| Comparative
Market Analysis
How much is the property worth?
What is a CMA and why do you need
one?
CMA is a Real Estate acronym for "Comparative Market Analysis."
A CMA is a special report prepared by a licensed Real Estate Agent
providing data comparing your property to similar properties in
the market place. Generally speaking, the Real Estate Agent will
pull information from the local MLS (Multiple Listing Service) of
all the properties currently listed, pending, expired, withdrawn
and that have sold in the past 6 months that are similar to the
property in question.
The very first thing an Agent will
need to do to provide you with a CMA is to inspect your property.
Generally, this inspection won't be overly detailed, nor does the
house need to be totally cleaned up and ready for an open house.
It should be in such a condition that the Agent will be able to
make an accurate assessment of its condition and worth. If you plan
to make changes before selling, inform the agent at this time.
The next step is for the agent to
obtain data on comparable properties. This data is usually available
through the local MLS (Multiple Listing Service), but a qualified
Agent will also be aware of properties that are on the market or
have sold without being part of the MLS. This will give the Agent
an idea how much your property is worth in the current market.
Please note that the CMA is NOT an appraisal. An appraisal must
be performed by a Licensed Appraiser.
The CMA process takes place before
your home is listed for sale. This is a good assessment of what
your house could potentially sell for. CMAs are not only for prospective
sellers. Buyers should consider requesting a CMA for properties
they're seriously looking at to determine whether the asking price
is a true reflection of the current market.
If you are a home owner, your home
my be worth substantially more than you think. If you are interested
in finding out how much your property could be worth obligation
free, fill out the form below. I will be more than happy to provide
you with a CMA that may surprise you.
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