Real Estate Comps
What are Real Estate Comps?
Real Estate Comps or comparable sales is a term that describes the value of similar homes sold in the same area. This data comes from the Multiple Listing Service (MLS) which is only available to Licensed Agents. This system provides the most accurate information. Including price, payment method, time on the market, and concessions. This data is useful to get an accurate estimated value. At Clear Path, we have access to other tools for unique properties.
What is Comparative Market Analysis?
A Comparative Market Analysis (CMA) is a report of a homes’ estimated value. It’s based on the sales price of similar recently sold properties in your area. Your Realtor® will provide you a detailed report based on the following criteria:
- Home Condition
- Location/ Neighborhood
- Square footage
- Recently Sold Properties
- Number of Bedrooms
- Number of Bathrooms
- Age of Home
- Homes Currently on the Market
- Homes Expired (not sold within a time period)
Is A CMA the Same as an Appraisal?
A Licensed Realtor®, real estate agent or listing agent puts together a CMA. By comparing the subject property to the recently sold homes in the area to get an estimated value. An accurate report includes homes on the market (the competition), and expired homes. The agents’ market knowledge is useful to determine the value of the property. The goal is to find the Fair Market Value. Both Listing Agents and Buyer’s Agents perform a CMA on the subject property. The CMA’s and are often used in negotiations. A CMA used to provide sellers with a listing price opinion.
A third party licensed appraiser does the appraisal. A seller may pay for a private appraisal if they choose to before listing. Yet, we rarely recommend it because our CMA’s process is accurate in most cases. In San Antonio, the appraisal costs approximately $400-550. The potential buyer’s lender will need an appraisal and the buyer pays for it in most cases. The Appraisal is to ensure that a lender is not financing more than the home is worth. (Not to be confused with a County Tax Appraisal)
What is a County Tax Appraisal?
Should I Rely on this Information for My List Price?
A County Tax Appraisal is the value a county gives the property for taxation. Meaning this is the value that the county uses to calculate your property taxes. Depending on the county, this value may be the same as the fair market value or it may vary by several thousand dollars. Although we consider this value when selling a property, it is not the primary focus. The county does not account for any renovations. You should not rely solely on the tax appraised value for your list price. Instead, ask your professional listing agent for a CMA.
What’s My Home Really Worth?
We are here to get you the best pricing- Get Your Comparative Market Analysis Today.