Your not looking at a CMA the way a Realtor would be looking at this.
We don't look 5 miles out! There are tons of comparable homes to review...likely within the same community. We also like to compare apples to apples. What I mean is the same size, age, amenities, etc with the home for sale. Within 5 miles you can have $90,000 up to $3 million sale prices!
Do all Realtors do a CMA when they list a home? Not a great idea, but some might not. Some let the sellers set the price and other terms without giving advise. This is not how I would operate, but it would possible give my buyers and I an advantage when we prepare an offer as we can provide concrete information and show the errors in their ways.
When you see properties on the market for a year or longer, it is typically overpriced (but keep in mind there could be other issues!). OK, so what do you do? Do you make an offer or do you move on to another home? If the sellers wants X price, but can't get it...that is their problem and you move on to a property that is priced fairly.
When making an offer on ANY property, get with a Realtor that has worked the area and will give you honest and straight forward advise on how to structure your offer. My clients don't always agree with me, but I have been doing this full time for over 20 years...they have not. So who's opinion would you listen to? Good luck with you home search! Let us know if we can assist you!
Bernstein Realty, Inc.