What is a Comparative Market Analysis?
A Comparative Market Analysis (CMA) is an evaluation of similar, recently sold homes called comparables or comps. These are homes that are located near a home that you want to buy or sell. This is done 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 for establishing an offer or listing price.
Creating a CMA involves finding homes that are similar to the home under consideration and creating an in-depth comparison of its size, age, location, and features. It all comes down to one question. Compared to other comparable homes in this area, how much is this home worth? This involves looking at a fair amount of data of other homes that have recently sold in the current market.
The process for doing a comparative market analysis includes:
- Defining criteria for selecting comparables in close range to the home
- Determine a list of quality comparables ( typically homes that have sold & closed within past 6 months)
- Evaluate the comparables within close range to the home ( same neighborhood , zip code or MLS area)
- Adjust comparable values for differences in size, condition, location, amenities, land values etc.
- Estimate the ideal value of your target home based off the findings
This a FREE service that I provide for you with NO obligation what so ever! This is NOT a formal appraisal nor should be considered one. If looking for an appraisal in the Triangle area, I highly recommend McNamara & Company .
NOTE: I promise that I do not sell nor share any of the information you provide in the form below. By filling this out, you are authorizing me to simply do a CMA for your home and send the results back to you.. nothing more. Also, if you have an appraisal of your home and have not done anything to alter the homes “heated” size since it was completed, please provide me with the actual square footage in the Additional Info box. Tax records are notoriously inaccurate.