How to calculate the eaxct value of my home?
Image from Unsplash
Why my house has more value than my neighbor’s house?
Hey, it’s me. Baltimiore Realtor Nathan. Every house is unique. It sounds boring but holds undeniable truth. Even when comparing two houses within the same neighborhood, constructed in the identical year, have matching floor plans and square footage, ultimately values of these two houses are different.
As a realtor in Baltimore, MD, today I prepared how your home’s listing price is determined.
Image from Unsplash
How to calculate my home’s value
Many clients ask me why their house need a CMA report while there are recently sold houses on the same street.
As a realtor, the answer is because every house is different.
Ever wondered why your neighbor's seemingly similar house has a different CMA (Comparative Market Analysis) value than yours?
The truth is, even in close proximity, houses can vary significantly in worth.
Image from Unsplash
Here's a breakdown of the key factors that influence a CMA report:
Property Characteristics
Size and Layout
Square footage, number of bedrooms/bathrooms, and overall living space play a major role.
Upgrades and Features
Kitchens, bathrooms, pools, finished basements – these features can significantly impact value.
Condition
General upkeep, repairs needed, and overall modernization influence buyer interest.
Location, Location, Location
Neighborhood
Sought-after areas, school districts, and proximity to amenities can raise your CMA.
Lot Size and Features
A larger lot, a scenic view, or a quiet cul-de-sac location add value.
Street Appeal
Curb appeal, landscaping, and overall first impression matter to potential buyers.
Market Conditions
Recent Sales
Recent sales of comparable homes in your neighborhood are the gold standard for determining market value.
Inventory Levels
A seller's market with low inventory can push prices up, while a buyer's market might lead to lower valuations.
Days on Market
Homes that sit for a long time may suggest an overinflated CMA value.
Additional Considerations
Seller Motivation
A quick sale might lead to a lower listing price, affecting your CMA.
Distressed Properties
Foreclosures or neglected homes nearby can impact your value.
Unique Features
Historical significance, architectural style, or unusual amenities can add value (or complicate comparisons).
Image from Unsplash
Understanding the CMA
A CMA is a valuable tool, but it's not an exact science. If you have questions about your CMA, talk to your realtor. They can explain the reasoning behind the valuation and provide insights into the local market.
Have a free CMA report today
If your home is in Maryland, I can provide a free report showing the value of your house. It’s really easy to read and I guarantee you will understand at a glance.
Are you looking for a realtor in Baltimore, Maryland? I am here, just contact me and say hello.
Nathan Jeon, Baltimore Maryland Realtor
