Coffee and Rain by Marika Abuashvili

COMPARATIVE MARKET ANALYSIS

4346 252nd Place Southeast, Issaquah, WA 98029

PREPARED FOR

Denis and Yana Korobov JUNE 23, 2014

CONTACT ME

INTRO

Marika Abuashvili Coldwell Banker Bain

Address 150 SE Bellevue Way, Bellevue, WA 98004 Mobile

425-503-9163

E-mail

marika@cbbain.com

Twitter

@MarikaRealtor

Web

marika.cbbain.com

LinkedIn Marika Abuashvili

Download this report (PDF)

What is this bar code? This QR code makes it easy for you to download this report to your smart phone. 1. Make sure your phone can scan a QR code with its camera. If you don't already have one, you can try http://cloudcma.com/qr on your phone's browser to download an app, or do a Google search for the model of your phone along with the term "QR reader". 2. Now use that app to scan the QR code above.

WHAT IS A CMA?

INTRO

No two homes are identical, which is why choosing a sales price or offer price for a home can be challenging. That’s where the comparable market analysis, or CMA, can be useful.

What is a CMA? The CMA is a side-by-side comparison of homes for sale and homes that have recently sold in the same neighborhood and price range. This information is further sorted by data fields such as single-family or condo, number of bedrooms, number of baths, zip codes, and many other factors. Its purpose is to show fair market value, based on what other buyers and sellers have determined through past sales, pending sales and homes recently put on the market.

How is the CMA created? CMAs are generated by a computer program supplied by your real estate agent’s multiple listing service (MLS). The MLS is available to licensed members only, including brokers, salespeople, and appraisers, who pay dues to gain access to the service’s public and proprietary data, including tax roll information, sold transactions, and listings input by all cooperating MLS members. Listing agents generate CMAs for their sellers, and buyer’s agents create them for their buyers so both sides know what current market conditions are for the homes they’re interested in comparing.

How accurate are CMAs?

The CMA is a side-by-side comparison of homes for sale and homes that have recently sold in the same neighborhood and price range.

The CMA is a here-and-now snapshot of the market, based on the most recent data available, but it can instantly be rendered obsolete by a new listing, or a change of status in a home with the same criteria. Why? The market is constantly changing – new listings, pending sales, closed sales, price reductions, and expired listings. CMAs can vary widely, depending on the knowledge and skill of the person inputting the search parameters to the software as well as the number and type of data fields that are chosen. That means some features may not be included. As informative as the CMA is, it should only be used as a tool and should not substitute for your real estate professional’s knowledge and advice.

SOLD PROPERTY ANALYSIS

Address

List Price

Sold Price

ANALYSIS

Difference

DOM

$ per Sqft

4222 250th Place SE

$477,950

$463,000

-3.13%

$271

25023 SE 43rd Way

$474,777

0.00%

$317

24938 SE 43rd Street

$465,000

$505,000

8.60%

$314

$472,576

$480,926

1.77%

$300

Sold Averages

SUGGESTED LIST PRICE

ANALYSIS

Analysis of the comparable properties suggests a list price range of:

$450,000 - $465,000 Here are some other pricing factors to consider: Low

Median

Average

High

Proj. value $/sqft

All listings

$449,950

$470,000

$474,718

$505,000

$439,695

Active listings

$449,950

$457,000

$463,600

$489,950

$438,814

Sold listings

$463,000

$474,777

$480,926

$505,000

$444,465

INTELLIGENT PRICING AND TIMING

INFO

Pricing a home for sale is as much art as science, but there are a few truisms that never change. • Fair market value attracts buyers, overpricing never does. • The first two weeks of marketing are crucial. • The market never lies, but it can change its mind.

Fair market value is what a willing buyer and a willing seller agree by contract is a fair price for the home. Values can be impacted by a wide range of reasons but the two largest are location and condition. Generally, fair market value can be determined by comparables - other similar homes that have sold or are currently for sale in the same area. Sellers often view their homes as special which tempts them to put a higher price on the home, believing they can always come down later, but that’s a serious mistake. Overpricing prevents the very buyers who are eligible to buy the home from ever seeing it. Most buyers shop by price range, and look for the best value in that range.

INTELLIGENT PRICING AND TIMING

INFO

Your best chance of selling your home is in the first two weeks of marketing. Your home is fresh and exciting to buyers and to their agents. With a sign in the yard, a description in the local Multiple Listing Service, distribution across the Internet, open houses, broker’s caravan, ads, and email blasts to your listing agent’s buyers, your home will get the greatest flurry of attention and interest in the first two weeks. If you don’t get many showings or offers, you’ve probably overpriced your home, and it’s not comparing well to the competition. Since you can’t change the location, you’ll have to improve the home’s condition or lower the price. Consult with your agent and ask for feedback. Perhaps you can do a little more to spruce up your home’s curb appeal, or perhaps stage the interior to better advantage. The market can always change its mind and give your home another chance, but by then you’ve lost precious time and perhaps allowed a stigma to cloud your home’s value. Intelligent pricing isn’t about getting the most for your home – it’s about getting your home sold quickly at fair market value.

SELLING YOUR HOME IN A TOUGH MARKET

INFO

When home prices fall, supplies of homes for sale increase, and buyers become more demanding, it’s a buyer’s market. That doesn’t mean you can’t sell your home for a fair price. You just have to work harder to make it happen. A buyer’s market is not the time to represent yourself. It may be tempting to recoup some equity by not paying a real estate agent, but you’ll lose more than you’ll gain. A real estate professional can give you an accurate overview of the market, help you with strategies, and bring offers from qualified buyers.

Make your home pristine In a buyer’s market, only location and condition can move buyers to pay more for any home. You can’t do anything about location, but you can take condition out of the equation. There’s a huge difference between a home that “doesn’t need a thing” and a home that “needs work.” Show pride of ownership by putting your home in top move-in condition so that your home is more appealing to buyers than any other home in your price range.

Price it right You can expect lowball offers in a buyer’s market, but homes that are priced fairly and in pristine condition will be treated with more respect by buyers.Pricing A real estate professional can give you an accurate overview of the market. according to recent sold comparables might not be as smart as pricing to pending sales – those yet to close. You have to know what your bottom line is, but pricing your home should have nothing to do with how much you owe creditors, how much cash you need to buy your next home or how much you need for your retirement or any other reason. Buyers will only pay current or pending market value as determined by the most recent comparables.

Keep negotiations pleasant Negotiation is a fine art, and typically works best when both parties get what they want. For example, you may be willing to take less money in exchange for a cash offer or a quicker closing. Your buyer may be willing to pay your asking price, but they may ask you to pay their closing costs. You’ll quickly realize if you’re dealing with a sincere buyer. Respond to the buyer's negotiations with documentation, receipts and other information in a timely manner. If you feel the buyer isn’t negotiating in good faith, simply stop negotiations. You’re under no obligation to respond to an unreasonable offer. The buyer will get the message. Buyer’s markets work for sellers, too. Keep in mind that when you buy your next home, you’ll be able to take advantage of falling prices, too. Think about the future – that you can repurchase more home for less money next time. It all evens out.

MAP OF ALL LISTINGS

MLS #

Status

INTRO

Address

Price

Subject

4346 252nd Place Southeast, Issaquah, WA 98029

579012

4222 250th Place SE

$463,000

601899

25023 SE 43rd Way

$474,777

632228

24938 SE 43rd Street

$505,000

643975

25225 SE 42nd Drive

$475,000

647111

4231 250th Place SE

$470,000

650622

25112 SE 42nd Drive

$505,000

644506

4221 249th Court SE

$457,000

651500

4136 252nd Avenue SE

$489,950

654256

25040 SE 43rd Way

$457,500

655541

4228 249th Court SE

$449,950

Status: S = Sold, P = Pending, P = Pending Inspection, A = Active

SUMMARY OF COMPARABLE PROPERTIES

INTRO

Sold Listings Address

Beds

Baths

YrBlt

SqFt

List Price

Sold Price

Sold Date

4222 250th Place SE

2.25

1994

1,710

$477,950

$463,000

3/7/14

25023 SE 43rd Way

2.50

1996

1,500

$474,777

4/14/14

24938 SE 43rd Street

2.50

1996

1,610

$465,000

$505,000

6/20/14

1,606

$472,576

$480,926

Sold Price

Sold Date

Sold Price

Sold Date

Averages

Pending Listings Address

Beds

Baths

YrBlt

SqFt

List Price

25225 SE 42nd Drive

2.25

1994

1,710

$475,000

4231 250th Place SE

2.25

1994

1,640

$470,000

25112 SE 42nd Drive

2.25

1994

1,580

$505,000

1,643

$483,333

Averages

Active Listings Address

Beds

Baths

YrBlt

SqFt

List Price

4221 249th Court SE

2.50

1994

1,530

$457,000

4136 252nd Avenue SE

2.50

1994

1,700

$489,950

25040 SE 43rd Way

2.50

1996

1,500

$457,500

4228 249th Court SE

2.50

1994

1,530

$449,950

1,565

$463,600

Averages

PROPERTY DETAILS S

MLS #579012

4222 250th Place SE, Issaquah

Listing information

$463,000 Courtesy of Virtual Office Realty

MLS#: 579012

Beds: 3

Sq Ft: 1,710

Sold Date: 3/7/14

Status: Sold

Baths: 2.25

Year Built: 1994

DOM: 30

Features Interior Features: Bath Off Master,Dbl Pane/Storm Windw,Dining Room,Skylights,Vaulted Ceilings,Walk-in Closet; Appliances Included: Dishwasher,Dryer,Garbage Disposal,Range/ Oven,Refrigerator,Washer; Basement: None; Floors: Hardwood,Vinyl,Wall to Wall Carpet; Topography: Fruit Trees,Level; Site Features: Cable TV,Deck,Fenced-Fully,Gas Available,High Speed Internet; Lot Details: Curbs,Paved Street,Sidewalk; Lotsize: 3999; Remarks Outstanding Madison Place Burnstead w/Cedar siding. Great room kitchen/family w/vaulted ceilings & gas fireplace. Updated Kitchen features Granite counters, under-mount sink, updated appliances...JennAir gas cook-top, Bosch DW, Stainless Fridge. Kitchen eating space. Formal dining room. Lots of new including brand new carpeting & hot water heater. Fully-fenced backyard. Across from neighborhood park. Close to shopping, paths, 2 large community pools & tennis courts. Outstanding Issaq schools.

Information is deemed reliable but not guaranteed.

Source: NWMLS

LISTING PHOTOS S

4222 250th Place SE, Issaquah

MLS #579012 $463,000

PROPERTY DETAILS S

MLS #601899

25023 SE 43rd Way, Issaquah

Listing information

$474,777 Courtesy of Windermere Real Estate/East

MLS#: 601899

Beds: 3

Sq Ft: 1,500

Sold Date: 4/14/14

Status: Sold

Baths: 2.50

Year Built: 1996

DOM: 2

Features Interior Features: Bath Off Master,Dbl Pane/Storm Windw,Dining Room,High Tech Cabling,Vaulted Ceilings; Appliances Included: Dishwasher,Garbage Disposal,Microwave,Range/Oven,Refrigerator; Basement: None; Floors: Bamboo/Cork,Ceramic Tile,Vinyl; Topography: Level; Site Features: Athletic Court,Cable TV,Dock,Fenced-Partially,High Speed Internet,Patio,Sprinkler System; Lot Details: Paved Street,Sidewalk; Lotsize: 4203; Remarks Klahanie home ready for you to enjoy for many years to come. Designed for entertaining, kitchen renovation Viking range, Bosch dishwasher, Liebherr refrigerator, Dacor microwave, Marvel wine cooler. Vaulted ceilings and clerestory windows make for a bright and warm atmosphere with bamboo flooring anchoring the rooms. The arbored and landscaped back garden offers space to relax and play. Add the amenities of Klahanie and the lifestyle quotient skyrockets. Stellar Issaquah schools.

Information is deemed reliable but not guaranteed.

Source: NWMLS

LISTING PHOTOS S

25023 SE 43rd Way, Issaquah

MLS #601899 $474,777

PROPERTY DETAILS S

MLS #632228

24938 SE 43rd Street, Issaquah

Listing information

$505,000 Courtesy of Windermere RE/Capitol Hill,Inc

MLS#: 632228

Beds: 3

Sq Ft: 1,610

Sold Date: 6/20/14

Status: Sold

Baths: 2.50

Year Built: 1996

DOM: 6

Features Interior Features: Bath Off Master,Dbl Pane/Storm Windw,Dining Room,Walk-in Closet; Appliances Included: Dishwasher,Dryer,Garbage Disposal,Microwave,Range/Oven,Refrigerator,Washer; Basement: None; Floors: Ceramic Tile,Hardwood,Wall to Wall Carpet; Topography: Garden Space,Level; Site Features: Cable TV,Deck,Fenced-Fully,Gas Available,High Speed Internet,Patio; Lot Details: Curbs,Paved Street,Sidewalk; Lotsize: 4611; Remarks Updated home in desirable Klahanie! Step in to an open floor plan with great flow from the dining room & living room with gas fireplace & vaulted ceilings to the family room open to the kitchen with eat-in bar, granite counters + new cabinets. Sweet fully-fenced backyard with a perfect deck for entertaining & BBQ?s. 3 beds/2 baths up; including a master suite with WIC. Updates include new Hardi siding/paint, hardwoods, moldings, doors, hardware + fixtures. Walk to QFC, parks, trails, more!

Information is deemed reliable but not guaranteed.

Source: NWMLS

LISTING PHOTOS S

24938 SE 43rd Street, Issaquah

MLS #632228 $505,000

PROPERTY DETAILS P

MLS #643975

25225 SE 42nd Drive, Issaquah

Listing information

$475,000 Courtesy of Windermere Real Estate/East

MLS#: 643975

Beds: 3

Sq Ft: 1,710

List Date: 6/6/14

Status: Pending

Baths: 2.25

Year Built: 1994

DOM: 7

Features Interior Features: Bath Off Master,Dbl Pane/Storm Windw,Dining Room,High Tech Cabling,Security System,Skylights,Vaulted Ceilings,Walk In Pantry; Appliances Included: Dishwasher,Garbage Disposal,Microwave,Range/Oven; Basement: None; Floors: Ceramic Tile,Hardwood,Wall to Wall Carpet; View: See Remarks,Territorial; Topography: Level; Site Features: Cable TV,Deck,FencedFully,High Speed Internet; Lot Details: Cul-de-sac,Curbs,Paved Street; Lotsize: 4561; Remarks Upgraded Burnstead home on cul-de-sac in Madison Place. Light filled floor plan w/ extended hdwd floors on main,new paint thruout. Newly tiled laundry & master bath, rmdld master shower w/ fold down bench, new lighting, AC, tankless H2O heater, new skylights & newer comp roof, upgraded trim. Newly stained entertainment deck w/ lighting looks over beautifully landscaped yard. Short walk to Mountain View pool & park! All the Klahanie amenities:parks, pools, trails, shopping & more.I90 minutes away

Information is deemed reliable but not guaranteed.

Source: NWMLS

LISTING PHOTOS P

25225 SE 42nd Drive, Issaquah

MLS #643975 $475,000

PROPERTY DETAILS P

MLS #647111

4231 250th Place SE, Issaquah

Listing information

$470,000 Courtesy of Windermere Real Estate/FN

MLS#: 647111

Beds: 3

Sq Ft: 1,640

List Date: 6/6/14

Status: Pending

Baths: 2.25

Year Built: 1994

DOM: 7

Features Interior Features: Bath Off Master,Dbl Pane/Storm Windw,Security System,Skylights,Walk-in Closet; Appliances Included: Dishwasher,Dryer,Garbage Disposal,Microwave,Range/ Oven,Refrigerator,Washer; Basement: None; Floors: Hardwood,Vinyl,Wall to Wall Carpet; Topography: Level; Site Features: Cable TV,Fenced-Fully,Patio; Lot Details: Curbs,Paved Street,Sidewalk; Lotsize: 3896; Remarks Absolutely beautiful Madison Pl. home with abundant natural light, entry with vaulted ceilings, hardwood floors, a great floor plan & lots of storage space. When you enter this charming home you can imagine Sunday breakfasts in the sunny kitchen, late afternoons on the private back yard patio, and evenings relaxing in front of the cozy fireplace. With a neighborhood park a few steps away & the benefits of living in Klahanie, it is truly a home where you can have the best of both worlds.

Information is deemed reliable but not guaranteed.

Source: NWMLS

LISTING PHOTOS P

4231 250th Place SE, Issaquah

MLS #647111 $470,000

PROPERTY DETAILS P

MLS #650622

25112 SE 42nd Drive, Issaquah

$505,000

Listing information

Courtesy of Coldwell Banker Bain

MLS#: 650622

Beds: 3

Sq Ft: 1,580

List Date: 6/12/14

Status: Pending Inspection

Baths: 2.25

Year Built: 1994

DOM: 9

Features Interior Features: Bath Off Master,Ceiling Fan(s),Dbl Pane/Storm Windw,Dining Room,High Tech Cabling,Skylights,Vaulted Ceilings,Walk-in Closet; Appliances Included: Dishwasher,Garbage Disposal,Range/Oven,Refrigerator; Basement: None; Floors: Ceramic Tile,Hardwood,Vinyl,Wall to Wall Carpet; Topography: Garden Space,Level; Site Features: Cable TV,Fenced-Fully,Gas Available,High Speed Internet,Patio; Lot Details: Curbs,Paved Street,Sidewalk; Lotsize: 4379; Remarks Stunning updated, natural light filled home in sought after Madison Place! Master suite on main level, two large bedrooms up w/shared bath. Handsome hardwood floors. Gourmet kitchen w/granite slab counter tops, stainless appliances, pass thru bar w/seating space plus separate eating area. Spacious family room w/beautiful tile trimmed gas fireplace adjacent to kitchen. Private back yard w/patio and generous grassy area, perfect for summertime games & entertaining! Close to amenities & shopping!

Information is deemed reliable but not guaranteed.

Source: NWMLS

LISTING PHOTOS P

25112 SE 42nd Drive, Issaquah

MLS #650622 $505,000

PROPERTY DETAILS A

MLS #644506

4221 249th Court SE, Issaquah

Listing information

$457,000 Courtesy of List4FlatFee.com

MLS#: 644506

Beds: 3

Sq Ft: 1,530

List Date: 6/1/14

Status: Active

Baths: 2.50

Year Built: 1994

DOM: 22

Features Interior Features: Bath Off Master,Ceiling Fan(s),Dbl Pane/Storm Windw,High Tech Cabling,Skylights,Vaulted Ceilings,Walk-in Closet; Appliances Included: Dishwasher,Dryer,Garbage Disposal,Range/Oven,Refrigerator,Washer; Floors: Hardwood,Vinyl,Wall to Wall Carpet; Site Features: Cable TV,Fenced-Partially,Gas Available,High Speed Internet,Patio; Lot Details: Cul-desac,Paved Street,Sidewalk; Lotsize: 4078; Remarks An excellent price for a well cared for home in an outstanding neighborhoos w/great schools. A high vaulted ceiling w/alcove makes the home feel inviting and spaciously comfortable. Newer furnace. Beautiful kitchen is well equipped & desirable. Plenty of storage available throughout especially the garage ceiling racks and shelves, walk in closets are nice. This is a must see for the discerning buyers. Lot in culde-sac has fruit trees and a quiet fenced back yard. Fully wired with Cat 6 network.

Information is deemed reliable but not guaranteed.

Source: NWMLS

LISTING PHOTOS A

4221 249th Court SE, Issaquah

MLS #644506 $457,000

PROPERTY DETAILS A

MLS #651500

4136 252nd Avenue SE, Issaquah

Listing information

$489,950 Courtesy of Kensington Real Estate LLC

MLS#: 651500

Beds: 3

Sq Ft: 1,700

List Date: 6/19/14

Status: Active

Baths: 2.50

Year Built: 1994

DOM: 4

Features Interior Features: Bath Off Master,Dbl Pane/Storm Windw,Vaulted Ceilings,Walk-in Closet; Appliances Included: Dishwasher,Dryer,Microwave,Range/Oven,Refrigerator,Washer; Floors: Hardwood,Vinyl,Wall to Wall Carpet; View: Canal,Territorial; Topography: Brush,Garden Space,Wooded; Site Features: Cable TV,Deck,Fenced-Fully; Lot Details: Curbs,Paved Street,Sidewalk; Lotsize: 3655; Remarks Fabulous Burnstead home in desirable Madison Place neighborhood. This open floor plan has an eating are in the kitchen with granite countertops, hardwood floors, pantry, recessed lighting and see through fireplace that leads to a great room boasting cathedral ceilings and skylights. Office space can be used as 4th bedrm. Master bath is bright and airy featuring a jetted tub. Fully fenced back yard w/new deck on greenbelt with new roof andsiding. Enjoy Klahanie's many amenities.

Information is deemed reliable but not guaranteed.

Source: NWMLS

LISTING PHOTOS A

4136 252nd Avenue SE, Issaquah

MLS #651500 $489,950

PROPERTY DETAILS A

MLS #654256

25040 SE 43rd Way, Issaquah

Listing information

$457,500 Courtesy of Windermere Real Estate/East

MLS#: 654256

Beds: 3

Sq Ft: 1,500

List Date: 6/19/14

Status: Active

Baths: 2.50

Year Built: 1996

DOM: 4

Features Interior Features: Bath Off Master,Dbl Pane/Storm Windw,Dining Room,Vaulted Ceilings; Appliances Included: Dishwasher,Dryer,Garbage Disposal,Microwave,Range/Oven,Refrigerator,Washer; Basement: None; Floors: Ceramic Tile,Hardwood,Wall to Wall Carpet; View: Territorial; Topography: Level; Site Features: Cable TV,Fenced-Partially,Patio,Sprinkler System; Lot Details: Curbs,Paved Street,Sidewalk; Lotsize: 4445; Remarks Picture perfect original owner home in Traditions at Klahanie. 2 story with craftsman flair. A nice backyard, mostly fenced flat and sunny. Many special touches-Top quality carpet, 6 panel doors, custom paint colors, gas log fireplace and full exterior sprinklers. Tall ceilings allow sun to pour into the home. Walk to parks, pool, shopping, trails, and sport courts. Issaquah Schools are highly rated and nearby.

Information is deemed reliable but not guaranteed.

Source: NWMLS

LISTING PHOTOS A

25040 SE 43rd Way, Issaquah

MLS #654256 $457,500

PROPERTY DETAILS A

MLS #655541

4228 249th Court SE, Issaquah

Listing information

$449,950 Courtesy of The Cascade Team

MLS#: 655541

Beds: 3

Sq Ft: 1,530

List Date: 6/20/14

Status: Active

Baths: 2.50

Year Built: 1994

DOM: 3

Features Interior Features: Bath Off Master,Dbl Pane/Storm Windw,Skylights,Vaulted Ceilings,Walk-in Closet; Appliances Included: Dishwasher,Dryer,Garbage Disposal,Microwave,Range/ Oven,Refrigerator,Washer; Basement: None; Floors: Hardwood,Vinyl,Wall to Wall Carpet; View: Territorial; Topography: Brush,Level,Partial Slope; Site Features: Cable TV,Fenced-Fully,High Speed Internet,Patio; Lot Details: Cul-de-sac,Dead End Street,Paved Street,Sidewalk; Lotsize: 3840; Remarks Sensational Burnstead resale located in Klahanie. The bright open floor plan offers vaulted ceilings, kitchen w/eat at bar, dining & family room with fireplace. 3 bedrooms, 2 with attached bathrooms. Fullyfenced yard. Located on cul-de-sac. Walking distance to Retail, parks, pool, trails and bus. Top Issaquah Schools! New Dishwasher and Range.

Information is deemed reliable but not guaranteed.

Source: NWMLS

LISTING PHOTOS A

4228 249th Court SE, Issaquah

MLS #655541 $449,950

COMPARABLE PROPERTY STATISTICS

ANALYSIS

Sold Listings Number of listings

Lowest price

$463,000

Average price

$480,926

Highest price

$505,000

Avg price per sqft

$300

Avg DOM

Pending Listings Number of listings

Lowest price

$470,000

Average price

$483,333

Highest price

$505,000

Avg price per sqft

$295

Avg DOM

Active Listings Number of listings

Lowest price

$449,950

Average price

$463,600

Highest price

$489,950

Avg price per sqft Avg DOM

$296 8

ONLINE HOME VALUES AND YOUR HOME

INFO

Plenty of sellers have visited online home valuation sites such as Zillow, Trulia, eAppraisal, and others only to be shocked at the value of their homes. Most sellers are pleased when the values appear higher than they expected, but many online valuations come in far lower.

Online Valuations Estimating a home’s market value is far from an exact science. What these sites attempt to do is provide greater transparency to homebuyers and sellers by making data derived from public records, more…public. They publish what you paid for your home and how much you pay in taxes. Many have satellite views so accurate they can spot your cat laying on the front porch. How do they do it? Home valuation sites contract with major title companies such as First American to obtain county tax roll data. All property is registered with the county for property taxing purposes. They also find ways to become members of local multiple listing services, which are either subsidiaries of real estate associations or owned by local real estate brokers. That way, they have access to listing data.

Ask your real estate professional for a comparative market analysis, or CMA.

Between tax roll data and listing data, home valuation sites apply their own secret sauce, or algorithm to come up with “zestimates” or approximate values of what homes are worth. Sometimes the results are spot on, but they can also be terribly inaccurate. First, transaction data has to be recorded with the county, which could take weeks. But, what alters the algorithm most is that properties not currently on the market are included in the data. The algorithms can’t possibly show whether or not a home has been updated, how well it’s maintained, or esoteric values such as curb appeal and views. For that reason, online valuations should be used only as one of many tools to estimate a home’s value.

Ask your real estate professional for their expert analysis Ask your real estate professional for a comparative market analysis, or CMA. He or she can show you the most recent listings and sold comparables, accurate to within hours or a few days at most .

ONLINE VALUATION ANALYSIS

ANALYSIS

Sold Listings Address

Sold Date

Sold Price

Zestimate

Difference

4222 250th Place SE

3/7/14

$463,000

$463,453

0.10%

25023 SE 43rd Way

4/14/14

$474,777

$449,087

-5.41%

24938 SE 43rd Street

6/20/14

$505,000

$434,523

-13.96%

$480,926

$449,021

-6.42%

Sold Averages

Pending Listings Address

List Price

Zestimate

Difference

25225 SE 42nd Drive

$475,000

$479,901

1.03%

4231 250th Place SE

$470,000

$458,417

-2.46%

25112 SE 42nd Drive

$505,000

$464,090

-8.10%

Active Listings Address

List Price

Zestimate

Difference

4221 249th Court SE

$457,000

$443,049

-3.05%

4136 252nd Avenue SE

$489,950

$475,738

-2.90%

25040 SE 43rd Way

$457,500

$455,066

-0.53%

4228 249th Court SE

$449,950

$440,294

-2.15%

Source: NWMLS

HOW CMAS CAN VARY

INFO

Whether you are buying or selling a home, your real estate professional can give you a snapshot of the local market known as the competitive or comparative market analysis or CMA. CMAs are generated from multiple listing service data. They’re convenient reports that help sellers choose a listing price and buyers to make offers on a given home. CMAs vary greatly depending on the search parameters that are input by the real estate professional, by type of home (detached vs. attached), zip code or by street, number of bedrooms, baths and living areas, square footage, and numerous other search criteria. They also tell you which homes have recently sold - six months, three months, one month, and which homes are currently on the market in the area and price range you’re interested in. As many fields of information as there are, some criteria simply can’t be listed in a CMA. If the MLS has a field for “ocean views,” you’ll know. But if not, you’ll have to learn more in the remarks section that is filled in by the listing agent. There you might find “great views.” But who is to say what makes a great view?

A CMA helps the seller choose a listing price and the buyer to make an offer.

CMAs results may vary even between identical homes

One property may simply offer better drive-up appeal or is in better condition than the other, and that will be reflected in the sales price. Last, buyer and seller motivation can’t be quantified. You don’t know why a seller agreed to take less for their home or why a buyer paid more for another home. Family problems, corporate relocations and other reasons all play a role. What you can learn from the CMA is how long the home took to sell. If it was quick, the seller was highly motivated. If it didn’t, it was probably overpriced.

CMAs are Tools For these reasons, CMAs are not home valuations. They are tools to use alongside your real estate professional’s knowledge of the market. They may have house-to-house knowledge of the market and be able to tell you why they think one home sold for more than another.

CMAS VS APPRAISALS

INFO

Market Value Establishing a home’s market value is equally important to buyers, sellers, lenders and real estate professionals so that transactions can proceed quickly and efficiently. A real estate professional may prepare a comparative or comprehensive market analysis (CMA) for their sellers to help them choose a listing price. The CMA includes recently sold homes and homes for sale in the seller’s neighborhood that are most similar to the seller’s home in appearance, features, and general price range.

Home Value Although the CMA is used to help determine current Your home’s market value is equally important to market value, it does not establish the seller’s home buyers, sellers, lenders and real estate professionals. value. In fact, the seller’s home is typically not even featured in the CMA. The CMA is merely a guide to help the seller learn what’s happening in their local market, so they can better understand where their home fits in term of price ranges, based on location, features and condition. Once the home is listed on the open market, a buyer makes an offer, usually based in part on a CMA the buyer’s agent has prepared. CMAs can help buyers better understand the local market as well as sellers. If the buyer is receiving financing through a bank, the bank will order an appraisal. Unlike the CMA, a bank appraisal is a professional determination of a home’s value. It’s performed by a licensed appraiser, using guidelines established by the Federal Housing Finance Agency, which regulates federal housing loan guarantors such as FHA, VA and housing loan purchasers Fannie Mae and Freddie Mac.

Appraisal An appraisal is a comprehensive look at a home’s location, condition, and eligibility for federal guarantees. For example, a home that doesn’t meet safety requirements such as handrails on steps will not be eligible for FHA or VA loans until the handrail is installed or repaired. Appraisers use the same data in their market research to find comparable homes as REALTORS® do. They are also members of the MLS, but they also have additional guidelines from the bank to follow that minimize risk to the bank. They may take off value for slow-moving markets, or markets with high rates of foreclosures. If prices are falling, the appraiser takes the number of days a home has been on the market far more conservatively. When the appraisal is finished, the bank makes the decision to fund the loan, or it may require the seller to fix certain items and show proof that the repairs have been made before letting the loan proceed. If the loan doesn’t meet lending guidelines, the bank will decline the loan. Despite stricter lending and appraisal standards, most buyers’ loan applications go through to closing – nearly 85 percent. One reason for that is that real estate agents are preparing CMAs that are better tuned to lending standards, for sellers and buyers to better understand not only what the market is doing, but how much lenders are willing to finance.

THE VALUE OF YOUR HOME

INTRO

In a neighborhood of similar homes, why is one worth more than another? That’s the question that’s teased buyers and sellers for ages, but the answer is simple.

Every home is different. When a home is sold, a willing seller and a willing buyer have just announced to the world the value of that home. From there, other similar homes are benchmarked, but other factors come into play. The most important are: Location - The closer a home is to jobs, parks, transportation, schools, and community services, the more desirable it is. Size - Square footage impacts home values because they’re built using more materials. Larger lot sizes mean more privacy. Number of bedrooms and baths - Over time, median homes have grown larger. Decades ago, household members shared bedrooms and baths without complaint, but today, families want more privacy. The median home purchased today is a threebedroom, two-bath home.

Your real estate professional can help you determine the true value of your home.

Features and finishes - Features such as outdoor kitchens and spa baths make a home more luxurious. A home finished with hardwood floors and granite countertops is going to cost more than a home with carpet and laminate countertops. Condition - The closer a home is to new construction, the more it will retain its value. It’s perceived as more modern, up to date, and perhaps safer. Homes that are not updated or in poor repair sell for less. It’s a good idea for homeowners to keep their homes updated and in top repair. Curb appeal - From the street, the home looks clean, fresh, and inviting. Fresh landscaping and flowers won’t change the size or location, but they certainly add charm. When two homes are identical in the same neighborhood, a higher price may come down to something as simple as views, or paint colors, or the overall taste of the homeowner. Valuing a home will never be an exact science, but if you buy wisely, keep your home updated and in good repair, you should recoup most if not all of your investment.