Why is Requesting a CMA Report Important?
Requesting a CMA Report is the first step in determining the value of a home. A CMA, or a Comparative Market Analysis, 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 to find a fair price range for the target property. The current and accurate market information received from the CMA report can then be used as a guide for establishing an offer or listing price.
Basically, 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, similar 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 CMA report provides the necessary up-to-date market information.
The process for doing a comparative market analysis (CMA) 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
Requesting a CMA report is FREE. Please complete the form below.