You may have heard the term comparative market analysis report, or even the acronym CMA when discussing the early stages of selling a home, but what exactly is it and how do you get your hands on one? According to Mass.gov “A CMA is an unbiased estimate or opinion of the market value of real property by a real estate licensee who is not a licensed or certified appraiser. The valuation techniques used are similar to the three approaches to value employed by a licensed or certified appraiser.”
While that was a perfect definition, we thought we’d break it down a little further. Think of a comparative market analysis report like a trusty industry tool used to measure a competitive selling price for your home. One of the most important steps in the home selling process is making sure that you have a strong listing price. Understanding what other homes like yours are selling for matters. In fact, a recent NOLO article states, “Setting the right price from the start is among the most important steps toward successfully selling your home. This requires taking a close look at what other houses are selling for, so as to judge the relative value of your property. No matter how priceless your remodeled kitchen or finished basement are to you, the market sets a value—the price a buyer is willing to pay. One of the key ways to compare your house to others on the market is to look at or create a comparative market analysis, or CMA.”
A well-compiled comparative market analysis report will provide you with a clear understanding of these:
Keep in mind that the information will also be timely and collected for homes that have recently sold in your area.
Now that you know what a comparative market analysis report is, how do you get your hands on one? The good news is, when you work with IDEAL AGENT®, your agent will gather all of the necessary facts and get one prepared for you. Our agents have years of experience under their belts, and they understand the importance of a well-produced comparative market analysis report when it comes to getting the highest selling price. Upon meeting with you to learn more about your home selling needs, motivation, and timeline, your agent will also review the information in the report with you. Are you ready to meet your IDEAL AGENT® and look over your comparative market analysis report? Contact us now so we can connect you!
