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Comparable Market Analysis |
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From Exit_Realtor
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The most common method of determining a price for a house is the Comparable Market Analysis (CMA).
A CMA will show exactly what properties that are similar to your house have sold for within a recent
time frame. These analyses are based on fact, rather than opinion, and that information will always
be of more value to you. I can provide you with a CMA at no charge.
Generally, CMAs will list houses in a particular location that are currently on the market, have
sales pending on them, have expired from the market, and have sold. Be forewarned: it is primarily
the SOLD properties that you need to be concerned with. What houses are listed for on the market is
not always a good indication of what their value is, those that have pending sales will only tell
you what the listing price is (not what it is going to sell for), and those that have expired because
they haven't sold may indicate that they didn't move because they were overpriced.
If you are in the process of choosing an Agent and thinking about selling, I include as part of my
listing presentation, a CMA. In addition, if I am familiar with your neighborhood, I
may be able to add some insight beyond just the numbers on the CMA sheet. For example, the CMA may
show that the average sold price in the last year for houses similar to yours is $130,000, but the
average of the houses sold in the last 2 months is $134,000, indicating an increase in market value.
If you are planning to sell your house on your own, I will generate a CMA for you so you
will have access to some information. In the event you tire of your attempt to sell the house yourself
(as many self-sellers do) you may consider my full services and marketing plan when it comes
time to list.
My CMA will most likely give you some general information about the houses that will be compared:
Number of bedrooms and baths, square footage, the listing price and the sold price. I make sure
that my CMA focuses on houses similar to yours. If your house is a 4 bedroom, 2 1/2 bath 2 story, a
CMA that lists only 3 bedroom 1 bath homes is of little or no value. Likewise, a CMA that includes a
number of properties from a neighborhood 2 miles away will have limited value. I generate good CMA's
that have all of the similar sales in the neighborhood in the last year. Obviously, the fresher the data
(the more houses sold in the last few months), the better the CMA.
If you would like a Comparable Market Analysis contact me today!
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