What is a Comparative Market Analysis (CMA)?
A comparative market analysis (CMA) is an evaluation of similar, recently sold homes that are located near a home intended to be bought or sold. A CMA will help establish the current market value of the home and are prepared by real estate agents. It is not to be confused with an appraisal that is performed by a licensed appraiser. With a CMA, an experienced agent with knowledge of the local market can serve useful in determining the market value of a home that is necessary in a real estate transaction.
What You Can Expect in a CMA?
A completed CMA is presented in the form of a report, which includes the selling price, detailed information about your home, and the comparable properties that were researched to determine its value. Because the price derived from a CMA is somewhat subjective, some agents may include brief statements on the perceived selling points your home. A detailed CMA will also include:
- A detailed list of comparables (including recently sold properties)
- Comparables within close range to your property
- Adjustments for differences in size, condition, location, amenities, etc.
- An estimation of fair market price or range in price for your property
Are you curious about your home’s worth in today’s market? Simply fill out the form below and let our real estate agents estimate a fair market price.