If you are planning to sell your home or simply curious as to what it may be worth, finding out its current market value is something that is easy to do. You need this information before listing your home, but getting your’s value can help you drop private mortgage insurance (PMI) if this is something you currently must pay.
There are plenty of free websites and online tools available to give you a ballpark figure including Zillow, Yahoo Real Estate, and Bank of America’s Home Value tool, but for accurate information you’ll need to obtain a CMA or competitive market analysis report to learn what your home is worth.
Components of a CMA
Your CMA will list certain information about your home, some of which might not be accurate. Therefore, it is important that you go over this information with your realtor, making corrections as needed. Your CMA will include:
- The number of bedrooms and baths in your home.
- Size of major rooms in the house.
- Total square footage.
- Property size.
- The home’s amenities, i.e. porch, screened deck, fireplaces, garage, etc.
- Age of the home.
- Property taxes.
- Listing agent when the home is on the market.
In addition, your CMA can include information about other homes in your area:
- Other homes on the market.
- Other homes which have recently sold.
CMAs can cover one or two blocks in your neighborhood or encompass a wider marketing area.
Of course, other factors which can determine a home’s worth are not included in the report, subjective information which can determine its worth:
- Street presence, including shrubbery, landscaping, and home facade.
- Interior decoration including your choice of colors, windows, doors, layout of rooms, etc.
A potential buyer’s emotional appeal is something which isn’t easily measured. You could have a stand out item — such as window seats — which would appeal to one buyer, but also find that your choice in room colors is a turn off to another buyer.
Although the CMA is a tool, professional input from an accomplished real estate agent can help narrow down the price range to a specific number that you, as the seller, will use when listing your home.
Please keep in mind, that the CMA is also available for the buyer to review, therefore it is important that the information presented is accurate.
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