Property Valuation Request
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What is a CMA?
A CMA (Comparative Market Analysis) is a report that contains an estimated value of a subject property based upon the value of similar properties in the area. Rowland Home Team provides CMAs to both sellers and buyers to estimate the market value of properties.
What makes a good comparable sale?
Comparable sales (also known as comps,) are recently sold homes that closely match the subject property. Your best comparable sale is the same model as your house in the same subdivision and it closed last week! If you can’t find that, here are other factors that count:
Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.
Home type: Try to find comparable sales that are like your home in style, construction material, square footage, year built, number of bedrooms and baths, basement (full, partial, garden level or walk-out), lot size, and car storage.
Amenities and upgrades: Is the kitchen new? Does the comparable sale house have a finished basement? Is there crown molding, granite, a deck, or hardwood floors? Does your community have the same amenities (pool, workout room, walking trails) and homeowner’s association fees?
Date of sale: You may want to use a comparable sale from two years ago, but that won’t fly because most buyers use government-guaranteed mortgages that require a current appraisal be performed. The appraiser will use recent sales to determine value (typically sold within 90 days or less).
Sales sweeteners: Did the seller of the comparable sale give the buyers down payment assistance, closing costs, or appliances (refrigerator, washer or dryer)? You must reduce the value of any comparable sale to account for any deal sweeteners.
Even if you live in a subdivision, your home will always be different from your neighbors. Evaluating those differences—like the fact that your home sits on a premium lot or has an oversized garage – is just one of the ways Rowland Home Team adds value.