When was the last time you had a CMA done? If you are wondering what a CMA is and why you would want one, this article is for you.
Similar to an appraisal done by a licensed appraiser, a CMA (Comparable Market Analysis) is done by a licensed real estate agent to determine the market value of a property based on recent sales of similar properties in the same area.
There are several reasons why you may want to have one done. If you need to determine your net worth, you would want to know how much equity you have in real estate, or you think your equity is more than 20% and you can finally stop paying PMI (Private Mortgage Insurance) in your mortgage payment, or you want to know the current value of a property you are gifting or selling to a family member, or you are curious how much value it would add to your home if you finished part of your basement, or you are just curious.
There are some online resources that will do automated CMAs and some are better than others, but they can never be very accurate. No two properties are exactly alike and to know for certain, it requires a person to actually see the properties to determine what differences there are. Things like a home that has solid surface counter tops such as quartz, granite, or Corian®, compared to one that has Formica®, or a half-bath compared to a full-bath, or hardwood floors compared to inexpensive laminate flooring. These are all things that affect the value of a home that an automated CMA won’t know about.
Real estate is very local and that makes it difficult for automated valuations to know what a 3rd garage stall or a brick exterior is worth in Norwalk, IA. It is important to use a professional who is familiar with real estate in the area your property is located. A real estate agent who sells properties in Cedar Rapids will have a difficult time accurately valuing a property in the Des Moines area.
If you are interested in knowing the current value of your property, feel free to contact me. I am always happy to provide this service to my clients at no charge. I also do them for clients prior to writing an offer to purchase a property so they know they aren’t paying too much, and prior to listing a property for sale.
Norwalk IA Real Estate –
Jon Niemeyer, Broker/Owner/REALTOR® at EXIT Realty North Star. I list and sell real estate in Central Iowa including Norwalk, Des Moines, West Des Moines, Cumming, Indianola, Carlisle, Waukee, Urbandale, Grimes, Clive, Johnston, Ankeny, Altoona, and Pleasant Hill in the Counties of Warren, Polk, Dallas, and Madison. Call
Jon Niemeyer at
515-490-4675.