If you are planning your home amongst the houses for sale in Comox BC, you would wonder the quote you should keep for your house. By now, you have tried out some online home evaluation tools on your own, but most of these tools will not provide you with the accurate information. Whenever it is about selling your home, you should always find an accurate estimate for your home.
Honestly, these estimates can be a good point to start, they shouldn’t be taken literally. It is because their algorithms only take into consideration the data that is available to them, and they overlook the factors such as the home’s condition, location, and other unique features that only a human eye can evaluate. Actually, the right way to determine the worth of your home is by conducting a Comparative Market Analysis or CMA. You can only do it with the help of an experienced realtor who has a deep understanding of your local market.
What is a Comparative Market Analysis?
A Comparative Market Analysis is a simple method of estimating your home’s value based on sales of properties recently in the same area. CMA tool is very important and it is used by realtors to help them determine the property’s worth. They do this by judging the condition of the property and finding “comps” or comparable properties that are similar to your own.
While calculating CMA for your homes for sale in Comox BC, you should know that it is just one method of determining a property’s value. When you search, you will find two other methods, Replacement Cost and Income Approach. The former one is mostly used for historic homes where the cost of the materials is very high or new constructions homes where the costs of the materials is already known. The other approach is used for investment properties and it estimates the value of a property based on the income it generates.
What all should a CMA include?
Including everything, a Comparative Market Analysis is likely to include three to four comparable properties. The properties should be similar to your own home, or which have recently sold, and be in close proximity to your home. This analysis will also include the sold price of the properties with a proposed listing price for the property put forth to sale. Some realtors may also choose to add other market data including days on market and pricing trends.
If you are looking at various homes for sale in Comox BC, talk to us.
