Comparative Market Analysis: A Do-It-Yourself Guide

Written by Posted On Tuesday, 09 June 2015 20:44

As a homeowner, you probably have an idea of how appraisers and agents figure out what a home is worth. Well, I’m going to tell you how to find the value of your home yourself. This way, when you meet with your listing agent, you can pull out your home’s comparables and blow their mind!

1. Find What Has Sold In Your Area

The first step, of course is to look at what’s selling in your neighborhood. Most appraisers and agents will pull homes sold in your actual subdivision within the last 6 months. If there isn’t much out there, then, they will usually find homes within a mile radius. I’ve seen some go beyond a mile. It all depends on the location. Rural vs non...etc. Ok, now you are wondering how to do this yourself. Well, there are a few different ways. There are free programs out there that can give you this information. Of course the big wig real estate sites (Zillow, Trulia....all of those ones that agents dispise) can provide you with some information. But, not all listings are on these sites. So, the best bet is to go on an agent or broker’s site where you can usually find a comparable generator based off the state’s actual MLS (Multiple Listing Service) system. This will be the more accurate choice. Here’s my personal Comparable Generator if you want to check it out, Click Here!

2. Pick the Homes that Compare to Yours the Best

Once you have the recent “solds” in your neighborhood/area, you’ll want to sift through those bad boys and find at least the top three that compare to yours on paper. I’m talking, the closest square footage, number of beds/baths, basement type, age and lot size. Remember, these comparable homes are only that. Your home might make these other homes look like something quite silly....but, these are the homes that appraisers are going to use in the appraisal process. Therefore, these are the ones that you will want to use.

3. Determine Your Home’s Added Values

Now that you have your comparables, you should grab that old pen and notebook and start jotting down any upgrades/renovations that you have made to the home. Divide the list into the upgrades made during the past year, past 5 years, past 10 years, etc. Because, of course, depreciation over time will affect the value of these upgrades. Check out this website to help you determine specific upgrade values by clicking here.

So, you have done all of your homework, now what?! Well, let’s just say that you are a step ahead of any other homeowner thinking about selling their home. This self-made CMA report is gold when it comes to hiring a Realtor or trying to determine a selling price if you decide to take the “For Sale By Owner” route. What it really comes down to it though, if you have an extra $400 or $500 in hand....hire an appraiser to give you a professional appraisal. Or, at least give one a call. I’ve been surprised how much information you can get from an expert who just wants to offer a helping hand.

If you want a Realtor to send you a FREE CMA report, Click Here. No strings attached. Promise.

 

Emily Benner

Real Estate Expert

PalmerHouse Properties

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www.propertyvaluesbyaddress.com

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Emily Benner - Path & Post Real Estate

Emily is a proven real estate professional with a depth of experience only surpassed by her passion to create amazing client experiences. By focusing on each client's unique needs and concerns she is able to leverage persistence, dedication, and compassion to help buyers find their path to the right home. Emily is a proactive guide along the journey and has a keen awareness of how to win the game of contracts for her clients. She is a North Atlanta resident and has a degree from Kennesaw State University. When she is not acting as a strategic guide, you can find Emily seeking a new town or campsite to explore with her two teenagers. Emily also enjoys horseback riding and supporting the communities she serves via various charities benefiting kids with cancer.

emily@pathpost.com

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