Listing Your Home for Sale-A Market Report is Not a CMA

If you are planning on listing your home in Woodbridge Virginia for sale in 2010 you are probably searching the web for information on the value of your home. There are plenty of sites including the Prince William County real estate assessment sites and Zillow that can give you a rough idea of one type of value for your home.

You can also find dozens of sites where you can read the latest for your neighborhood. Market reports are easy for any Realtor® with access to the MLS to create. In fact the MLS can do most of the work for you with just a few easy data selections.

Pick a neighborhood, a type of home (detached, townhouse), garage or no garage, throw in a date range and the system will create a market report for you. The report can also include a comparison of time frame so you can get a general idea of whether values are up or down.

A Comparative Market Analysis (CMA) on the other hand is a different type of report. It is specific to the value of your home. It is based on a thorough evaluation of the pluses and minus of your home as compared to another similar home in your neighborhood. Is your home a detached, colonial with 4 BR’s and 3 BA’s in Westridge? Then a CMA is going to start with looking specifically at the same style and model.

Then a CMA will go deeper. Have you upgraded your kitchen with granite and have new Stainless Steel appliances? Does your home have a walkout basement? How about hardwood floors? All of these can add value to your home above a similar home without them. And of course it could work in the opposite direction if you are missing those items.

If you are reading local market reports and see that the average home in your neighborhood is selling for $500,000 remember this may not be the value of your home. Make sure before you decide on list price for your home that you contact an agent familiar with your neighborhood who will take the time to visit your home and provide you with a CMA. Check to make sure the numbers they are using are within the last 90 days and that the basis for the CMA is an apples to apples comparison.

Pricing your home correctly is a major step to putting the SOLD sign in your yard.

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