Using the PrimeVoyage Comparable Market Analysis Tool

CMA - Using the Accurate Comparable Market Analysis Tool

Realtors use the CMA as their primary tool for establishing real estate value. The object is to compare a property address to recently sold properties while making adjustments for Condition, Location, Size and Time to determine the accurate value of your property. We have mapped all of the Sold and Active houses and condos in your area. You will be able to select the properties off the interactive map that best match your home.

Accessing our Online CMA Tool

Create your email Login Id

If you are new to our CMA tool you can create your unique login id by simply entering your email address, name and phone#. You will be able to log back in at a later point with just your email address*.

Create a Property Profile

Enter basic information about the home that you wish to value.

First select whether you are valuing a Condo or House. Then enter street address, total SqFt, bedrooms, and baths. SqFt value is for the living square footage only, and should not include garages or patios. If you are not sure of your home's footage simply enter an estimate. You can change your SqFt value at any time.

Making Adjustments for Home Size and Appreciation

Square Footage Adjustment: Square Foot is needed to compare used homes to one another, not the cost of construction. You are given choices from $125-$400 per SqFt*. Select the one that best matches your home.

Appreciation Rate Adjustment: Home prices are rarely steady. At this writing (2007) they are slightly downwards. Select an appropriate % rate or e-mail us and we will promptly respond with the current Appreciation/Depreciation Rate for your area.

Click Estimate Home Value to begin your online home value comparison.

Figure 1. CMA Login Window

* Condos generally compare values between $125 – $175 per square foot. Many tract houses compare values between $175 and $225 per foot. Custom houses vary greatly when being compared to over $1,000 per square foot. If you are not sure of your footage, we would be glad to research public record figures. Call Scott at 805 563-4031 or e-mail us and we will find out if public SqFt figures for you home exist.

Selecting the Comparable Properties

Change Your Property Profile

Your property information appears at the top of the page. At any time during the selection process you can change the property detail information and adjustment parameters or even enter a different property to compare by clicking on Update Property link.

Viewing Properties

All properties sold within the last 365 days will appear as the default on the map and in the list. You may view all properties currently for sale by clicking the Active tab or clicking All to view Active and Sold properties on the same map. The Active tab include properties with pending sale status.

Select SOLD Properties

Your home value can only be compared to SOLD properties. You may select both Solds and Actives from the list. The Solds will be used in your home value calculation. The actives will be displayed for your review.

Roll the mouse over the icons on the map that are closest to your own property.
Click on the map icon to see the listing information and home pictures displayed below the map. The address will be highlighted in the right-hand list of addresses.
To select the property for comparison, click the box in front of the address on the right. The property will appear at the top of the page.
You can click the checked box again to unselect the property.
You must select at least one sold property to calculate home value.
Continue selecting Sold properties until you have three or more that are similar to your home.
You can pick up to 10 Sold or Active properties. All selected properties will appear on the CMA but only the Sold properties will be used to calculate your home value.
When you are ready, click the Calculate Home Value button at the top of the page.

Figure 2. Property Change Link

Figure 3. Map Active - Sold - All Tabs

Figure 4. Check Sold boxes

Adjusting Your Home Value Results

Final Adjustments to Complete CMA

Based on the Sold properties you selected an approximate value for you Home is calculated.

But to achieve more accurate results there are two more things you can do:

Enter the total square feet for the Sold comparables that do not already have the SqFt field populated. (Not all properties have published SqFt)

If you don't know the true SqFt of the sold properties, make an educated guess based upon your knowledge of properties in your neighborhood.

If you need help with the estimating we would be glad to research public records. Call Scott at 805 563-4031. or e-mail us and we may be able to get you this information.
Pick Location/Condition adjustment factor for each Sold property. Estimate whether it was in a better (+) condition or location than your property or in a worse (-) condition or location than your property.
When you are ready, click Re-Calculate Value button below the Sold property table.

Did you get the home value results you expected? Our online home appraisal process mirrors what I do personally for my customers to find out how much their home is worth. The more custom the home, the more you should seek our professional input to help establish value. Please consult with me directly to verify the accuracy of your online CMA results.

Figure 5. Approximate Home Value

Figure 6. Enter missing Square Feet

Figure 7. Adjust Condition - Location

This is a Real Market Analysis Tool!

I have faith that visitors to our site want the real thing, not some foggy "automatic" analysis often inaccurate by 20%, or more. This CMA is the same method used by lender's appraisers and Realtors to determine value. It takes years to accurately adjust for condition and location, but anyone can produce a quality property valuation. Guesses and assumptions will lessen your accuracy; accurate input will create an accurate output.

If you run into any trouble using this tool give me a call at the office 805 563-4031 or (e-mail) and I'll help you out. I've evaluated thousands of homes and helped Barbaranos sell real estate that would be worth $700,000,000 at current prices. Call, when you want help with your property needs.

Have fun evaluating your home. Let me know how this tool works for you.

Scott Williams
Brenda Williams

CMA Home Value Adjustments

Adjustments to the Sale price of each of the selected SOLD properties will be applied based on the information available.

CMA - Square Foot Adjustment

A Square Foot Adjustment is applied to the SOLD price of selected comparison properties.

The difference between the Subject Property and the Sold propery's square footage is calculated and multiplied by the selected SqFt adjustment factor. This creates a positive or negative number which is then added or subtracted from the sold price.

If Sold sqft > zero
SqFt Adjustment $$ = Your SqFt - Sold SqFt * SqFt adjustment factor

For Example: If your property is 1500 SqFt and the Sold Property Sold is 1700 SqFt, the difference is a negative <200> SqFt. This difference is multiplied by the SqFt Adjustment your selected when you created your property profile. For this example I will use $175 per SF

<200> x 175 = <$35,000> a negative adjustment to the comparison property's sale price.

Note: Square Footage is generally agreed to be for only the living portion of the home. Therefore garages, breezeways, covered entries, patios, atriums, etc., are not included in square footage. The only safe way is to accurately measure around the outside walls and calculate the enclosed size. The outside and inside walls are included in square footage measurements.

Over half of all sold properties will not have a published square footage. These will show as zero SqFt. Sold properties without a sqft value can be selected for comparison. An approximate square footage for the sold property can be entered and the adjustment will be applied. If the square footage is left zero, no Sqft adjustment will be made to the property's sold price.

CMA - Appreciation Rate Adjustment

An Appreciation Rate Adjustment is applied to the SOLD price of selected comparison properties.

Date Adjustment: The difference between the Sold date and today's date is calculated and then multiplied by the appreciation rate chosen by the home owner.

Today's date - Sold date = #days

If #days > zero
Rate Adjustment $$ = #days/365 * appreciation rate * Sold price

For Example: If the number of days since the property sold is 90 and the Sale price was $1,000,000 (as in the above example) and the appreciation rate was set to 6%:

90 days/365 x 6% x $1,000,000 = $14,794 as a positive adjustment to property's sale price.

CMA - Condition Adjustment

A Location/Condition Adjustment is applied to the SOLD price of selected comparison properties.

Location/Condition Adjustment: The difference between the condition and/or location of each selected sold property compared to the profiled property. Possible selection factors range from 10% better (+) condition or location than your property or in a 10% worse (-) condition or location than the home owner's property. Zero (no difference) is set as default.

This is a final user controlled adjustment that is applied to the Sold comparison property after the SqFt and Appreciation Rate/Date adjusted values have been added to or subtracted from the sold price.

CMA Home Value Calculation Example

The cumulative adjustments for this sold property example is minus $35,000 and plus $15,000. The total adjustment is minus $20,000. If in this example the comparison property sold for $1,000,000, the adjusted sold price is $1,000,000 - $20,000 = $980,000.

These adjustment calculations are repeated for each selected sold Property.

SP Approximate value calculation: Assuming the adjusted value for Sold property #2 is $920,000 and #3 is $960,000 - the average of the three adjusted values is $953,333. This is displayed in the Approximate Value box in the SP line.

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