What’s your home worth?
Having an Agent perform a Comparative Market Analysis (CMA) can help you in many ways.
For Sellers, it helps determine a likely sale price, ensuring the home is competitively priced as opposed to being cluelessly optimistic.
For Buyers, it helps make an informed offer to purchase and provides market clarity.
For Owners who aren’t selling, it can provide a baseline for future decision to stay, sell or renovate.
Here is what a CMA includes.
Data- size, vintage, lot attributes
Current Listings - your competition
Recent Sales- what neighbours with similar homes have actually sold for
How is a CMA different from an Appraisal? Appraisers are licensed under the Appraisal Institute and are unbiased third party evaluations, generally hired under contract by lenders or consumers. The data used is actually from the Victoria Real Estate Board which is shared with Appraisers under a Data Use Agreement. In other words, appraisers and agents use the same data. Unlike REALTORs, appraisers rarely have the opportunity to physically view sold properties as they generally work with historic information.
A value that agents bring to home owners is that they often have visited sold properties while they were on the market and are able to make comparisons from a consumer’s perspective. Agents also understand current market conditions, being able to comment on whether the home is in a fast moving segment or otherwise.
Looking for an evaluation of your property? Give us a call for an in-depth discussion.