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What is a Comparative Market Analysis
What is a CMA or Comparative Market Analysis? The best method available to home sellers to learn their home's current value so they can select the best sale price is a CMA. The value of your home is much more difficult to determine and the information available to home sellers can be untrustworthy or outdated. Online home valuation sites such as ZILLOW are fun to play with, but they are based on past sales, not current market factors. One of the best methods available to to learn your property's current value is a CMA, or Comparative Market Analysis. CMA is an in-depth analysis of a home's worth in today's market. If you don't get a CMA before you list your home you might try to sell it for the wrong price. How is a CMA prepared? First, an I will need to inspect your home. The home does not have to be in perfect condition. However, property condition does affect price, so if you plan to do work on the property, let me know. At this point I may recommend improvements to increase your home's value. Next I will research information about comparable properties in the area, using the Multiple Listing Service and CRS Courthouse Retreival System. I look at: • Properties that have sold and closed within the last 3 to 6 months • Active listings - properties currently for sale • Expired listings - properties that did not sell during the listing period I will suggest a price range, rather than a set price, since there are always differences due to property size, age, architectural style, physical condition and most importantly-your situation. The same property as yours on the other side of town will have a different CMA value. When I do a CMA, it is somewhat subjective--a CMA is not an appraisal. A real estate appraisal is a comprehensive evaluation performed by an independent professional appraiser. A CMA is a very useful tool in choosing the correct price for your property.
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