Comparative Market Analysis in Real Estate | Neighborhood Update
- The Swan Team
- Oct 24, 2018
- 3 min read
Neighborhood Update
The best place to start as a homeowner is to request a Neighborhood Update for your area. More often than not, without an area specialist and seasoned REALTOR®, you will receive one traditional Comparative Market Analysis. At The Swan Team, this is the first step and one of many steps we take to not only meet but exceed your expectations. And, we don't stop there!
You fell in love with where you live for many reasons - not just one reason. Shouldn't your REALTOR® evaluate all the reasons your home and your neighborhood is unique? Shouldn't your real estate agent share the story of where you live and help a buyer fall in love with it, too? We think so!
We know that one Comparative Market Analysis - one comparable, one adjustment, one valuation - is not going to do the job. Our job starts but doesn't end with a Comparative Market Analysis. Our job is to sell your home and your neighborhood for all the things that has to offer. That's what our Neighborhood Updates are for!
What is a Comparative Market Analysis in Real Estate?
The first step towards success as a home seller is to get a Comparative Market Analysis for your house. What is a Comparative Market Analysis (CMA) in real estate? A CMA is an evaluation of your home's value based on similar and recently sold homes - what we call "comparables" - in your neighborhood. However, a CMA is only as valuable as the quality of the comparables and the adjustments.
Things to consider when choosing comparables:
- When the property was sold
- Where the property is located
- Characteristics of the home
Things to consider when making adjustments:
- The goal is three or four comparables with all the same features
- However, we rarely find all the same features in the same house
- That is when we need to make adjustments to their sold prices
How Do You Compare?
We want to set you up for success! To provide you with an accurate and comprehensive valuation, The Swan Team offers additional "comparables" for your home and your neighborhood. Because not only do you have to compare for differences in geographic locations or upgraded features - you have to make adjustments for what makes your home in your neighborhood unique.
Things we consider with a Neighborhood Update:
- Neighborhood amenities
- School zones and scores
- Walk scores or walkability
- Neighborhood demographics
- Expertise from an area specialist
What is my Home Worth?
Wondering what your home is worth? What your neighbor's house is listed for? What the house up the street sold for? How does your home compare?
You DON'T have to feel like the neighborhood lookie-loo! You DON'T even have to call, text, or email us! Get a comprehensive market analysis for your home and your specific area. That's what our Neighborhood Updates are for!
The Takeaway
The best advice for a home seller: seek the advice of an area specialist and seasoned REALTOR® - only they can provide you with true comprehensive analysis for your home and your neighborhood. That's where we at The Swan Team come in!
If you need help preparing to buy or sell – Contact Us Now!
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The Swan Team | OC Real Estate
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