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Orange County home values, competitve market analsyis of homes and condos for sale. Learn about a CMA to estimate values.
This market analysis is used by real estate professionals and appraisers to estimate the value of a property. A CMA is developed by review recent comparable sales in the area within the last 6 months.
Single Family Homes vs Condos
Single family homes are compared differently then condos. Sales of homes need to be in similar neighborhoods within a given city. Condo sales have to be within the same building or complex.
Your home's living square footage is considered...but the garage is excluded from this measurement.
- How much homes similar to yours have sold for within the last 6 months
- Compares bedrooms, bathrooms, living square footage
- How many days were they on market before they sold.
- What is the difference between the list price and sales price
- The three most recent sales that are similar are helpful to make a final estimate
Comparative Market Analysis (CMA) Tip:
Once you select the home you want to buy, your Realtor®, will prepare a CMA for you so you can make the best offer possible to purchase it. Then, when you look at the most recent sales, notice the difference between the list price and the sales price. It is usually 2 to 3 % lower if it is a buyer's market and higher if it is a seller's market. Gauge your offer within those parameters.
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