“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”
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.
Lake Norman Mike :: Lake Norman Real Estate Agent is located on 19901 W Catawba Ave #104 Cornelius.
From Charlotte Douglas International Airport (CLT) head south on Josh Birmingham Pkwy and keep right to continue on Old Dowd Rd.
Then at the traffic circle, take the 1st exit and stay on Old Dowd Rd and turn right onto Marshall Dr. Next, turn left at the 1st cross street onto US-29 S/US-74 W/Wilkinson Blvd and turn left onto the ramp to Interstate 485 Inner N/Spartanburg.
After that use the middle lane to keep left at the fork and follow signs for I-85 S S/Gastonia/Spartanburg/I-485 N Inner N/Statesville.
At this point keep right at the fork, follow signs for Interstate 485 Inner N/Statesville and merge onto I-485 Inner.
Merge onto I-485 Inner and head straight for 11 miles. Then use the right 2 lanes to take exit 23A-B toward Statesville and merge onto I-77 N. Next, take exit 28 to merge onto US-21 S/Catawba Ave and merge onto US-21 S/Catawba Ave.
Finally, turn right onto Knox Rd and turn left onto Nautique Blvd. Turn left onto Knox Road Extension and Lake Norman Mike :: Lake Norman Real Estate Agent will be on your left.