You always hear Realtors talk about a CMA, but what does it mean?
thesis acknowledgement love go to link https://assessmentcentertraining.org/exercises/essay-on-cow-funny-video/58/ antihistamine with cialis https://riversideortho.com/1-800-383-7433/ heavenly creatures essays stanford supplement essays how much does viagra cost in canada 2021 manfaat metformin i like changes essay follow site is generic cialis covered by medicare sildenafil teva 25 mg 8 compresse prezzo https://shepherdstown.info/conclusion/of-mice-and-men-opinion-essay/17/ comparative essay writing techniques enter https://businesswomanguide.org/capstone/essays-on-toxoplasmosis/22/ how to write a conclusion in an informative essay cialis och poppers medicamento cialis de 5mg follow https://independentfutures.com/overview/english-art-essay/57/ quiero comprar viagra lima go to link click here buy viagra online order generic viagra essays about dream house enter site free marketing dissertation samples source url enter help with homework assignments Those letters stand for a Comparative Market Analysis. A CMA is a report that Realtors create to help determine a listing price or the value of a property that someone is buying or selling.
A Realtor’s CMA is usually done twice:
- BEFORE going to see your home using statistics of nearby home sales
- AFTER seeing the home and factoring in contributing factors like neighborhood, special features, upgrades, and the condition of the home, etc.
CMA vs Appraisal
The difference between a CMA and a Real Estate Appraisal is that a CMA is created by a real estate broker and an appraisal is done by a licensed real estate appraiser.
How is a CMA created
To do a CMA, we determine the criteria we need to match the home as closely as possible. Usually, the best comparable homes share the same number of bedrooms and baths, similar style and square footage, are about the same age, have similar taxes and amenities, and are in the same neighborhood or at least nearby in the same school district. We also look for negatives like the presence of a busy street or trains adjacent to the home and must adjust the house price for that.
Using Value Forecasts
We may check out the value forecasts of popular sites like Zillow and Redfin, etc. but realize those are just statistical estimates. We rely on the real comparable listings and sales in the last 6 months (because appraisers use those to estimate value for a mortgage).
Comparing Sold Listings
Sold listings tell us what similar homes in the area have sold for recently and are the primary way to assess value for your CMA. Expired listings tell us what homes have not sold (often but not always, due to an inflated choice of price). Pending listings give you a good idea of how hot the market is now and what buyers are looking for.
Comparing Active Listings
Active listings show you your competition. Other less obvious things we consider are proximity to busy streets and train tracks, poorly designed floor plans such as going through a bedroom to enter another bedroom, etc. Cosmetic upgrades (kitchen and baths) that have a wow factor will usually add much more value than other less obvious system/construction upgrades such as new plumbing, newer roof, and insulation because consumers do not always notice these upgrades.
A good Realtor tells you the truth
Anyone can gather most of this data, but as Realtors we know how to assess that data and present the fact-based results in a truth filled written Comparative Market Analysis. We will tell you what you need to know (even if it is not necessarily what you want to hear) so you can use that information to make successful real estate decisions. Let our knowledge, experience and tech savvy help you make wise choices.
0 Comments