The CMA (Comparative Market Analysis) is a tool that real estate agents use to gauge current market value for a property that they could be listing.
CMA – Your Agent’s Professional Opinion of Value
The CMA is the first step in establishing the market price for a home that is getting ready to be sold.
As a Phoenix real estate agent I know that the local market is always on the move. In other words, what was going on with home prices 6 months ago isn’t necessarily what is happening today in the Phoenix real estate market. A well done CMA shines over the ever popular Zestimate which is really nothing more than a kindergarten play toy that can be terribly misleading on many levels for homeowners looking to establish a fair market value for their property. Let’s take a look at how this powerful tool works.
Comparative Market Analysis Attributes
When your agent prepares a CMA it compares your home to others that are most similar to yours. Then it computes pricing based on those homes. Done right, this is the best way to get your home priced for top dollar when it’s time to sell.
What kind of homes work best for comparison?
- homes in the same community.
- similar in size (within 300 square feet of yours).
- homes with like upgrades (especially mechanical, roof, windows, and age of interior finishes).
- homes sold within the last 3-6 months (can go a full year out if not enough homes come up in the search).
How Your Agents Can Fine Tune Your CMA
- Look at every photograph of every comparable property to determine likeness.
- Weed out those properties that are over or under-improved.
- Determine if expanding geographically beyond subdivision is needed.
- View homes currently on the market to establish your highest price and competitiveness.
- Provide a price range (high – low).
The CMA explained information should give you a good understanding of how the Comparative Market Analysis works.
Sell it Now
When you are ready to sell your digz in Phoenix I can help you.
Call me or text me at 1-480-442-3501.
I know that you have lots of choices out there. Some good, some not so much.
Certainly, you are not a fan of any plans to have some investor buy your home so that they can snag your equity.
If you want to maximize your market leverage you should work with an agent who is able to help your house get the online digital marketing exposure it deserves. Hiring an agent who is not a strong marketer is like trusting your next surgery to a first-year medical student.
Marketing your home is the number one job you will be hiring me for. You need to know that I’m up to the task. Here’s what others are saying about my services.
Get Your Own Comparative Market Analysis
Now that you have read my CMA Explained post you will understand how we arrived at your current home value when we meet. If you would like for me to prepare a CMA for you just reach out and I will have it done and delivered after we look at your home. In the mean-time, if you want a down and dirty “what’s my home worth” computer generated number you can get that; just click the button below…
*Remember: This number should be considered a raw starting point only and should not be relied on for pricing your home. When you are ready for that I will look at your home together with you.
How to Determine List Price – by Karen Highland
The Importance of Pricing Your Home Correctly – by Sharon Paxson
How To Renovate A House To Sell – by Joy Bender
What is My House Worth – by Kevin Vitali
How to Analyze a Home Purchase Offer – by Debbie Drummond
Setting the Price – by David Martin
How to Prepare For a Real Estate Appraisal – by Bill Gassett