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The Agency D.C. Metro Alex Martinez
Managing Partner, D.C. Metro ______
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Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
Kelvin Rostron MARCH 1, 2022
Alex Martinez Group RE The Agency DC Metro
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
What is a CMA 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 comparative market analysis, or CMA, is most 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 such as type of home, number of bedrooms, number of baths, lot size, neighborhood, property condition and features, and many other factors. The purpose is to show estimated 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 using property information from 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 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 creating the CMA 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.
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
2
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
Map of Comparable Listings
STATUS:
MLS #
STATUS
ADDRESS
S = CLOSED
P = PENDING
A = ACTIVE
BEDS
BATHS
SQFT
PRICE
7503 Wilhelm Dr
4
2.00
1,080
-
1
Subject
2
MDPG2003232
S
7548 Wilhelm Dr
5
3.0/0
1,080
$400,000
3
MDPG2009590
S
7541 Newberry Ln
3
3.0/0
1,080
$387,000
4
MDPG2001428
S
6715 Lamont Dr
3
3.0/0
1,080
$400,000
5
MDPG2028362
P
7217 Good Luck Rd
3
2.0/1.0
996
$390,000
6
MDPG2031926
A
8300 Donoghue Dr
3
2.0/1.0
996
$415,000
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
3
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
Summary of Comparable Properties S
SOLD LISTINGS
ADDRESS
SOLD DATE
BEDS
BATHS
SQFT
PRICE
$/SQ.FT
8/24/21
5
3.0/0
1,080
$400,000
$370
11/24/21
3
3.0/0
1,080
$387,000
$358
8/5/21
3
3.0/0
1,080
$400,000
$370
1,080
$395,666
$366
7548 Wilhelm Dr 7541 Newberry Ln 6715 Lamont Dr
Averages
P
PENDING LISTINGS
ADDRESS
7217 Good Luck Rd
SOLD DATE
BEDS
BATHS
SQFT
PRICE
$/SQ.FT
-
3
2.0/1.0
996
$390,000
$392
996
$390,000
$392
Averages
A
ACTIVE LISTINGS
ADDRESS
8300 Donoghue Dr
SOLD DATE
BEDS
BATHS
SQFT
PRICE
$/SQ.FT
-
3
2.0/1.0
996
$415,000
$417
996
$415,000
$417
Averages
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
4
Listings
Alex Martinez Group RE The Agency DC Metro
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
7548 Wilhelm Dr $400,000 CLOSED
MLS #MDPG2003232
Lanham, MD 20706
5 Beds 3.0/0 Baths Year Built 1972
8/24/21
1,080 Sq. Ft. ($370 / sqft) Days on market: 16
Details Prop Type: Single Family Residence
Full baths: 3.0 Acres: 0.17
Updated: Aug 24, 2021 7:22 AM
County: PRINCE GEORGES
Lot Size (sqft): 7,511
List Price: $414,500
Subdivision: GOOD LUCK ESTATES
List date: 7/9/21
Orig list price: $399,500
Off-market date: 8/24/21
Taxes: $4,662
Above Grade Finished Area Source: Assessor
Below Grade Finished Area: 1000
Hot Water: Natural Gas
Senior Community Yn: false
Inclusions: See Disclosures
Sewer: Public Sewer
Above Grade Finished Area Units: Square Feet
Below Grade Finished Area Source: Estimated
Levels: 2
Structure Type: Detached
Accessibility Features: 36"+ wide Halls, 32"+ wide Doors
Below Grade Finished Area Units: Square Feet
Living Area Source: Estimated
Tax Lot: 24
Basement: Other, Daylight, Full, Connecting Stairway, Fully Finished, Heated, Interior Access, Outside Entrance, Side Entrance, Sump Pump, Walkout Stairs, Windows
Carport Spaces: 1
Lot Size Source: Assessor
Total Garage And Parking Spaces: 2
Style: ["Ranch/Rambler"]
School District: PRINCE GEORGE'S COUNTY PUBLIC SCHOOLS
Features
Construction Materials: Other Cooling: Central A/C Cooling Fuel: Electric Heating: Central, Forced Air Heating Fuel: Natural Gas
Lot Size Units: Square Feet Main Level Bedrooms: 3 Room Type: Living Room, Dining Room, Family Room, Den Special Listing Conditions: Standard
Tax Year: 2020
Utilities: Electric Available, Natural Gas Available Water Source: Public Zoning: R55 Driveway Spaces: 1
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
6
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
Remarks A Wonderful Expansive Rancher, more than 2000 sq. ft, Single Family with 3 Bedrooms and 2 Full Baths at the main level. Master bedroom has a personal bathroom. The wide open kitchen with beautiful Granite, Separate Dining Area, and a Large Living Room. A wide spacious deck adjacent to the dining room make it a comfortable homely place. All rooms at main level has central light, so buyer could install a ceiling fan, if needed. The fully finished basement has three (3) rooms with a large family room, full bath, and laundry area. Each room in the basement has windows, therefore, they could be used as a bedrooms/office room/ study room. There is a private fenced back-yard for peaceful barbeque or private timings. A spacious front yard also make it away from the road. A private carport and a driveway. The house has gas heating, that saves bill, architectural shingles roofs..All major retail stores are very near by as well as the major highways. A little touch up would make this house a Gorgeous One
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
7
Comparative Market Analysis
7548 Wilhelm Dr
7503 Wilhelm Drive, Lanham, Maryland 20706
$400,000 CLOSED
MLS #MDPG2003232
Lanham, MD 20706
8/24/21
5 Beds 3.0/0 Baths Year Built 1972
1,080 Sq. Ft. ($370 / sqft) Days on market: 16
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
8
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
7541 Newberry Ln $387,000 CLOSED
MLS #MDPG2009590
Lanham, MD 20706
3 Beds 3.0/0 Baths Year Built 1965
11/24/21
1,080 Sq. Ft. ($358 / sqft) Days on market: 17
Details Prop Type: Single Family Residence
Full baths: 3.0
Off-market date: 12/5/21
Taxes: $4,479
Acres: 0.15
County: PRINCE GEORGES
Lot Size (sqft): 6,500
Updated: Dec 7, 2021 6:31 PM
Subdivision: LANHAM
List date: 8/26/21
List Price: $375,000
School District: PRINCE GEORGE'S COUNTY PUBLIC SCHOOLS
Style: ["Ranch/Rambler"]
Orig list price: $375,000
Features Above Grade Finished Area Source: Assessor
Below Grade Finished Area Units: Square Feet
Lot Size Source: Assessor
Sewer: Public Sewer
Lot Size Units: Square Feet
Structure Type: Detached
Above Grade Finished Area Units: Square Feet
Construction Materials: Other
Main Level Bedrooms: 3
Tax Lot: 20
Accessibility Features: None
Cooling: Central A/C
Roof: Asphalt
Tax Year: 2021
Appliances: Built-In Microwave, Oven/Range Electric, Dishwasher, Refrigerator, Dryer - Electric, Washer, Freezer
Cooling Fuel: Electric
Room Type: Living Room, Dining Room, Bedroom 2, Bedroom 3, Kitchen, Bedroom 1, Laundry, Recreation Room, Bathroom 1, Bathroom 2, Bathroom 3
Water Source: Public
Basement: Partially Finished
Levels: 2
Below Grade Finished Area Source: Assessor
Living Area Source: Assessor
Heating: Forced Air Heating Fuel: Natural Gas Hot Water: Natural Gas
Zoning: R55
Special Listing Conditions: Standard Senior Community Yn: false
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
9
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
Remarks Their loss is your gain! Last minute fall through puts this beautifully maintained rancher in quaint community back on the market. This 3bed/3 full bath house has all the charm. Updated kitchen and bath is just the start. Close to University and major travel routes makes this a very convenient place to live. Come today to see this beauty before its gone.
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
10
Comparative Market Analysis
7541 Newberry Ln
7503 Wilhelm Drive, Lanham, Maryland 20706
$387,000 CLOSED
MLS #MDPG2009590
Lanham, MD 20706
11/24/21
3 Beds 3.0/0 Baths Year Built 1965
1,080 Sq. Ft. ($358 / sqft) Days on market: 17
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
11
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
6715 Lamont Dr $400,000 CLOSED
MLS #MDPG2001428
Lanham, MD 20706
3 Beds 3.0/0 Baths Year Built 1966
8/5/21
1,080 Sq. Ft. ($370 / sqft) Days on market: 8
Details Prop Type: Single Family Residence
Full baths: 3.0 Acres: 0.15
Updated: Aug 5, 2021 1:57 PM
County: PRINCE GEORGES
Lot Size (sqft): 6,500
List Price: $385,000
Subdivision: GOOD LUCK ESTATES
List date: 6/30/21
Orig list price: $385,000
Off-market date: 8/5/21
Taxes: $4,733
Above Grade Finished Area Source: Assessor
Below Grade Finished Area Units: Square Feet
Levels: 2
Sewer: Public Sewer
Carport Spaces: 1
Living Area Source: Estimated
Structure Type: Detached
Above Grade Finished Area Units: Square Feet
Construction Materials: Other
Lot Size Source: Assessor
Tax Year: 2020
Lot Size Units: Square Feet
Basement: Other, Fully Finished
Cooling: Central A/C
Main Level Bedrooms: 3
Total Garage And Parking Spaces: 3
Cooling Fuel: Electric
Below Grade Finished Area: 936
Parking Features: Concrete Driveway
Water Source: Public
Fireplaces Total: 1
Below Grade Finished Area Source: Estimated
Driveway Spaces: 2
Heating Fuel: Natural Gas
Special Listing Conditions: Standard
Hot Water: Natural Gas
Senior Community Yn: false
Style: ["Ranch/Rambler"]
School District: PRINCE GEORGE'S COUNTY PUBLIC SCHOOLS
Features
Accessibility Features: Other
Heating: Forced Air
Tax Lot: 9
Zoning: R55
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
12
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
Remarks Please note. All offers due by 5:00pm Tuesday July 6. Please follow COVID-19 protocol. Only 3 people or less in the house at one time. Beautiful, well kept 3 bedroom, 3 bathroom , 2 level rambler will not last long!! Main bedroom has a private full bathroom. Main level with Living Room Entrance, Dining Room and open kitchen. The kitchen was recently updated with cabinets and granite counter tops. Nice looking hardwood floors all throuhout main level. Basement boasts of a Recreation Room, fireplace, new bathroom and a large utility/laundry room ideal for storage. . Very recent 30 year fiber Roof. The Backyard offers you a nice and leveled patio and a deck ideal for your cookouts. MUST SEE! Thanks for showing.
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
13
Comparative Market Analysis
6715 Lamont Dr
7503 Wilhelm Drive, Lanham, Maryland 20706
$400,000 CLOSED
MLS #MDPG2001428
Lanham, MD 20706
8/5/21
3 Beds 3.0/0 Baths Year Built 1966
1,080 Sq. Ft. ($370 / sqft) Days on market: 8
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
14
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
7217 Good Luck Rd
New Carrollton, MD 20784
$390,000 PENDING
3 Beds 2.0/1.0 Baths Year Built 1961
2/12/22
MLS #MDPG2028362 996 Sq. Ft. ($392 / sqft) Days on market: 8
Details Prop Type: Single Family Residence
Half baths: 1.0
Off-market date: 2/22/22
Acres: 0.2
County: PRINCE GEORGES
Lot Size (sqft): 8,631
Updated: Feb 22, 2022 10:55 AM
Subdivision: CARROLLTON
Garages: 1
List Price: $390,000
Style: ["Ranch/Rambler"]
List date: 2/12/22
Orig list price: $370,000
Full baths: 2.0
School District: PRINCE GEORGE'S COUNTY PUBLIC SCHOOLS
Taxes: $5,815
Features Above Grade Finished Area Source: Assessor
Below Grade Finished Area Units: Square Feet
Living Area Source: Assessor
Tax Lot: 9
Above Grade Finished Area Units: Square Feet
Construction Materials: Shake Siding
Lot Size Source: Assessor Lot Size Units: Square Feet
Total Garage And Parking Spaces: 1
Accessibility Features: Other
Cooling: Central A/C
Main Level Bedrooms: 3
Water Source: Public
Appliances: Dishwasher, Disposal, Dryer, Microwave, Refrigerator, Stove, Washer
Cooling Fuel: Electric
# Of Detached Garage Spaces: 1
Zoning: R55
Basement: Connecting Stairway, Full, Improved
Heating: Forced Air
Special Listing Conditions: Standard
Below Grade Finished Area Source: Assessor
Heating Fuel: Natural Gas
Senior Community Yn: false
Hot Water: Natural Gas
Sewer: Public Sewer
Levels: 2
Structure Type: Detached
Foundation Details: Permanent
Tax Year: 2020
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
15
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
Remarks Three bedroom, two and a half bath rambler in New Carrollton. Remodeled kitchen. Eat in kitchen and separate dining area. Hardwood floors. Fresh paint. Detached one car garage and off street parking. Sold strictly "as is" with no repairs to be made by sellers.
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
16
Comparative Market Analysis
7217 Good Luck Rd
7503 Wilhelm Drive, Lanham, Maryland 20706 New Carrollton, MD 20784
$390,000 PENDING
2/12/22
3 Beds 2.0/1.0 Baths Year Built 1961
MLS #MDPG2028362 996 Sq. Ft. ($392 / sqft) Days on market: 8
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
17
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
8300 Donoghue Dr
New Carrollton, MD 20784
$415,000 ACTIVE
3 Beds 2.0/1.0 Baths Year Built 1961
2/16/22
MLS #MDPG2031926 996 Sq. Ft. ($417 / sqft) Days on market: 9
Details Prop Type: Single Family Residence
Full baths: 2.0
List date: 2/16/22
Taxes: $5,978
Half baths: 1.0
County: PRINCE GEORGES
Acres: 0.24
Updated: Feb 24, 2022 9:32 AM
Subdivision: CARROLLTON
Lot Size (sqft): 10,272
List Price: $415,000
School District: PRINCE GEORGE'S COUNTY PUBLIC SCHOOLS
Style: ["Ranch/Rambler"]
Orig list price: $415,000
Features Above Grade Finished Area Source: Assessor
Below Grade Finished Area Source: Estimated
Heating Fuel: Electric
Other Structures: Shed
Hot Water: Electric
Above Grade Finished Area Units: Square Feet
Below Grade Finished Area Units: Square Feet
Accessibility Features: None
Construction Materials: Brick
Interior Features: Breakfast Area, Dining Area, Floor Plan - Open, Wood Floors
Special Listing Conditions: Standard
Appliances: Dishwasher, Disposal, Dryer, Exhaust Fan, Icemaker, Refrigerator, Stove
Senior Community Yn: false Sewer: Public Sewer
Levels: 2
Cooling: Central A/C, Heat Pump(s)
Structure Type: Detached
Living Area Source: Estimated
Tax Lot: 34
Basement: Full, Fully Finished
Cooling Fuel: Electric
Lot Features: Backs to Trees
Foundation Details: Block
Below Grade Finished Area: 500
Lot Size Source: Assessor
Heating: Forced Air, Heat Pump(s)
Lot Size Units: Square Feet Main Level Bedrooms: 3
Tax Year: 2020 Virtual Tour: View Water Source: Public Zoning: R55
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
18
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
Remarks Absolutely wonderful 3 Bedroom/2.5 Bathroom home on a picturesque, private lot! Oozing with charm! Great floor plan offering lots of natural light. Hardwood floors on the main level, expansive family room, and 2 finished levels. Owners suite with 1/2 bath. . Two more bedrooms and a full bath! The lower level features a large recreation room with two additional bonus rooms, a large storage room, and a laundry area! This is a gem! Hurry by!
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
19
Comparative Market Analysis
8300 Donoghue Dr
7503 Wilhelm Drive, Lanham, Maryland 20706 New Carrollton, MD 20784
$415,000 ACTIVE
2/16/22
3 Beds 2.0/1.0 Baths Year Built 1961
MLS #MDPG2031926 996 Sq. Ft. ($417 / sqft) Days on market: 9
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
20
Analysis
Alex Martinez Group RE The Agency DC Metro
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
Comparable Property Statistics S
3 Sold Listings LOWEST
$387,000
P
$395,666
HIGH
$400,000
AVG PRICE / SQFT
AVG DOM
$366
13
AVG PRICE / SQFT
AVG DOM
$392
8
AVG PRICE / SQFT
AVG DOM
$417
9
1 Pending Listings LOWEST
$390,000
A
AVERAGE
AVERAGE
$390,000
HIGH
$390,000
1 Active Listings LOWEST
$415,000
AVERAGE
$415,000
HIGH
$415,000
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
22
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
Sold Property Analysis Averages
101.1%
Homes sold for an average of 101.1% of their list price.
13
Days on market
It took an average of 13 days for a home to sell.
Analysis ADDRESS
ORIG LIST PRICE
SOLD PRICE
% OF ORIG LIST PRICE
DOM
$ PER SQFT
7548 Wilhelm Dr
$399,500
$400,000
100.13%
16
$370
7541 Newberry Ln
$375,000
$387,000
103.20%
17
$358
6715 Lamont Dr
$385,000
$400,000
103.90%
8
$370
$386,500
$395,666
102.37%
13
$366
Averages
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
23
Comparative Market Analysis
7503 Wilhelm Drive, Lanham, Maryland 20706
The Value of Your Home 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 determine the value of that home with the sale price. That price then becomes a benchmark for other similar homes, 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 value because a larger home is built using more materials, and gives the homeowner more usable space. And a larger lot size could mean more privacy than a smaller one.
Number of bedrooms and baths Additional bedrooms and bathrooms raise the value of a home compared to similar homes that do not have those rooms.
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 as purchasers' factor in the cost of updating and eventually replacing appliances and systems.
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, paint colors, or the overall taste of the homeowner.
Alex Martinez Group RE The Agency DC Metro Cell: 2402582668 Info@AlexGroupRE.com | Www.TheAgencyDC.com
24