1. Chose the subject property and its characteristics.
(That is the home you are finding the value for. That is the home
to be sold, bought, appraised, etc.)
2. Homes that sold in the last 6 months.
3. Homes that were listed but did not sell.
4. Homes that are currently listed for sale.
A good CMA will clearly show the following:
1. The estimated sales value
2. The market trend. Has the market been increasing, decreasing in value?
3. How much competition will you have, to sell your home?
I . Establish the subject property. This will be the property you intend to do the analysis for.
1 . Find the tax record. You can find the tax record in the Fusion MLS. Or, you can pull the tax record from the Clark County Assessor's Office website (you can review my lesson,). From the tax record will need to make note of specific details, as follows:
A. You will need to know the subdivision name and subdivision number.
B. You will need to know the major physical characteristics of the home.
- Living area, lot size, garage square footage
- Construction material
- Year built
Also make note of permanent additions. For example, check for pool, casita, basement, carport, fireplace, etc.
C. If you have visited the home, compare your visual inspection with the tax report. Make note of anything that deviates from the tax report. If you have not visit the home, ask the owner if there have been any changes. If you have no access to the information, do the best you can from the tax report. Make a note, on the beginning of the report if the home was physically inspected, or not.
This information will be part of your permanent records. The comparable report will be based on homes of these similar characteristics.
2. If possible make a physical visit to the home.
A. Make note of cosmetic upgrades. For example, is the home professionally painted in neutral colors, what material was used for counter tops, is the bathroom upgraded with an upgraded tub, or toilets? Make note if the landscaping is finished. Is the patio covered, or upgraded with fans, etc. Is the carpet in need of replacement?
B. Also, if visit the home, check for leak stains on walls, and under the faucets. Make note of cracked pavement, age of water heater, or anything else that would make you think the home is distressed.
C. Make note if the home sits on a golf course. Note if the home has mountain views, golf course views, city light views, or pool views. Also check for water frontage, harbor decks, lake, or ocean views.
II. Find tax records of comparable homes sold within the last 6 months.
1. Using the MLS system, search in the tax record section. See image.
On a side note; In the Clark County Assessors Office website, you can search home records by subdivision. But, the county website does not allow you to search by close date. You can find the information. But, you would have to check the records date, one by one. It is much more tedious to find these records, using the county records.)
A. Continuing with the Fusion MLS system, enter your criteria information. Search for homes similar, to the subject property. This will be your first comparable search. Focus on:
- Subdivision. Search homes in the same subdivision
- Same style. Compare same style homes, For example, detached single family homes to the same.
- Exclude different style homes. Condos should not be compared to single family homes.
- Comparable Size. For living area, search homes 100 feet smaller, and 100 feet larger
- Comparable Age. Search homes in proximate age, no more than 6 years difference
- Similar garage. If subject property has two car garage, comps should have two car garages
B. Print the list of the results.
C. Next, bring up the detailed page, for each home. Print and/or save the individual record of each home, You will need to cross reference information. Therefore, I recommend printing both records. Keeping good records of your researches is a good practice.
A. You will need to know the subdivision name and subdivision number.
B. You will need to know the major physical characteristics of the home.
- Living area, lot size, garage square footage
- Construction material
- Year built
Also make note of permanent additions. For example, check for pool, casita, basement, carport, fireplace, etc.
C. If you have visited the home, compare your visual inspection with the tax report. Make note of anything that deviates from the tax report. If you have not visit the home, ask the owner if there have been any changes. If you have no access to the information, do the best you can from the tax report. Make a note, on the beginning of the report if the home was physically inspected, or not.
This information will be part of your permanent records. The comparable report will be based on homes of these similar characteristics.
2. If possible make a physical visit to the home.
A. Make note of cosmetic upgrades. For example, is the home professionally painted in neutral colors, what material was used for counter tops, is the bathroom upgraded with an upgraded tub, or toilets? Make note if the landscaping is finished. Is the patio covered, or upgraded with fans, etc. Is the carpet in need of replacement?
B. Also, if visit the home, check for leak stains on walls, and under the faucets. Make note of cracked pavement, age of water heater, or anything else that would make you think the home is distressed.
C. Make note if the home sits on a golf course. Note if the home has mountain views, golf course views, city light views, or pool views. Also check for water frontage, harbor decks, lake, or ocean views.
II. Find tax records of comparable homes sold within the last 6 months.
1. Using the MLS system, search in the tax record section. See image.
In the criteria section, you should specify your close dates. Start with a six months back, search. The MLS tax search is the easiest way to find pertinent sales information, for myself. See image.
On a side note; In the Clark County Assessors Office website, you can search home records by subdivision. But, the county website does not allow you to search by close date. You can find the information. But, you would have to check the records date, one by one. It is much more tedious to find these records, using the county records.)
A. Continuing with the Fusion MLS system, enter your criteria information. Search for homes similar, to the subject property. This will be your first comparable search. Focus on:
- Subdivision. Search homes in the same subdivision
- Same style. Compare same style homes, For example, detached single family homes to the same.
- Exclude different style homes. Condos should not be compared to single family homes.
- Comparable Size. For living area, search homes 100 feet smaller, and 100 feet larger
- Comparable Age. Search homes in proximate age, no more than 6 years difference
- Similar garage. If subject property has two car garage, comps should have two car garages
B. Print the list of the results.
C. Next, bring up the detailed page, for each home. Print and/or save the individual record of each home, You will need to cross reference information. Therefore, I recommend printing both records. Keeping good records of your researches is a good practice.
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D. In your CMA report, you will make note of the sales prices. You will use the current sales prices as a gauge for your recommended sales price, or home value. Things that can you can use to adjust your price up, would be pools, larger lot, new roof, a seller's market, etc.. Things that could bring a price down, would be distressed physical condition, smaller lot, buyer's market trend.
If you do have at least 3 homes that fit your criteria, you may skip step #2. Go on to step 3.
However, if you can not find at least 3 homes that sold within six months, expand your search outside of the subdivision. Expand your search to a one mile radius, of the subject property. Go on to step #2.
2. In the MLS tax search, expand your search to homes within the radius of one mile. You will be using the MLS map.
A. To minimize errors, start with a fresh search.
B. Once again enter the closed date. Continue with size, and type of home (SFR, condo, etc.), and garage. Remember year built should be within 6 years. This is the same as you did in the search by subdivision .
C Find the street of the subject property, on the map. Approximate the subject location, and pan out about one mile. See image.
Sample 'CMA's :
http://www.carboncreek.com/samplecma.pdf
http://www.come2hamptonroads.com/art/pdf/CMA.pdf
http://www.home-buy-sell.com/cma/cmasampl.pdf
A. To minimize errors, start with a fresh search.
B. Once again enter the closed date. Continue with size, and type of home (SFR, condo, etc.), and garage. Remember year built should be within 6 years. This is the same as you did in the search by subdivision .
C Find the street of the subject property, on the map. Approximate the subject location, and pan out about one mile. See image.
D. You will repeat the process of printing your results list, and the individual home tax record.
Next, you will identify homes that were listed but did not sell. Click here.
Sample 'CMA's :
http://www.carboncreek.com/samplecma.pdf
http://www.come2hamptonroads.com/art/pdf/CMA.pdf
http://www.home-buy-sell.com/cma/cmasampl.pdf
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