Online Market Analysis

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Find Out How Much Your Home Can Sell For

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My evaluation is much more accurate than zillow.com, home values.com or other national websites. The conventional online analysis uses computer programs to compare recent home sales to your home.  Some of the homes are comparable; however, many times the houses selected are not good choices.  From a recent Wall Street Journal article, "Zillow's Zestimates often are very good, frequently within a few percentage points of the actual value.  But when Zillow is bad, it can be terrible - off the mark by more than 25% in a recent sample of 10 homes."

 

I will select the 3 most comparable homes - by using the MLS to search all the possible sales. Then I will work up an analysis that uses the variables that most online searches do not factor in - curb appeal, updating, remodeling, location in neighborhood, style of home, etc.

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Also know as a Comparative Market Analysis (CMA) is an evaluation of similar, recently sold homes (called comparables or comps) that are near a home or homes that you want to buy or sell. Buyers, sellers, or real estate agents perform a CMA report to establish and find a fair price range for the home the report is created for. The price range from the CMA can then be used as a guide to be used for establishing an offer price or a listing price.

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Basically, performing a CMA involves finding the homes that are similar to the home under consideration, and creating an in-depth comparison of its size, age, location, and features of the home. It all comes down to one question: compared to other, comparable homes in this area, how much is this home worth? Answering that question involves looking at a fair amount of data on other homes in the current market.

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The process for doing a comparative market analysis includes:

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Defining criteria for selecting comparables in close range to the home

• Determine a list of quality comparables

• Evaluate the comparables within close range to the home

• Adjust comparable values for differences in size, condition, location, amenities, etc

• Estimate the ideal value of your target home based off the findings