?
If you are interested in finding out how much your home is worth please fill out the form below. We will contact you usually within 24 hours or less of receiving your contact information. Once we connect, we will schedule a time to come out and meet with you, see your home and discuss all aspects of determining the fair market value for your home.
For a Quick Less Scientific Home Evaluation click the link below and be taken to our Instant Home Value site www.757HomeValues.com
The basic property valuation or Comparative Market Analysis (CMA) will typically include the following:
1. 3-5 Currently Active Comparable Properties
2. 3-5 Recently Sold Comparable Properties
3. If needed 3-5 Expired or Withdrawn Listings or Currently Under Contract Comparabales
4. A summery of Value and Suggested Price Range
A Comparative Market Analysis (CMA) is essential to determine the value of residential property. Location and characteristics of the property are the key elements in determining a homes value. So with that in mind we have to focus on comparing your home to homes that are as similar as possible giving us the basis for What Your Home is Worth today.
The Comparative Market Analysis takes into account the actual closed sale prices of recent sales and the quantity and quality of currently active comparable properties on the market. What we are looking for in the end is to find a price that we can substantiate with solid sales data and will attract a willing and able buyer in a reasonable time. Once we have determined the value of your home, together we can decide on a pricing strategy and offering price that will achieve your goals. Generally, the price should not exceed the value by more than 2-3% or potential buyers may not even make offers. Naturally, if you want to sell quickly your asking price should be very near the value of the Comparative Market Analysis.
The following are a few things to keep in mind about pricing:
- Realistic pricing will achieve maximum price in a reasonable time.
- Your cost or profit desire is irrelevant; the buyers in the market determine the eventual sales price.
- The cost of improvements are almost always more than any perceived added value.
- Houses that remain on the market unsold for a long time are shown less and less as time moves on as buyers and neighbors questions what’s wrong with the home.
- A house that is priced right from the beginning always achieves the highest proceeds.
Depending on your property and it’s location the data may vary due to the availability of good solid comparable homes in close proximity. With that said…based on our level of experience we are able to produce a very accurate Comparative Market Analysis for most homes in the Hampton Roads area by using educated adjustment based on a variety of important factors.
Our Comparative Market Analysis can be comfortably used as a baseline for analyzing the viability of your move or refinance. This is a free service that we offer to our current, past and future clients.
If you have any questions about a Comparative Market Analysis…feel free to call Bill Byrd at 757-285-6416