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Many Hilton Head and Bluffton homeowners are curious about their current home value and 2022 market trends. It’s so important to keep your home value information up to date, especially if you have made improvements and are thinking of selling.
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WHAT IS A COMPARATIVE MARKET ANALYSIS (CMA)?
A Comparative Market Analysis (CMA) is an evaluation of similar, recently sold homes (called comparables or comps) that are near a home or homes that you want to buy or sell. Buyers, sellers, or real estate agents perform a CMA report to establish and find a fair price range for the home the report is created for. The price range from the CMA can then be used as a guide to be used for establishing an offer price or a listing price.
Basically, performing a CMA involves finding the homes that are similar to the home under consideration, and creating an in-depth comparison of its size, age, location, and features of the home. It all comes down to one question: compared to other, comparable homes in this area, how much is this home worth? Answering that question involves looking at a fair amount of data on other homes in the current market.
- The process for doing a comparative market analysis includes: Determine a list of quality comparables
- Evaluate the comparables within close range to the home
- Adjust comparable values for differences in size, condition, location, amenities, etc.
- Estimate the ideal value of your target home based off the findings
FAQs.
Is Hilton Head a wealthy area?
The per capita income in Hilton Head Island in 2018 was $56,942, which is wealthy relative to South Carolina and the nation. This equates to an annual income of $227,768 for a family of four. However, Hilton Head Island contains both very wealthy and poor people as well.
Is Hilton Head a good place to retire?
No question Hilton Head is one of the best places to retire, with gated communities, beachfront villas, and luxury homes to choose from, but it’s far more than a retirement community beneath a beautifully-preserved tree canopy. It’s also a world-class golf destination, a biker’s paradise, and a beach comber’s dream. Apr 30, 2020
Is Hilton Head an expensive place to live?
Hilton Head’s cost of living is the highest in state, according to the annual cost-of-living index developed by the Council for Community and Economic Research and compiled by the S.C. Department of Commerce
What is Hilton Head Island known for?
Hilton Head Island is justifiably famous for its incredible beaches and its world-class golf courses. It’s regularly voted one of the best vacation destinations in the world.
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