What is a CMA?
CMA stands for
Comparative Market Analysis, which is a
report prepared by a real estate agent to determine the market value of a home.
Â CMA's are primarily prepared for sellers, but I also prepare them for
buyers prior to writing an offer.
A CMA will contain homes similar to the subject property that have recently sold.Â Â If necessary, adjustments will be made for feature differences such as an additional bathroom or swimming pool. Â
A CMA will also contain Active Homes for Sale to show the current competition.Â Â When reviewing these homes it is important to understand that a seller can ask any amount they want for their home, but it doesn't mean a buyer is going to pay that amount.
Along with Active Homes and Recent Sales a CMA will also include Homes Under Contract.Â Â While we don't know what these homes will ultimately sell for, it does show us asking prices that did solicitÂ offers.
The last thing a CMA may include are Expired Listings, which are the homes that did not sell during their listing period. Â There are several reasons a home may not have sold during the listing period, it could have been over priced, had ineffective marketing or horrible curb appeal, the listÂ goes on and on.Â Â
Based on all of this information a price range will be establishedÂ andÂ the sellerÂ will choose their asking price, but ultimately a buyer will dictate what a home is worth.
If you are interested in receiving a free CMAÂ contact usÂ today or fill out our onlineÂ What is My Home Worth?Â form.
Originally posted atÂ http://wellingtonhometeam.com/what-is-a-cma/
Michelle GibsonÂ REALTORÂ®
HANSEN REAL ESTATE GROUP INC.Â
Â Â Â Â Â Â Â Â Â Â Â Â 561.333.0446Â Â Â Â Â Â