{"id":5907,"date":"2021-06-15T03:00:23","date_gmt":"2021-06-15T10:00:23","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=5907"},"modified":"2022-04-11T14:11:11","modified_gmt":"2022-04-11T21:11:11","slug":"comparative-market-analysis-how-much-is-your-home-worth","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/comparative-market-analysis-how-much-is-your-home-worth\/","title":{"rendered":"Comparative market analysis: how much is your home worth?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-48211 \" src=\"https:\/\/movoto.kinsta.cloud\/wp-content\/uploads\/2012\/06\/whats-your-house-worth-infographic.png\" alt=\"Comparative Market Analysis: How Much is Your Home Worth? (Infographic) - Movoto Real Estate\" width=\"747\" height=\"2892\" \/><br \/>\nKnowing the value of a home is the first step in selling a house. But this can be a difficult task. It\u2019s not enough to have a rough estimate. An <a href=\"https:\/\/www.movoto.com\/agents\/?utm_source=movoto&amp;utm_medium=blog&amp;utm_campaign=article_link\">agent<\/a> is a trained professional who understands local housing markets and makes a professional judgment as to <a href=\"https:\/\/www.movoto.com\/what-is-your-home-worth\/\">what a house is worth<\/a>. One important tool a real estate agent has at his or her disposal is a Comparative Market Analysis.<\/p>\n<h2>What is a Comparative Market Analysis?<\/h2>\n<p>A Comparative Market Analysis (CMA) is an evaluation of similar homes in an area\u2013also known as comparables\u2014to determine the value of a home. <a href=\"https:\/\/www.movoto.com\/agents\/?utm_source=movoto&amp;utm_medium=blog&amp;utm_campaign=article_link\">Real estate agents, buyers, and sellers<\/a> perform a CMA to figure out a price range for a home and then use it as a guide for putting the house on the market or for making an offer on a home.<br \/>\nThe first step in doing a CMA is setting criteria. When creating a CMA you want to compare apples to apples. That\u2019s an overused statement, but it\u2019s important. If you do not compare similar homes, you might overestimate the value of your house. Worse, you might undervalue its worth.<\/p>\n<h3>Comparable Home Criteria<\/h3>\n<p>You should aim for at least three matching criteria, but the more the better. Standard criteria are:<\/p>\n<ul>\n<li><strong>Location:<\/strong> The location of a home is more than its school district. Location includes things such as a view of the ocean compared to a view of a cell phone tower.<\/li>\n<li><strong>Type:<\/strong> Compare your house to a house\u2014not a condo. Compare your condo to a condo\u2014not a house.<\/li>\n<li><strong>Date of Sale:<\/strong> You\u2019ll want your comparables to be recent. Try to stick within a three-month period. If you have to, expand to six months. Remember, the further out you go the less useful the information.<\/li>\n<li><strong>Size:<\/strong> \u00a0Your comparable\u2019s square footage should be within 15 % of your home. A house that is obviously much larger than your house will probably sell for more, all else equal. Conversely, a house that is much smaller will likely sell for less.<\/li>\n<li><strong>Neighborhood &amp; School District:<\/strong> If at all possible your comparable should be within the same neighborhood and school district. Some agents use a five-mile radius within a metro area and a 25-mile radius in rural areas. It&#8217;s actually a really good idea to drive by the home to get a first-hand sense of the neighborhood.<\/li>\n<li><strong>Number of Bedrooms &amp; Baths:<\/strong> Try to compare homes with similar bedrooms and baths. There is some wiggle room here, but a home with three or even four more bedrooms than your house isn\u2019t a strong comparable.<\/li>\n<li><strong>Age &amp; Style:<\/strong> Try to compare homes with similar styles and from the same age group. As a guideline, the older your house is the larger range there is in comparables. A home that is 80 years old is likely similar to a home that is 90 years old.<\/li>\n<li><strong>Condition of Home:<\/strong> If your house is a fixer-upper in need of a new roof and some yard work, it\u2019s best not to compare it to the immaculately maintained house down the street.<\/li>\n<li><strong>Lot Size and Usability:<\/strong> You don\u2019t want to compare a significantly large lot to a modest lot.<\/li>\n<\/ul>\n<p>Once you\u2019ve set your list of criteria it\u2019s time to <a href=\"https:\/\/www.movoto.com\/?utm_source=movoto&amp;utm_medium=blog&amp;utm_campaign=article_link\">begin searching<\/a>.<\/p>\n<h2>Confirm A House\u2019s <del>Relationship<\/del> Status Before Committing<\/h2>\n<p>The more listings you can find the better, but there is a priority. Here are the types of listings you\u2019ll look through:<br \/>\n1. <strong>Sold Listings:<\/strong> As the name suggests, this means the comparable has sold. This is a good indicator of the value of a similar house.<br \/>\n2. <strong>Pending Listings:<\/strong> This means a seller has received an offer and is awaiting final approval from a number of parties. This too is a strong indicator of the value of a similar house.<\/p>\n<h3>For Comparison, but not for valuation:<\/h3>\n<p>3. <strong>Active Listings:<\/strong> Houses that have an \u201cActive\u201d listing are still being marketed for sale. Looking at these types of houses will tell you what others think a similar house is worth. Another way to think of this is scoping out the competition.<br \/>\n4. <strong>Off-Market Listings:<\/strong> These houses, for a variety of reasons, are not being shown to potential buyers. It\u2019s possible these homes are being partially renovated, or they might be in the process of being sold. It can be hard to tell.<br \/>\n5. <strong>Expired Listings:<\/strong> These are homes that were on the market for a specific amount of time. For whatever reason, they did not sell. The most likely culprit for why a home \u201cexpires\u201d is because the asking price was too high.<br \/>\nThese are the basics of a Comparative Market Analysis&#8211;if such a thing can be called basic. We\u2019ve heard time and again that there is an artform to conducting an accurate CMA. And just like all art forms, there are differing opinions as to what matters.<\/p>\n<h2>Everyone is doing it wrong! Except you.<\/h2>\n<p dir=\"ltr\">One of the major points of contention in conducting a CMA is the use of distressed properties. We wish there was an easy answer. Unfortunately, there isn\u2019t. Agents are divided on this issue.<\/p>\n<p>Distressed properties are homes that for a number of reasons are being sold below fair market value. \u00a0These include:<\/p>\n<ul>\n<li>Foreclosures<\/li>\n<li>Short Sales<\/li>\n<li><a href=\"https:\/\/www.investopedia.com\/terms\/r\/realestateowned.asp\" rel=\"nofollow\">REOs<\/a><\/li>\n<\/ul>\n<p>The homes in these types of sales typically sell for less than they otherwise would. Because of this, some agents argue they are not good comparables. In other words, a home that sells for less than its worth shouldn\u2019t affect the value of another home.<br \/>\n\u201cIn themselves, these 3 subdivisions are not comparable to the general new-home or pre-owned home being bought or sold under &#8220;normal&#8221; conditions,\u201d said Movoto Recommended Agent <a href=\"https:\/\/www.movoto.com\/agents\/bob-faulkner-8\/?utm_source=movoto&amp;utm_medium=blog&amp;utm_campaign=article_link\">Bob Faulkner<\/a>. \u201cThe Buyer\/Seller will be well served to make sure that&#8230;they are truly comparing apples to apples.\u201d<\/p>\n<p dir=\"ltr\">But here is the point of contention: Whether we like it or not foreclosures, short sales, and REOs do happen\u2014and they go on the market.<\/p>\n<p>Movoto Recommended Agent\u00a0Enyinna Ezeife-Oshakuade\u00a0put it this way, \u201cIn getting your CMA done be sure to include ALL comparable properties, including short sales and REO properties. \u00a0Many people have the mistaken notion that those properties are not to be included in a CMA being done for an equity sale property. The fact is that all comparable properties need to be taken into consideration in order for you to generate an accurate CMA.\u201d<br \/>\nIf we had to choose a side, we&#8217;d go with including the Foreclosures, Short Sales, &amp; REOs when performing a CMA. Our recommended agent Dina Castiglia put it best when she said, &#8220;As far as Foreclosures; Short Sales &amp; REOs are concerned they must be factored in if they are a true comparable (location, condition, type, size of both square footage &amp; lot). If you are in an area where the market is still declining, this will help you make the right price choice for the property in question. Similarly, if the area is on an upswing, or stable, the few foreclosures, short sales, or REOs won\u2019t be very negatively impactful but they will be accurate.&#8221;<\/p>\n<h2>Your Home is Trendy: Real Estate is Hyper-Local<\/h2>\n<p>In doing research for this post, we asked Movoto Recommended Agents about what goes into an accurate home price evaluation. Nearly all agreed a CMA was important in determining a price range for a piece of property.<br \/>\nHowever, many noted a comparative market analysis should be used in conjunction with knowledge of a <a href=\"https:\/\/www.movoto.com\/market-trends\/?utm_source=movoto&amp;utm_medium=blog&amp;utm_campaign=article_link\">local market<\/a>. We talked about this briefly when we said a CMA should include recent home listings, opposed to sales that occurred even a year prior. What we mean is that a local market, especially the number of homes being sold in an area, will influence property value.<br \/>\nThis is basic supply and demand.<br \/>\nIf supply is low, the price of a house might be worth more because there are more people wanting homes. However, if there is more homes on the market than people wanting to buy, a house might lose value. One way of gauging an area is to know how long other houses were on the market before they sold. \u00a0This is known as \u201cDays on Market.\u201d<br \/>\n\u201cIn a seller\u2019s market like today in the <a href=\"https:\/\/www.movoto.com\/san-francisco-ca\/?utm_source=movoto&amp;utm_medium=blog&amp;utm_campaign=article_link\">SF Bay Area<\/a>, pricing can be a little aggressive,\u201d said \u00a0Movoto Recommended Agent Daniel Pizano. \u201cUsing Pending Sales can be one way to determine which way the market is headed towards in terms of prices. The condition of the market and the number of listings or competition is an important factor when choosing a price to list a property at.\u201d<br \/>\n<b>Ready to start valuing your home? Use our <a href=\"https:\/\/www.movoto.com\/sell\/?utm_source=movoto&amp;utm_medium=blog&amp;utm_campaign=article_link\">home value estimator tools<\/a>.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Knowing the value of a home is the first step in selling a house. But this can be a difficult task. It\u2019s not enough to have a rough estimate. An agent is a trained professional who understands local housing markets and makes educated guesses as to what a home is worth. One important tool a real estate agent has at his or her disposal is a Comparative Market Analysis.<\/p>\n","protected":false},"author":3,"featured_media":48211,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[71,76,110],"class_list":["post-5907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-home-value","tag-infographic","tag-property-value","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Much is Your Home Worth?<\/title>\n<meta name=\"description\" content=\"Knowing the value of a home is the first step in selling a house. 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