Get a free Comparative Market Analysis (CMA) for your home. A CMA is not an appraisal. It is an evaluation of comparable sold homes of similar size, condition, age and style for sale that are sold recently in a certain neighborhood. The analysis I prepare will match your home against current like properties recently sold in your area. Adjustments are made to the comparable properties to account for material difference to your subject property, such as:
- Location: Generally, comparable properties are selected from sales in the same neighborhood, or in the same condo building as the subject property. However, there may be times other com parables are used.
- Date Sold: Properties sold in the past 3-4 months are ideal. When no sales data is available, it may be necessary to look back 6-8 months.
- Price Per Square Foot: This adjustment is typically only used now in new construction. An existing neighborhood may have 5 recent sales, with 3 of those homes were completely upgraded. The price per square foot for those sales will be higher, yet all 5 homes have the same square footage and lot size.
- Upgrades & Amenities: A full kitchen upgrade can easily cost $25,000, with the average cost above $50,000. A bathroom remodel can cost $15,000 or more. If comparable properties have been upgraded, an adjustment is deducted from the sale price for the perceived estimated value of the upgrades.
- Individual Characteristics – Differences in curb appeal, landscaping, condition of the exterior, location to schools, traffic, noise, and nearby amenities are also factored into the CMA.