What’s My House Worth?
Comparative Market Analysis (CMA)
“What’s my house worth?” This is a question we get all the time, and as a homeowner, it’s important to keep track of the value of your property. Whether you’re planning on selling your home in the near future or not, obtaining a current Comparative Market Analysis (CMA) from a local realtor can provide valuable insights into the current state of the housing market.
A CMA (competitive market analysis) is an evaluation of the current state of the real estate market in your local area, which includes properties that are currently for sale, properties that are currently under-contract, and properties that have recently sold within the last 12 months. This analysis provides an estimate of the current market value of your home. A realtor will use their expertise and knowledge of the local market to determine the value of your home.
Myth: Obtaining a CMA from a realtor is only for people who are looking to sell their home.
The information collected in your CMA can be useful if you’re considering refinancing your mortgage, taking out a home equity loan, appealing your property taxes or simply because you want to know the current value of your property. Obtaining an updated CMA can also help you make informed decisions about potential renovations or upgrades to your home. A realtor can provide guidance on which improvements will add the most value to your property and which ones may not be worth the investment. For example, if you’re considering renovating your kitchen, a realtor can tell you if a high-end remodel will provide a return on investment when it comes time to sell your home.
By obtaining an updated CMA, you will stay informed with the value of your property even if you’re not planning on selling your home anytime soon. Real estate markets can be volatile and unpredictable, especially in today’s market conditions. Contact the Move Smarter Team at themovesmarterteam@bhhschicago.com to get a FREE Competitive Market Analysis.
Whether you’re selling a home or buying a home, The Move Smarter Team can help you navigate this process. Click the button below to get started. Samantha and Raul are ready to help.