In box 1 you will want to enter the total square footage for the house. Square footage can include bathrooms, mud rooms it does not include unfinished space, or garage.
In box 2 you will enter the year the house was built. If not available from the seller or on the listing you can find this in your locals tax records for this property.
In box 3 you will enter the number of bedrooms in the house. Remember a bedroom must have a closet to be counted as a bedroom.
In box 4 you will enter the number of bathrooms. A full bath has a sink, tub or shower, and a toilet. A half bath has only a sink and a toilet. So for two full baths and one half bath you would put 2.5
In box 5 you will enter if there is a formal dining room by entering DR/ 1. If no dining room but eat in kitchen enter EIK. If there is a dining area enter DA
In box 6 you will enter if there is a family room and/or formal living room: If only a family room enter FM/1. If only a formal living room enter LR/1; If there is both a family room and a living room enter FM/1 & LR/1.
In box 7 you will enter garage size in terms of one car, two car, etc… you can use 1/car, 2/car etc…if no garage write NO
In box 8 you will enter if there is unfinished basement space and what percentage of the house foundation is closed off as a basement. If only half is floored and closed off and the other half is crawl space then you would put 50%, for two thirds would be 66% and so on.
In box 9 you will enter if there is finished basement space and what percentage of the home foundation is closed, floored, finished with finished drywall, carpet or flooring, baseboard, finished ceiling and heat/ac basement space. Just like in line 8 If only half is finished and the one fourth is unfinished and one fourth is crawl space then you would put 50%, for two thirds would be 66% and so on.
In box 10 you will mark the Kitchen appliances found in the kitchen of house.
In box 11 you will write in type of A/C heat pump, wall units, window units, none, etc….
In box 12 note if there is a fireplace and the room or rooms it is in. Let’s say there is a brick fireplace in the family room, you would put FR/1brick.
At line 13 enter the address of the property being described.
At line 14 enter the total number of rooms in the subject property.Be consistent many Realtors and Appraisers do not count bathrooms, utility rooms, mud rooms or laundry rooms as rooms but if you do be sure to do it for each of the comparables.
At line 15 enter the name of the subdivision where the property is located.
At line 16 enter the map location on the local area map or in some areas the newspaper will divide the area into numeric sections to make it easier for buyers to find. If that is the case enter that number here.
At line 17 enter the zip code where property is located.
At line 18 you will enter the price the property is listed at for sale for the houses currently on the market. And in that same space on the recently sold you will enter the price that is listed as the price paid by a buyer.
At line 19 you will enter the comparable property address.
At line 20 you will enter the total number of rooms in the comparable property. Be consistent many Realtors and Appraisers do not count bathrooms, utility rooms, mud rooms or laundry rooms as rooms but if you do be sure to do it for each of the comparables. Continue to fill out the boxes below with the information requested for each box.
At line 21 you will list the positive assets of your house that may increase its value over the comparables.
At line 22 you will list any negatives about your house that
may lessen its value over the comparables.
At line 23 you will enter the type of financing on your house.
If the loan is assumable. This can affect the terms of the sale.
At line 24 list the incentives you are offering to the Potential Buyer i.e.: closing costs, major appliances, etc…
At line 25 enter the lowest price and the highest price based on the comparables.
Recap of process:
When you determine market value, you must always remember that you are "estimating" the price a buyer would be willing to pay for one particular subject property your house. The location, or neighborhood, of your house is the starting point for your investigation. When you determine the market value of your house, you must compare it only with similar houses in the same or nearby neighborhood. One individual may think something is worth more than another individual. Because of this, "fair market value" was established. Fair market value is the amount that a willing buyer will pay and a seller will accept.
Identify the properties in the surrounding area that are most similar to your house you wish to value. Match square footage as close as possible to the square footage of your house. Next match the number of bedrooms and bathrooms as they should be the same or close your house. Match amenities as close as possible. Review the size of the lot and add or take away value if it does not match your lot size as to be a valid comparable the lot size should be approximately the same lot size as your lot.
Write in all the information for the 3 Active listings and the 3 sold properties that you have found that are similar in the above features that are in your neighborhood. These represent your comparison houses.
Fill in the CMA form according to the instructions below:
It might be necessary to at least drive by these properties to evaluate which properties among these comparables have a quality of appearance and overall condition similar to you house (consider painting, landscaping, roofing, and style).
List the transfer values of those properties and use that range of values as an indicator of your "estimated fair market value".
Once you have your sales price you will want to fill out a seller's net sheet to see an approximate net you will receive from the sale of your house. This allows you to plan on how much you can budget for expenses of sale. for example how much you can spend for marketing, repairs, and staging to name a few expenses.
If you have questions about the CMA process just email me and I will answer you within 72 hours. just click on Contact on the navigation bar below.
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