Beach House By Dawn

In an ever shifting real estate market, we are left looking at Zillow, Realtor.com, Redfin and other syndications for their computer algorithm to tell us what our home is worth in our local market. This is very inaccurate and at times confusing. We’ve seen these syndication sites be hundreds of thousands of dollars off the market value.

As probably your biggest asset, it’s time to call a real estate agent to perform a valuation of your home for a more accurate snapshot of your home’s value. Realtors call this a Comparative Market Analysis (CMA)

Not to confuse the issue even further the comparative market analysis is not the Appraisal either. Appraisals are done for mortgages, equity loans, trusts and other legal proceedings.

So what is a comparative market analysis? It is a compilation of comparative homes that have sold or are for sale in your area, could be right down to the community and right on your street. It could be a timeline of the last month, or the last 6 months depending how quickly homes are selling in your area. We look loosely at options on your home, the age and the age of major systems in your home for a CMA valuation.

Does it matter that you’ve spent $40k on upgrades in the home? Probably not. It depends on what the market is saying we can sell your home for. The major factors on pricing your for sale home on the market are price, location, condition, comparatives and demand.

Realtors can dive into the CMA, do a site visit on your home and provide you a suggested market price for your home. Does this mean you will receive an offer for your home at this price? Maybe, maybe not, but we can share with you what we are seeing at the moment.

6 months ago, I sat with a client and gave her a market price based on all the factors I’ve discussed here. She waited 6 months to list and the market has completely shifted and we are seeing a market value of about $25k less right now in Winter. We will see a different market in the spring as well.

If you want to discuss what your home is worth in the Pawleys Island, Murrells Inlet, Surfside Beach, Myrtle Beach area, contact me here. As your Myrtle Beach area Realtor, I will prepare a comparative market analysis, discuss the market, available competition, timeline and net proceeds you could expect from selling your home in these areas.