CMA's (square footage, listing, broker, value)

[Nelly622]

I need to get a CMA done for a client. I have my comp homes picked out, but now I need to start adjusting them to be the "same" as the home I'm listing. For instance, the listing home has 4 bedrooms but one of the comps has only 3. So how much to I adjust the comp for the bedroom? How much is a bedroom worth when you're doing comps? How much is a bathroom, half bath, garage, etc., worth? Any help out there? I'm sure an appraiser would have the answer. I sure hope so!

[Silverfall]

Ask your broker. Those adjustments will be area specific.

[MikePRU]

Originally Posted by Silverfall

Ask your broker. Those adjustments will be area specific.

100% agree. You need to ask your broker how to the adjust the comps. If you don't feel comfortable asking your broker questions or if they are not helpful to you then you need to find a new broker.

[Annemieke Roell]

What does the market indicate?

[Zyngawf]

I think square footage matters more and wouldn't consider a four bedroom worth more than a three just based on the amount of bedrooms. Something 2 bedroom or only one bath is a lot less desirable for obvious reasons. there is a greater difference in value between a 2 and 3 bedroom. When it's 3 or 4 and the square footage is about the same I think it's close enough for a comp if the house is similar.

[1insider]

Forget all that complicated stuff. What number does your client want? You can make it work out with a little creativity. Get your hands on a copy of the 2005 edition of Appraisals in 2 Easy Steps.

[jackmichigan]

Originally Posted by 1insider

Forget all that complicated stuff. What number does your client want?

You need to provide information which is useful to your client--not information they may "want" to hear.