| What is a (CMA) ? Woodland Park Colorado Horse Property ? |
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Woodland Park Real Estate, Land and homes information WHAT IS A COMPARATIVE MARKET ANALYSIS (CMA)To determine the value of your home, Real Estate Agents use the same process that a lender's appraiser uses. Our objective is to find the most value that we can justify to a lender who will make the loan on your property. The criteria is dictated by either the V A (Veteran ' s Administration), FHA (Federal Housing Authority) or the investor on the secondary market (conventional). The process is this: Your home is compared to other homes in your neighborhood ( woodland Park )-in as close proximity as possible -with similar square footage, the same style (Horse Property), similar Amenities and similar condition, that have sold and closed within the last six months. VARIABLES A home like yours has not sold in the last six months. 1. Some appraisers will go back further than six months, but will not go out of the Neighborhood. 2. Some appraisers will go out of the neighborhood, but will not go back further than six months. There are simply no homes like yours. 1. Some appraisers will compare a tri-level to a rancher of similar square footage in the same subdivision. 2. Some appraisers will compare a bi-level to a 2-story of similar square footage in the same subdivision. 3. Some appraisers will go out of the subdivision to a neighborhood of similar demographics. Homes currently listed or pending cannot be used as comparables, but can influence the thinking of some appraisers. An economic phenomenon to the community can cause an upward or downward turn in the market regardless of the comparables. Example: closing or not closing of Ft. Carson or rumor that Intel will build a plant out by the airport. When we, as your Realtor, do a comparative market analysis, we use the same criteria as the appraiser so that we can get you the most money for your property that a lender will lend.
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