What is a (CMA) comparative market analysis?
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.
Take advantage of our experience, and allow us to go beyond the instant data-driven comps valuations. We take into consideration the knowledge of specific counties, neighborhoods, county plans and more to give a more realistic picture of what your home may be worth.
The process for doing a comparative market analysis includes:
Defining criteria for selecting comparables in close range to the home
- Determine a list of quality comparables.
- Evaluate the comparables within close range to the home you submitted.
- Adjust comparable values for differences in size, condition, location, amenities, etc.
- Estimate the ideal value of your target home based off the findings.