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What is a (CMA) Comparative Market Analysis?
A 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. Appraisers or 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:
• Determine a list of quality comparables
• Evaluate the comparables within close range of the home
• Adjust comparable values for differences in size, condition, location, amenities, etc
• Estimate the ideal value of your target home based on the findings
