MARKET ANALYSIS

Comparative Market Analysis

A Comparative Market Analysis (CMA) is a complex evaluation and tool used by real estate agents to value a residential property. A CMA evaluates comparable homes that have recently sold, are active and recently sold within the same neighborhood and surrounding area of the subject property. In most cases, the agent will select several homes to analyze and pinpoint key differences between the comparable home and subject property. A value is placed on each of the differences, based on market trends and historical data and the value of the comparable properties is adjusted. This information and current industry trends and interest rates are calculated, resulting in a more precise valuation of the property.

APPRAISALS

Based on a Professional’s Opinion

An appraisal is an valuation of a home based on a third party’s opinion. The appraiser completes a visual inspection of the interior and exterior of the home, as well as conducts a historical and current analysis of comparable properties within the neighborhood and surrounding area of the subject property. The appraiser then compiles all information into a detailed report, often including sketches, maps, photos and more, referencing the information used to generate the appraiser’s opinion of the value of the property.

Selling

Selling your home can be overwhelming. The first step is to properly price your home and how do you ensure your home is priced correctly?  It is important to properly price your home in order to avoid your home from sitting stagnant on the market for too long, due to limited buyer interest and to also ensure you are receiving the most equity from the sale of your home as possible.

Refinancing

If you purchased a home with less than 20% down, you may be paying Private Mortgage Insurance (PMI). PMI is an insurance on your loan which protects the lender, in the event you default on your loan. The cost ranges but remains the same until you pay off 20% of your loan or 20% of the property’s current value (if there is equity in the home). Knowing the value of your home and if there is equity, may allow you to refinance your loan and have the PMI removed, saving you a little cash every month.

Home Improvement

If you are considering home improvement projects to increase the resale value of your home, you may first want to verify that you are not pricing your home out of the market. If your home is already priced high, too many improvements may cause your home to be difficult to sell. A valuation will allow for you to review how your home compares to others in the neighborhood and guide you to make a proper decision.

Planning + Qualifying fo...

Simply knowing the value of your home at any moment is good information to have. You may be faced with unforeseen circumstances and in a position which requires you to see extra funds or a quick relocation. Knowing how much equity is available in your home may allow for you to borrow against it to gain the extra funds needed to help you through such a challenging time (often referred to as a Home Equity Line of Credit aka HELOC).