How To Determine Your Homes Value...

You are curious about how much your home is worth and want to find out what the market value is for homes in your area. There are numerous ways to accomplish this, but the most accurate way is to contact a local agent and ask them to do a CMA report for you. A CMA is a comparative market analysis, which most agents will do for Free.

A CMA (Comparative Market Analysis) is a service normally provided by real estate agents prior to either listing a property or making an offer to purchase a property on the behalf of a purchaser. The true purpose of a CMA is to establish a current estimated market price of a property. This is accomplished by researching both: the currently listed properties and the most recently sold properties, in the same area, with similar characteristics as the property in question. This information is usually provided to the homeowner to help them establish a fair market-selling price, or it may be presented to a prospective purchaser to help guide them with a proper offer to the homeowners. Some real estate agents perform this service for free. Others may charge as much as $300 for this information. Circumstances depend on who is doing the CMA and the extent of detailed information.

Can you do a CMA? There are some services that provide it, but to execute a proper CMA you need access to your local MLS (multiple listing service). This is generally not available to the public, but to agents and brokers. For that reason we recommend calling reputable contacts for a free CMA report completed by an agent.

Be aware there can be half-hearted CMA reports done, so be sure you do not get what you pay for! When you receive your CMA, make sure the properties located on the sheet are local and similar to yours. Read the sale dates of the homes used thoroughly - the older ones can be less accurate due to ever changing market conditions.