What is a home value report?
A Home Value Report is what realtors call a Comparative Market Analysis or CMA. It basically gives you a calculated range as to how much your home or real estate property is worth.
How is it calculated you ask? Performing a CMA is really more of an art than a science, and each real estate agent may do it a bit differently. Therefore, the following is how we perform our CMA's in a nutshell:
- Step 1 - we compare properties in your neighborhood that have recently sold to your house. Value is always determined by what buyers are willing to pay, not by an asking price. To learn more about the importance of pricing, please see our Pricing Your Home page.
- Step 2 - we compare similar properties that are currently for sale in your neighborhood to your home. This allows you to see who your competition is and what they are asking for their house. This normally gives us a "gut feel" as to whether the price determined in step 1 is on the mark. Since asking price should never determine value, this is only to give us a sanity check.
- Step 3 - we compare similar properties in your neighborhood that were or have been on the market for at least 180 days. These are properties were obviously priced too high and indicate a definite ceiling as to where you should price your home.
Get your Free Home Value Report today and use it as a tool to help find where your property fits into the Utah real estate market today!