Comparative Market Analysis

WHAT'S YOUR HOME WORTH: HOW TO DO A COMPARATIVE MARKET ANALYSIS What is a A Comparative Market Analysis (CMA) is an evaluation of similar homes in an area-also known as comparables-to determine the Comparative value of a home. Real estate agents, buyers, and sellers perform a Market Analysis? CMA to figure out a home's value when putting a home on the market or for making an offer on a home. So how do I start a CMA? (Keep in mind l'm an owl with basic knowledge of the market) 1. Find Criteria type beds / baths Compare houses to houses & condos to condos. Compare homes with similar # of beds/baths as yours. location date of sale Same neighborhood & school district whenever possible. As recent as possible. Ideally, up to 3 months; max 6 months size condition Use tools like Google Street Sqft of comparables should be within 15% of your home. View to judge condition of comparables. age & style lot size Similar styles and same age group. Use comparables with similar lot sizes to yours. 2. Locate Homes ZZillow MOVOTO REDFIN. Sites like Movoto, Redfin, & Zillow can help. (Some lassoing may be required) 3. Compare Homes (weed out bad matches) VS Vs Too many Way bigger bedrooms than mine 4. Identify Best Matches (at least 5) vs1 vs Recently Same type sold! of home 5. Determine Value Best Matches Your Home's Value $$- $$$ All of the best matches are between $$ & $$$. That means my home's value should be within that range too! NOW YOUR CMA IS COMPLETE! With your completed CMA, you'll have a better understanding of where your home fits in the market. Follow up with an agent to get more insight and to determine whether now is a good time to sell or not. This infographic brought to you by Movoto.com. MOVOTO Sources: Movoto.com & Movoto Partner Agents