Why You Might Want a Market Analysis of Your Home Even When You’re Not Selling

Most homeowners understand the importance of getting a comparative market analysis (CMA) when it’s time to sell their home. Knowing your home’s worth in the current market is crucial for setting the right price.

But did you know that a CMA can be a valuable resource even when you’re not planning to sell?

There are a few situations where it is helpful to know your home’s value:

• Disputing a property tax assessment
• Refinancing your home
• Undertaking financial planning
• Seeking homeowner’s insurance
• Dividing assets in divorce proceedings
• Taking out a home equity line of credit
• And more!

If you need to know your home’s value, don’t rely on online estimates. Contact me instead. Online estimates are often inaccurate, especially on that website that starts with a Z.

Knowledge Is Power

Knowing your home’s market value gives you control and confidence, whether you’re disputing a property tax assessment or planning your finances.

This information is especially important if you think your home’s value has changed since your last market analysis or since you bought your home.

Your home is likely your largest financial asset, so why not know its true worth? A CMA is a free and valuable service I can provide, even if you’re not planning to sell anytime soon.

What Is a CMA?

When conducting a comparative market analysis, I’ll find at least three comparable homes (or comps) near yours with similar features that have sold recently.

The final sales prices of these homes, along with differences in location, lot size, square footage, age and condition, number of bedrooms and bathrooms, and special features (like a garage, finished basement, patio, or pool), will be considered to estimate your home’s value.

You’ll receive a detailed report comparing your home to others in your neighborhood and providing an assessed value based on these factors.

Using Your CMA Report

Here’s how a comparative market analysis can be helpful:

Property Tax Assessment: Local tax authorities might use outdated data to assess your home’s value. If you think your tax bill is too high, I can help you determine if your assessment is fair with a CMA. Then, you can decide if you should appeal. Remember, there’s a limited time to appeal, so contact me quickly to meet your jurisdiction’s deadline. I can also refer you to a service I use personally to automatically dispute my property tax valuation each year.

Refinancing: Knowing your home’s current market value is essential when refinancing with a lender. A CMA provides this critical information and gives you an idea of your home’s equity. Some lenders may still require a professional appraisal, but a CMA is a good starting point.

Financial Planning: A CMA helps you understand your assets, especially since your home is likely your largest one. Knowing your home’s current value allows you to calculate your net worth accurately, helping you set financial goals and understand your overall financial health.

Homeowner’s Insurance Premium: The cost to replace your home affects your insurance premium. A CMA helps determine your home’s value, potentially lowering your insurance premium or ensuring you have the right coverage. While the CMA can be helpful, some insurance companies have their own determinations as to minimum coverage requirements.

Divorce Proceedings: Dividing assets in a divorce is stressful, and you’ll want to ensure you get the most out of each one. Your home’s value can involve significant sums of money. A CMA should be part of your settlement strategy, whether you’re selling the home and dividing the profits or one spouse is buying out the other.

Home Equity Line of Credit (HELOC): Just like refinancing, you’ll need to know your home’s value to work with a lender. A CMA helps you understand your home’s true equity before seeking a HELOC.

Get Your Free CMA

If you find yourself in any of these situations or simply want to know your home’s value, reach out to me. I can provide you with a free market analysis. This is just one of the many ways I am your go-to resource for all things real estate!