What is a (CMA) comparative market analysis?
A Comparative Market Analysis (CMA) is an evaluation of similar, recently sold homes (called comparables or comps) that are near a home or homes that you want to buy or sell. Buyers, sellers, or real estate agents perform a CMA report to establish and find a fair price range for the home the report is created for. The price range from the CMA can then be used as a guide to be used for establishing an offer price or a 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 of the home. It all comes down to one question: compared to other, comparable 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 process for doing a comparative market analysis includes:
Defining criteria for selecting comparables in close range to the home
- Determining a list of quality comparables
- Evaluating the comparables within close range to the home
- Adjusting comparable values for differences in size, condition, location, amenities, etc.
- Estimating the ideal value of your target home based off the findings
Team Hurst has access to the necessary MLS data, and the experience to perform this analysis. Contact us today if you’d like us to estimate what your home is worth.