If you're looking for Roanoke Virginia real estate and would like to get more information about buying or selling a Roanoke home, or a home in Central Virginia, call Damon Gettier at (540) 278-1401 today!
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Finding Your Roanoke Home’s Value With a Market Analysis
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What is a market analysis (or CMA - comparative market analysis)? A CMA is a synopsis of what’s going on in the market for a comparable house with comparable features to yours.
What a CMA does is search in parameters - usually the same grade school area (the smallest searchable area), because people tend to want to stay in the same school district that their kids attend. In that area, it searches for houses of the same square footage, bedrooms, bathrooms, and features. It takes that information, enters it into a graph, and starts adjusting value according to each house’s variables. If, for example, one house has a pool and another house doesn’t, there would be an adjustment. “
A market analysis analyzes the market
to determine your home’s actual value
”We do what’s called an "equity valuation". We use Zillow reports, tax tickets, Realtor.com, and the MLS to make a comprehensive report to show you what the house is worth. When you’re trying to sell a house, that’s what you’re trying to find out - the actual value of your house. A lot of people want to list it over that value, but this doesn’t really work because whoever is buying the house has also done a CMA. We’re all dealing with the same set of numbers.
Believe it or not, appraisers actually get their numbers from the MLS. When we have a price that seems out of line, they’ll call us and ask what comps (comparable sales) we used.
If you have any more questions about a CMA, feel free to reach out by phone or email and I’d be happy to explain it to you.