Why use a CMA?

A Comparative Market Analysis provides an estimate of the value of a property based on indicators taken from sales of comparable properties. A CMA is beneficial to both buyers and sellers.


For Buyers, a CMA will help  determine an offer price that is based on current market values and not the listed price.  Studying recent sales of comparable properties will prevent a buyer from paying more than what a property is actually worth.


For Sellers, a CMA can help a seller determine and justify a realistic list price. There are dangers in overpricing and properties that sit on the market can turn into stale listings with no offers. A new listing gets the most attention during the first four weeks. If a property is overpriced, a seller runs the risk of eliminating a pool of strong buyers who are ready, willing and able to buy at the reduced price point he/she eventually ends up selling the property for. These buyers may not be around after you decide to reduce your price.

 

A Comparative Market Analysis (CMA) is an estimate of the value of a  property, based on recent sales of comparable properties. Indicators such as price per square foot are used to value a subject property. A CMA is used by buyers and sellers to help determine and justify a list price or offer price, based on current market activity.


The fair market value of a property is determined by the buyer and seller. When a willing buyer and a willing seller agree on a price, that price sets the new market value. 


Contact me today if you would like to obtain a CMA report. There is no obligation and even if you’re not thinking of buying or selling in the near future, it’s a good idea to stay informed of current market trends. And, you may be pleasantly surprised when you find out what your home is really worth.

 

What is Your Home Worth?