How Much is my Home Worth?

What is a comparative market analysis?

*Be sure to view this comprehensive presentation outlining the process we use to maximize sales prices- a must see. Also see Market Conditions.

A CMA is a recap of housing activity in the area in which you are interested, focusing on 3-10 properties that are similar in size and amenities located in the same neighborhood or nearby. The CMA will list specific details (number of bedrooms, number of baths, total room count, square footage, age, etc.) for similar properties that are currently on the market (active listings), those that are under contract but not yet closed (pending listings), have closed and transferred ownership (sold listings) as well as those listings that have either expired without selling or have been withdrawn by the seller (taken off the market). Because a CMA compares similar properties it can give a buyer a pretty clear snapshot of current housing values in a specific housing market. Although the CMA is very important, it cannot be used as an absolute determination of value, since it generally does not put a lot of weight on condition, an obviously important factor.

While the CMA will list homes that are currently on the market as well as those that are pending or have expired, it is those properties that have sold and closed that give the most information. Sold and closed information is important, since these detail specifically what buyers are willing to pay (and lenders are willing to lend) for specific properties.
 

What does a CMA include?

You will find at least the following information on the "subject property" and anywhere from 3 to 10 additional properties:

+ Street address
+ Number of bedrooms, number of baths, number of total rooms
+ Age
+ Listing price and sold price if closed

Summing Up

A CMA  will detail exactly where, price-wise, your property would be positioned in the market in order to obtain the highest possible price..

Comparative market analysis example