The purpose of a comp is to evaluate the market value of your home. A realtor considers recent sales, pending sales and current listings of homes of similar size and structure within the same neighborhood in order to develop a fair analysis of the value of your home.
The homes included in the analysis should number at least ten and they should all be similar to yours and have been sold within the last six months. How many baths, bedrooms and the style and neighborhood of your home help to determine the worth of your property. Differing neighborhood, even if they are only a few minutes away from each other, can alter the value of any given property.
In order to be completely accurate, homes must be compared side by side. Prices can vary based on the difference of the homes being compared in the analysis. Price adjustments can be made if one of the homes, for example, has either one less bedroom or one extra bathroom.
A CMA is a very effective method to determine the actual value of your home. Even though technically you could do it yourself, a trained real estate professional has access to more up-to-date, geographic-related information concerning active, pending and expired real estate listings, comparable home sales and market trends. A CMA cannot provide any kind of price guarantee, as there are many factors involved in selling a home, not the least of which are personal considerations, such as a seller's motivation to move on to newer pastures that are greener or otherwise.
Personal considerations, such as a seller's motivation to move on can deter the sale of a home, and that is why no CMA can provide any kind of price guarantee. The vagaries of a seller's mind are beyond the control of the buyer and the agent, and financial and emotional factors can influence readiness to sell and fly away and/or the decision to hold out for the right price.
Unlike men under the promise of the United States Constitution, not all CMAs are created equal. Consult your real estate agent before it is done so that you can know exactly what you can expect in terms of results. At the very least, a CMA will include: active listings on homes currently for sale, pending listings, which concern homes under contract and sold listings which are the most influential when determining the estimated market value of your home.
The homes included in the analysis should number at least ten and they should all be similar to yours and have been sold within the last six months. How many baths, bedrooms and the style and neighborhood of your home help to determine the worth of your property. Differing neighborhood, even if they are only a few minutes away from each other, can alter the value of any given property.
In order to be completely accurate, homes must be compared side by side. Prices can vary based on the difference of the homes being compared in the analysis. Price adjustments can be made if one of the homes, for example, has either one less bedroom or one extra bathroom.
A CMA is a very effective method to determine the actual value of your home. Even though technically you could do it yourself, a trained real estate professional has access to more up-to-date, geographic-related information concerning active, pending and expired real estate listings, comparable home sales and market trends. A CMA cannot provide any kind of price guarantee, as there are many factors involved in selling a home, not the least of which are personal considerations, such as a seller's motivation to move on to newer pastures that are greener or otherwise.
Personal considerations, such as a seller's motivation to move on can deter the sale of a home, and that is why no CMA can provide any kind of price guarantee. The vagaries of a seller's mind are beyond the control of the buyer and the agent, and financial and emotional factors can influence readiness to sell and fly away and/or the decision to hold out for the right price.
Unlike men under the promise of the United States Constitution, not all CMAs are created equal. Consult your real estate agent before it is done so that you can know exactly what you can expect in terms of results. At the very least, a CMA will include: active listings on homes currently for sale, pending listings, which concern homes under contract and sold listings which are the most influential when determining the estimated market value of your home.
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