Get Your Home Value!
A quick and honest note from Mike about all ONLINE HOME EVALUATION products regardless of the site you request it from.
“Sometimes the results are spot on, but many times they are terribly inaccurate. The algorithms cannot possibly take into consideration a property’s condition, location or even view. An example would be taking an average sale price on a home where one side of the street is on Lake Norman and the other side is not. Values could be substantially off because the proximity of the sales would create an average sales price from the automated online CMA even though waterfront would carry a much higher price point. These online CMA’s are closer to being accurate in neighborhoods of higher density where many homes are similar in size and style”. – Mike Toste, “Lake Norman Mike”
The quick and easy on what a CMA actually is.
CMA stands for “Comparative Market Analysis” and is simply a side-by-side comparison of recently sold homes in a given neighborhood. Information is gathered on your home and input into a computer program that ties into our local Charlotte MLS. Brokers, Broker Associates and Appraisers all pay dues for the ability to access this content. Brokers then take this information and generate CMA reports so they can properly advise both seller and buyers before making a decision in real estate. The downside can be that when information is put in, it is in the hands of the Broker doing the data entry. There is no substitute for knowledge and experience when this portion of the CMA comes into play. Making adjustments, and knowing what those adjustments represent in terms of value, is imperative to generating an accurate value. This is why there is still a need for the knowledge and advice of an experienced real estate professional.
