West Chester Ohio Home Values: What is a Free Home Value Analysis?
We list and sell a lot of homes in the West Chester, Mason and Northern Cincinnati Areas and many times we are asked to provide a home value analysis or a free CMA. What homeowners are asking for here is fact and data based estimate of what a particular home would sell for if exposed to the general real estate market for sale. A CMA is a real estate industry term for a Comparative Market Analysis.
What is a Free Home Value Analysis? A market analysis or home value analysis when done properly should consist of at least three parts. The first is to find 3-5 comparable homes that have sold recently and are located nearby the subject property, preferably in the same neighborhood. The second factor to consider is the current competition on the market for sale. These are commonly called the Active Comparable Listings. Again, these should be comparable in size and amenities and be in close proximity. This will give perspective on what homes similar to the subject are currently being listed for. The third factor to consider is the market conditions in the bracketed price range of the subject home. Is there an over supply of homes for sale in this range causing pricing pressure or is there a shortage of homes for sale?
These are all factors that go into the process of the Home Value Analysis. Bringing all of this data together and interpreting it properly is best done by an experienced real estate agent that is very familiar with the area and neighborhoods surrounding the home that the market value analysis is being completed on.