Home Appraisal utah
What Exactly is a Cma (comparative Market Analysis) and What Does it Mean for a Buyer?
A Comparative Market Analysis or CMA is simply an in depth property analysis that helps determine a property’s value. One thing to note is that a CMA is performed by a Real Estate Agent not an appraiser. Typically CMA’s are requested by sellers who want to know what they can list their home for. However, in a buyer’s market like we are experiencing now. Savvy buyer’s will request Comparative Market Analyses on properties that they are looking to purchase in order to negotiate the best deal possible. Savvy buyers also know that buying a home right now will probably be the greatest investment they ever make.
What information can be expected when you receive a CMA? A good CMA includes all of the following: types of properties: Rambler vs Two story, multi level etc. Square footage, size of lot and types of up grades. A good Agent uses all of this information to determine a value on the property and a good place to start on a price. Buyers can use that information to their greatest benefit?
Active Listings – An active listing is simply a home that is currently on the market for sale. An active listing does not necessarily determine property values. A neighbor can list their home at whatever price they want, it may never sell but it is still an active listing. With this understanding active listings should be viewed as a benchmark. In a buyer’s market like Utah is currently experiencing most homes will sell for less than the listed price.
Pending Listings – A pending listing is a home that is under contract but has not closed escrow. Pending listings do not help determine property values unless you know the purchase price. Once the pending listing closes, it becomes a sold listing.
Sold Listings – Sold listings are comparable homes that have closed with in the last year. This is what an appraiser uses in an appraisal. Therefore, sold listings determine the market value. With this information buyers will be able to negotiate the best deal possible.
About the Author
Ron Thurber with Keller Williams of Utah.
Utah Realtor with 11 years experience.
Utah Buyers CMA
First time home buyer?
The home I’m buying in Salt Lake City (Utah) I paid for an inspector and he said it had a lot of what he thinks are none active Termites. I have heard Termites are rare in Utah cause of the dry climate. Do you think they will Reactivate? I think it’s around $1,000 to get rid of them. I then had F.H.A. do an appraisal and they did not mention the termites in the report. I hope the sellers will take care of this. Anyone have any cheap ways of removing them?
Realtoratheart’s answer is wrong. The FHA appraisal is also an inspection/assessment of the homes qualifications for lending under FHA, which addresses mostly health and safety issues. If the appraiser thought there was wood destroying insects or damage, they would have noted it on the report.
Termites are fairly common in my area, and it is high desert climate, so I know a bit about them. If they had done some damage in the past and are now gone, there is always the possibility they will come back some time. But we had an infestation a number of years ago, and they have not been back. Most exterminators put a number of years on their guarantee, typically 5 – 10.
Since it isn’t an active infestation, there isn’t anything to “take care of”. If it had an active infestation, the inspector would have know it, it is very obvious.
Cache Valley Real Estate, Appraisals
Wyoming Threatens To Sell Prime Grand Teton Land
Wyoming Gambit To Force Swap With Feds Could Put Prime Grand Teton Park Land On Auction Block
In a perfect world, you have to have willing buyer and a willing seller. Neither is under duress. home appraisal utah Both are in a position to maximize gain and are trying to do this. But in the real world, things are rarely that simple and equally balanced. home appraisal utah Which is why people feel differently about the appraisal value of a house.