What is a Comparable Market Analysis or CMA?

Dated: 07/22/2018

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Market Analysis

Simply put, a Comparable Market Analysis, or CMA, is the best way for home sellers to learn their home's current market value to help them determine a selling price.  

When you're selling a used car, you probably check the Kelly Blue Book to determine value, or you might go online, choose your car's year, make and model, check a few boxes for air conditioning or upgraded wheels, and get an instant value. 

Unfortunately, it's not quite that easy to determine your home's value on the current local market.  Online home valuation sites like Zillow or Trulia are fun to play with, but the methods used to determine value is based on past home sales for a handful of homes that may or not be similar to yours and may not reflect actual market value.  If you set your price too high, you'll be wasting valuable time and money to market a house that may not sell.  Set the price too low and you'll end up leaving money on the table.  

So what's the best way to set your home's selling price?  Allow me to prepare a free, no obligation CMA for your Monroe County or Downriver home. 

You're probably wondering what to expect.  First, I'll visit your home, take some notes, and ask questions about features, repairs and recent upgrades.  I may take some room measurements and point out some repairs or changes you can make before putting your home on the market in order to get a more favorable offer.  Your home doesn't have to be in perfect condition to do a CMA, but if you have plans to make any changes or improvements be sure to let me know.  

Next, I'll research public records and comparable properties in your area, including properties that have sold in past 6 months, properties currently for sale, and properties that were listed but expired without a sale during the listing period.  After making adjustments for differences in size, condition, and features, I'll suggest a probable selling price or price range in the form of a report that contains information about your home and the properties used for comparison so you can get an idea of the current market conditions.  I'll also supply information about actively listed properties in your area that are similar to your home - your competition.  

A Comparable Market Analysis is not an appraisal.  A real estate appraisal is a comprehensive evaluation performed by a licensed professional appraiser.  When you list and sell your home, your buyer will be required by their mortgage lender to have a certified appraisal prepared for your property.  However, a CMA is a tool to help you arrive at a fair price that reflects the current local market.  

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Rhonda Wright

For most people, a home is one of the largest purchases they will ever make. My clients hire me to make the process of buying or selling their home go as smoothly as possible. At the end of the tran....

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