What is a Comparative Market Analysis (CMA)?
A Comparative Market Analysis (CMA) is an evaluation of similar, recently sold homes (called comparables or comps) that are near a home that you want to buy or sell. Real estate agents perform a CMA report to establish a reasonable price range for the home in question. The price range from the CMA can then be used as a guide for establishing a list price.
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. 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
If you are considering listing your home and would like Marc to provide you with a market analysis and his opinion of value, simply complete the brief form below. Marc will then contact you for some additional information and, ideally, will want to schedule an appointment so he can tour the property firsthand. Thank you for the interest, we look forward to assisting you.
