REAL ESTATE MARKET UPDATE
Home values are on the rise. Curious to know how much your home is worth?
A CMA is an evaluation of the listing and sales prices of similar houses in the same area. It is a professional report that real estate agents give to their clients. The CMA is an analysis based on the most current information. It provides unbiased empirical evidence of the latest market conditions as they relate to your home. You can clearly see a snapshot of the market in the CMA – that prices are going up or down, and what buyers are willing to pay right now. The CMA report is based on an agent’s knowledge of the area where a home is located. If the agent is experienced and has knowledge of the local market, the CMA will come very close to the appraised value.
A REALTOR® can do a comparative market analysis with recent market data to help you estimate your home value. A CMA is both an art and a science. While it’s based on data, it also requires local market knowledge and intuition about which homes to compare and how to interpret the prices. Most REALTORS® will look for recent sales of homes that are similar to yours, preferably within the past two or three months, up to about six months. In addition, a REALTOR® can look at other homes currently on the market and homes that didn’t sell that were taken off the market to compare values.
The real estate market is HOT! Contact me today for a FREE comparative analysis of your home!
Tina Mull, EXIT Alliance Realty