Market Conditions in 21104>Question Details

imello_19, Home Buyer in Columbia, MD

With all different home styles in Marriottsville MD how to decide if the CMA is truly representative of "similar" homes or merely a zip

Asked by imello_19, Columbia, MD Thu Oct 10, 2013

code list?

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Answers

5
Firstly, are you simply curous about your homes value or seriuosly considering selling?
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If you are not serious, the agent doing the CMA would be well advised to simply provide you a statistical justification of price.
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If you are serious, and have intention of selling your home, the agent will need to dismember the componets of each sale and apply value analysis.
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However, of greater value, is understanding how a potential buyer will evalutate your home and how Bank of America will treat everyone. This aspect of understanding the home sell process is what makes for easy, conveinent and drama free transaction. It is this analysis the represents the reality you must embrace and for which you must prepare.
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How will you know the difference?
If you are serious, you will be presented with a side-by-side comparison.
When you are up to you eyebrows in data, you will become aware, pruchase decisions are made emotionally, and justified logicly. This means, selling your home for top dollar is as much art as it is science.
1 vote Thank Flag Link Fri Oct 11, 2013
If you're working with someone who knows the area (and Marriottsville is a very interesting and unique area), the homes you see in your CMA should be similar to your home. It's very easy to pull a ZIP code report, but a CMA needs to be adjusted for similar items that an appraisal is - acreage, age of home, upgrades, etc.

Did your agent look at your home and then preview the CMA homes? If you're in Waverly Woods, for example, and the other properties are not, you could have a legitimate case that the comparables are not the best.
0 votes Thank Flag Link Fri Oct 11, 2013
A CMA (Comparable Market Analysis) is some what subjective. It is NOT an appraisal, it is a market comparison. You will not always see the exact same properties from Realtor to Realtor. The validity of the CMA relies primarily on the likeness of comparable homes to your home. A good Realtor will be able to not only find the properties most like yours but also advise you as to the value differences between other properties and your home.
0 votes Thank Flag Link Thu Oct 10, 2013
Are you attempting to CMA a home your self from the internet sites or are you referring to real estate agents CMA that was prepared for you?


Greg Myers
RE/MAX Realty Group
0 votes Thank Flag Link Thu Oct 10, 2013
The Realtor that did the CMA will show you the specifics of the homes they used in the CMA. Online sites with their stupid estimates might be the ones using a zip code list. Realtors use real sales and can show you how they came up with the numbers.
0 votes Thank Flag Link Thu Oct 10, 2013
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