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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.
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
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Determine a list of quality comparables
-
Evaluate the comparables within close range
to the home
-
Adjust
comparable values for differences in size,
condition, location, amenities, etc
-
Estimate the ideal value of your target home
based off the findings
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