Current Value Assessment
PREPARED EXCLUSIVELY FOR:
Owner
LISTING INFORMATION
MLS Listing Number MLS Original
MLS
MLS Source Closing
MLS Area
MLS
MLS Current List
MLS Listing #
MLS Status
MLS Listing Date
MLS Listing Price
THE COMPARATIVE MARKET ANALYSIS
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.
How can CMAs vary?
CMAs can vary widely, depending on the knowledge and expertise of the person inputting the search parameters. They also may vary between identical homes in that one property may simply offer better “curb appeal” or is in better condition that the other. Lastly, buyer and seller motivation can’t be quantified. It is typically impossible to say 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 a home took to sell. If it was quick, the seller was highly motivated. If it didn’t, it was probably overpriced.
THE COMPARATIVE MARKET ANALYSIS
Is a CMA the same as an Appraisal?
No. Although the CMA is used to help determine current market value, it does not establish the seller's home value. A bank appraisal, on the other hand, is a professional determination of a home's value. The appraisal is completed 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. 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 real estate agents. While they are also members of the MLS, they also have additional guidelines from the bank to follow that minimize risk to the bank. They will take into consideration — and can adjust values to reflect — the speed of the market and whether prices are rising or falling. 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.
And is my home worth what the Internet says?
In short — maybe? Many homeowners like to visit sites like Zillow, REDFIN, etc., to see what their home is worth. What they fail to understand is that most of those sites have an 8% - 12% margin of error which means a home worth $400,000 could be worth anywhere between $360,000 and $440,000 and that’s if we only use a 10% margin of error. That is quite the large window!
Estimating a home’s market value is far from an exact science. These sites contract with major title companies to obtain county tax roll data which they combine with data obtained from the MLS, push it through their algorithm and bingo! You have your “Zestimate”!!
On February 29, 2016, then Zillow CEO Spencer Rascoff sold a Seattle home for $1.05 million, 40 percent less than the Zestimate of $1.75 million shown on its property page a day later.
Summary of Comparable Properties
S SOLD LISTINGS
Comparable homes sold for an average of $945 / sq. ft. Many factors such as location, use of space, condition, quality, and amenities determine the market value per square foot, so reviewing each comp carefully is important.
Remarks
Welcome to 10101 Holburn Drive, a beautifully remodeled single-story residence nestled in the desirable Huntington Bay community of South Huntington Beach. This turnkey 1-bedroom, 1-bath home has been thoughtfully updated with premium finishes, modern conveniences, and elegant design throughout. Step inside to discover a light-filled living space enhanced by recessed lighting and an upgraded ductless heating and cooling system for year-round comfort. The spainspired bathroom has been reimagined with hotel-style tile work, ultra-clear glass shower doors, and luxurious fixtures that create a serene retreat. The brand-new kitchen is a showstopper, featuring soft-closing cabinetry, sleek infinity countertops, a built-in range, dishwasher, and refrigeratorall included. Glass-panel interior doors add a contemporary touch, while the front door sets a stylish tone from the moment you enter. The entire home exudes a sense of comfort, quality, and thoughtful craftsmanship. Enjoy the convenience of a private back patio space, perfect for small gatherings or peaceful mornings with your favorite drink. In-unit laundry hookups add to the ease of living. Located on a peaceful cul-desac. Residents enjoy access to community amenities such as a sparkling pool, spa, clubhouse, and picnic areaperfect for soaking up the Southern California lifestyle. Just minutes from the beach, shopping, dining, and top-rated schools in the Huntington Beach Union High School District, this home is an ideal opportunity for first-time buyers, downsizers, or savvy investors.
Dont miss your chance to own a piece of coastal living in one of Orange Countys most beloved neighborhoods.
Courtesy of PureMotive Realty Inc.
Information is deemed reliable but not guaranteed.
Chris Taylor
10228 Holburn Drive
$520,000 1 Bed 1.00 Baths 550.0 Sq. Ft. ($945 / sqft)
CLOSED 10/21/24
Details
Prop Type: Townhouse
County: Orange Area: 14 - South Huntington Beach
Subdivision: Huntington Bay (HBAY)
Features
Association Name: Huntington Bay
Association Y N: Yes
Attached Garage Y/N: N
Community Features: Biking
Contract Status Change
Date: 2024-10-21T00:00:00
Cooling: None
Elevation Units: Feet
Chris Taylor
Full baths: 1.0
Acres: 0.0177
Lot Size (sqft): 770
Garages: 1
List date: 7/31/24
Land Fee/Land Lease: Fee
Levels: One
Listing Terms: Conventional
Main Level Bedrooms: 1
Number Of Units In Community: 250
Parking Total: 1
Pool Features: Association, Community
Year Built 1964 Days on market: 50
Sold date: 10/21/24
Off-market date: 9/19/24
Updated: Oct 23, 2024 11:26 AM
List Price: $530,000
Orig list price: $549,000
Assoc Fee: $220
School District: Huntington Beach Union High
Pool Private Y N: No
Property Attached Yes/No: Yes
Room Type: All Bedrooms Down
Senior Community Yes/No: No
Sewer: Public Sewer
Spa Features: Association, Community
Special Listing Conditions: Standard View: None
Water Source: Public
Year Built Source: Assessor
Remarks
Discover the charm of coastal living in this delightful one-bedroom home nestled in the highly sought-after Huntington Bay community. With low HOA fees and just a short stroll to the beach, youll enjoy the perfect blend of relaxation and convenience, with an array of shops, health food grocery stores, dining options, and the iconic HB pier all within easy reach.
Step inside this cozy retreat, featuring a well-appointed bedroom and a full bathroom. The highlight of the home is its expansive outdoor space, complete with laundry hookupsideal for alfresco gatherings and entertaining friends on the generous patio.
Your comfort is further enhanced by a designated carport for one vehicle, plus ample guest parking available throughout the community. As a resident, youll also have access to a range of fantastic amenities, including a sparkling pool, barbecue area, clubhouse, and scenic walking paths.
Plus, outdoor enthusiasts will appreciate the nearby Santa Ana River bike trail, which offers a picturesque route straight to the beach. Dont miss this opportunity to embrace the vibrant Huntington Bay lifestyle!
Courtesy of Fortune Weavers Realty Inc. Information is deemed reliable but not guaranteed.
Chris Taylor
SO WHAT DOES THE INTERNET SAY ABOUT YOUR HOME?
$517,000 $538,724 $438,700 $495,202
WHAT DO I THINK?
Based on current market conditions, comparable homes in Seagate, and what I believe your home could sell for with the implementation of a high-end marketing strategy, my Current Value Assessment for your home would be:
$535K - $565K
