How to determine your home's value?
So, you want to sell your home? Great! I would love to help you! Let's talk about a Comparable Market analysis. Wait, what's that you said, a "CMA"? But I know my home is worth $1,000,000.00! M-m-m-maybe… here's the "deal" (no pun 😊), a Comparative Market Analysis (CMA) is the method by which a Real Estate professional can put a value to your property for the listing price.
The CMA is determined by the research of comparable properties and recent sales to the subject property, aka "your property." This research of comparable recent property sales will generally be within the same geographic location no more than 1 mile from the subject property and preferably sold within the last 6 months.
The following is a short list of items that should be taken into consideration when conducting a CMA; it is important to compare apples to apples.
Square footage
Age of the property
Number of rooms
Number of baths
Fireplaces
Garage spaces
Style of home
The above list is not meant to be exhaustive but to give a potential home seller an introduction to CMA's. To generate a good CMA, the CMA must compare apples to apples, meaning if the subject property is a single family residential, then the comparable must be a single family residential. Popular online search engines that value homes may or may not provide an accurate home value. After viewing results of an online generated home value, you may ask, "Why is that home over there about a mile away worth so much more than mine? Why did the online search engine value my property so high or low?" I may respond, "Is that property you are referring to across a major street or is it in another zip code or school district?" These are factors to consider and one that the online search engines may not realize. This is merely a quick introductory informational writing regarding CMA's, and not an in-depth discussion of this topic.
As you see many factors and variables are taken into consideration in the determination of potential sales value of a property. This is where a real estate professional can help make an accurate determination of property value. Please call me.
By David I Serota Direct 716-908-4482 Licensed Real Estate Salesperson
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