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My Home’s Value
If you are considering selling your home, I will prepare a detailed ‘Comparative Market Analysis’ (a.k.a CMA) for you. What exactly is a CMA? It’s a detailed report of homes that have recently sold in your neighborhood….otherwise know as comparables or “comps”. This will help to determine the best price for your home, as comps measure/establish the value of your home. Typically, comps used are going to be homes that are the most similar to yours in terms of size and floor plan and homes that have recently sold. Homes that are not in neighborhoods and in rural settings are sometimes not so “black and white”. Factors such as the acreage, the shape of the parcel, the way the home is situated on the parcel, the school system, the age, etc. are all factors that we must weigh to obtain the fair market value of the property.
Another way to look at it, is your home’s ‘market value’. The market value of your home really boils down to the following: What is someone willing to pay for it? Once again though, this is where comps are so important. Not only do Buyers look at what homes in your neighborhood have recently sold for, when making an offer, but also their lender’s appraiser will use those very same comps. Real estate is certainly not rocket science; however determining market value is usually fairly straightforward.
