A comparative market analysis, or CMA, is an opinion of the market value of a home based on an analysis of the sales of properties with similar characteristics (location, size, amenities, etc). A CMA, not to be confused with a formal real estate appraisal, is prepared by a realtor to assist a property owner in establishing a realistic price range for selling his or her home.
While CMA reports can vary in terms of their complexity, a standard comprehensive market analysis contains information on active listings (listings for comparable homes that are currently for sale, i.e. your competition); pending listings (listings for comparable homes currently under contract); sold listings (listings for comparable homes that have closed recently, usually within six months); and withdrawn or cancelled listings (listings for comparable homes taken off the market, usually because the price was too high and there were no offers).
Normally, realtors will offer free CMA's to home owners in anticipation of receiving a listing on the property should the owner decide to sell.
While CMA's are valuable tools for sellers, a savvy buyer will request their buyer's agent to prepare a CMA on property they are considering to purchase. This will provide up to date market information on comparable properties within the same or similar location, and provide a level of confidence that the offer price is realistic.
If you would like a free CMA on your home, please contact us and we can provide you with an assessment of what your home might be worth.