Coeur d'Alene Area CMA:
Comparative Market Analysis*
Don't be fooled by websites that offer you 'FREE CMA's that are not provided by a Realtor® member of a Multiple Listing Service located in the state of Idaho. Sites like "z i l l o w", "housevalues", etc. can not provide accurate information on properties located in the state of Idaho. Do you know why?
Idaho is a 'non-disclosure' state which means that sales prices of properties are not disclosed to the county or the public. Typically, websites that offer 'FREE CMA's' will try to value your home based upon tax data. This tax data includes only the 'recorded mortgage documents' on the property. From this amount, they 'estimate' the sales price off of the mortgage amount. How accurate is this method?
Some people purchase their properties with cash (carrying no mortgage), others purchase with varying down payments, anywhere from 0% to 50% down. It used to be that the average down payment was 20%. Now it varies so drastically that these types of estimates are grossly incorrect. So how can I get an accurate CMA?
The most accurate CMA is obtained by having a Realtor® who is a member of the local Multiple Listing Service or MLS, in the county/city in which your property is located come into your home and doing an in-depth review of your home and it's features. A basic market analysis can be done online via email. While this method is informative, it is not the most accurate way to set a selling price for your home. Currently, properly priced homes are selling within 1% of the listed price (on average). Properly priced homes commonly command full listing price. Most importantly, you want to get the buyer into your home. You can not sell your home if no one sees it! Selling agents determine what their buyers are going to see based on information they obtain from the MLS. If you price your home too high, selling agents are not going to show your home to their buyers. Informed buyers use CMA's from their Realtors® when they purchase homes, and they will be able to see that you have already priced your home to market conditions. What exactly IS a CMA?
A comparative market analysis (CMA) is a detailed history of what buyers have been willing to pay over the past few months for similar homes in your neighborhood. A good CMA will include market trends allowing for a rising, falling or stagnant market in the analysis. A CMA is different from an appraisal. Appraisals are based solely on past sales in the last six months and are prepared by licensed appraisers for mortgage lenders. CMA's are more comprehensive and include not only sales, but, current homes for sale, homes that are sold but not yet closed and homes that were available for sale but did not close. Order your free market analysis!
Please fill out this short form with some basic information and we will be glad to email a free CMA based on general neighborhood statistics. If you'd like a more in-depth analysis done, please give us a call and we will gladly go through your home with you for a more accurate assessment! Please complete the form in it's entirety, all information is required. Please note: Full Name, current address and telephone number is required to verify you are the owner of the property you are requesting a CMA on. We will only contact you via telephone if we are unable to verify your information. If you are a buyer and would like a CMA on a property you are purchasing, please contact your Realtor® directly.
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