How Do I Get a Comparative Market Analysis and What Does a CMA Cost?
Knowing the value of your home is incredibly important as a seller. You want to be certain you get the best price.
One of the most powerful tools for determining your home’s value is called a comparative market analysis, or CMA, which is a comprehensive report that uses a plethora of data to compare your home to similar properties nearby. If you are wondering, “How do I get a comparative market analysis?” or “How much will it cost?” you’ve come to the right post.
Before we get started, something to be aware of is that a comparative market analysis is different from an appraisal of your home. Top real estate agent Allen Studebaker in the Phoenix, Arizona market says it’s important to know the difference and how to get a CMA done for your home.
What is a comparative market analysis (CMA)?
A CMA is used to compare your property against recently sold properties nearby to determine a beginning listing price for your home sale. A well-done CMA will consider the features of the comparable properties (called comps), such as square footage, age of the home, location, upgrades, nearby amenities, and other data.
A top listing agent will use this information to create an opinion of the home’s value on the market. The CMA report can be extremely detailed, with charts, graphs, photos, and other information laid out in an easy-to-read format.
The result is not a hard and fast number, but rather, it should be used as a gauge. Studebaker says creating a CMA is more of an art than an exact science.
How is a comparative market analysis put together?
An agent has a lot more tools at their disposal to create a CMA than the average person, which is why trusting this task to a professional is the best option for home sellers. Real estate agents have access to the industry’s multiple listing service (MLS), unlisted properties, tax records, and real-time data. Agents can find far more accurate information compared to what might be posted on public domain listing sites.
“Not all properties get recorded properly through the MLS and get syndicated to other websites,” says Studebaker. “In these cases, it could have dramatic results on a CMA that someone is doing off of other websites that don’t actually have all the data delivered to them.”
The real estate professional will take data from a wide range of sources to put together a comprehensive CMA with real-time information.
