The Benefits of a Comparable Market Analysis

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No two homes are alike, which is why pricing a home for sale can be so challenging.

You may have an idea of what your home is worth on the open market, but in order to sell it, you’ll have to support your price to buyers with comparable homes – other similar nearby homes that have sold recently or are currently for sale.

To help determine the right asking price for your home, your real estate professional should prepare a comparative or comparable market analysis, or CMA.

The CMA is a professional report that real estate agents give to their clients. CMAs are generated by a computer program from your agent’s multiple listing service, (MLS). 

The MLS is available to members only, and they pay a fee to get access to the service’s public and proprietary data, including tax information, sold transactions, and listings input by all cooperating MLS members

Your agent puts search perimeters into the CMA program for homes for sale or those that have recently sold that are most similar to your home. This information is sorted according to fields of information such as neighborhood or zip code, number of bedrooms, number of baths, age of the home, square footage, price range, sold dates within 3-6 months, and other data.

The program then creates a report that tells the agent which homes most similar to yours have sold recently and which homes are for sale.

Having a CMA report done for your home is key to pricing it well and making sure you have a smooth transaction. If you have any question about CMA's or anything else real estate related, please give us a call or send us an email. We'd love to help out.