FREE – Your Home Valuation - Cumberland, Gloucester, Atlantic, Salem and Cape May Counties.
Attention Homeowners of the lower 5 counties in New Jersey! Get your FREE generalized home valuation or comparative market analysis (CMA) with recent market data to help you get a rough estimate of your current home value. When it comes to a CMA, actual sale prices are much more telling than list prices, since they speak more to a property’s real value.
It’s important for you, the homeowner, to always have a good idea of your property’s value, even when you are not planning on moving any time soon. As with any major investment, asking the important question: “how much is my house worth?” and knowing the answer on how the value is changing (or not changing) is a crucial part of ensuring long-term financial health. This is also a great guide in estimating any home improvements and upgrades that may or may not exceed any values.
A CMA is an examination of the sales prices of similar, nearby homes recently sold. By comparing only sold homes, as opposed to homes that are currently on the market, the CMAs will provide you with a factual evaluation of your potential market value in your neighborhood. We can provide details of the value of similar homes in terms of age, condition, size and several other details. By analyzing this data, we can arrive at the preliminary fair market value of your own home.
Your home’s condition can be subjective and difficult to evaluate, so it’s crucial that you mention any recent upgrades or outdated factions that can swing your home’s value up or down. The reason most automated home comparisons are incorrect is because they don’t factor updates like a renovated kitchen, bathroom or newly finished basement. Mention any items that could change your CMA. Disclose the flaws and upgrades that you think may affect the price negatively or positively.
There are many various reasons to keep an eye on what your home is worth, including possibly selling it. Don’t forget, your home is part of your net worth, which is itself a good indicator of your current financial well-being. We mentioned this in detail on the “Multiply Your Wealth by Understanding Finances”.
Also note that a Comparative Market Analysis is different than an Appraisal - An appraisal involves analyzing many of the same traits. However, it can only be done by a licensed real estate appraiser who follows guidelines established by the Federal Housing Finance Agency. Appraisals are usually requested by mortgage lenders before they issue a home loan. If an appraisal comes in much lower than the asking price, a lender may not make a loan unless the seller adjusts the price, whereas a CMA is typically done to set an asking price or decide on an offer amount. An appraisal is typically done to determine if a home is worth an agreed upon sale price.
If you want a CMA home valuation, we will provide you with what your home compares to nearby homes based on the number of bedrooms, number of bathrooms and square footage, then provide you with a preliminary market value estimate.
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