What is a (CMA) comparative market analysis and
Why should you request one?
When your ready to sell your home, one of the most important taking will be pricing your home. That's where a quality Comparable Market Analysis comes in.
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. Your real estate agent will prepare a CMA report to establish and find a fair price range for the home. The detailed information complied in the CMA is used as a guide to establishing an offer price or a listing price.
Working with an experienced local real estate agent is an important factor in getting the most accurate CMA report. You'll want to choose a local realtor who works in your neighborhood each day and understands the tiny nuances of the community . They will understand the amenities that are in demand, the highlights of the area, and the key buying drivers that are selling homes your area.
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
- Adjust comparable values for differences in size, condition, location, amenities, etc
- Estimate the ideal value of your target home based off the findings