The purpose of a comp is to evaluate the market value of your house. This is usually accomplished through a realtor who performs a thorough analysis of your property, taking into account latest sales, pending sales and current listings of houses with same size and structure within the same neighborhood.
The analysis should include at least ten other comparable homes that have been sold within the preceding six months. The number of baths and bedrooms you have, as well as the style and area of your house help to evaluate the worth of your property. Even a distance of 10 minutes can change the worth of your home, as location is very significant in evaluating the worth of any given property.
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Homes must be compared side by side. Prices can vary based on the difference of the houses being compared in the study. 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 helpful method to determine the actual value of your house. A real estate agent can carry out the analysis more rapidly and precisely than you because he or she has access to more up-to-date, geographic-related information regarding active, pending and expired real estate listings, similar home sales and market trends.
Personal considerations, such as a seller’s wish or reluctance to move away can deter the sale of a home, and that is why no CMA can give any form of price guarantee. A seller’s mind cannot be controlled; and financial or emotional pressures can significantly influence readiness to sell or hold out for the right price.
Not like men who are created equal under the guarantee of the United States Constitution, not all CMAs are. Deliberate about questions to ask your agent before the procedure of the CMA begins in order to insure the best results. Even the most fundamental 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 aspect in determining the estimated market value of your home.
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