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 you want to buy or sell. Home buyers and home sellers typically have their real estate agent perform a CMA report to establish and find a fair price range for selling a home or buying a home. The report compares the homes location and condition as well as the areas market and the current housing market. The price range from the CMA can then be used as a guide for establishing an asking price or a homes listing price.

Basically, performing a CMA involves finding the homes that are most 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.

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

Marcella Lambert and our Team at Sonoran Sky Real Estate offer FREE CMA’s and Full Home Evaluations.

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