Could anyone recommend a good place to get a Comparative Market Analysis? How much do these usually cost?

Asked by Syed, 60640 Sat Jul 18, 2009

I'm not ready to sell just yet, but I will be in a few months or so. In the meantime, I was hoping to obtain an objective CMA for my unit at 4630 N Beacon Street #1D, Chicago IL 60640.

Are there any firms that specialize in producing these reports, or is this something that real estate agents usually produce? In either case, how much should I expect to pay for an accurate report?

I was told that if a seller is already working with an agent, then a CMA is often produced free of charge. But like I said, I'm not ready to put my place on the market just yet, so I think it's only fair that I pay for CMA.

Thanks for your tips,
Syed

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10
John Diebel, , Chicago, IL
Wed Dec 16, 2009
Syed,

Feel free to add me to the list of people who will do the CMA for you. It is not something that agents charge for, we do them all the time, and I know the area well. Good luck on your sale.
0 votes
Kimberley Hu…, , Roanoke, VA
Wed Jul 22, 2009
A CMA is free. Its work to an agent and a lot of time goes into it. You should have one done when you are ready to put your home on market. The market changes so frequently that I personally do one for each of my listings every 30 days. Its the only way to have a real update on true value. If you like, please contact me and I can put you in touch with one of my REMAX partners there!
Web Reference:  http://www.ListwithKimmi.com
0 votes
Syed, Home Buyer, 60640
Sat Jul 18, 2009
Thanks for all of the really helpful information. I'll be sure to get in touch with those who asked me to do so.
0 votes
Tom McCarey, Agent, Chicago, IL
Sat Jul 18, 2009
Hi Syed,

I urge you to take note of the folks with signs in your Uptown neighborhood or whose professional presence you note online and inquire of them as to the value of your condo. As other respondents have noted, a real estate professional in all likelihood will provide this information as a professional courtesy at no charge to you.

Several things to consider - the current state of the market has things selling at or below the price paid by buyers if their original purchase date was one to four years ago. As you closed on your condo four years ago, you may be looking at a fairly static number to secure a transaction. Evidence of this is witnessed in that as we speak there are four places actively marketed at your building, two of which just in the past week have decreased their prices in an effort to transact. Also, the viability of a cma is no more than three months. This stems from the fact that appraisers ostensibly gain comps for their numbers through a window that looks bak 90-120 days at recently closed properties.

I wish you the best of luck as you move forward toward selling your Uptown studio.

All the best,

Tom McCarey
The Real Estate Lounge Chicago with @properties
0 votes
Ann Cordes, Agent, Waco, TX
Sat Jul 18, 2009
Syed,
There are web sites that will do one for you, like Zillow.com, but I have heard they are not accurate and the price they give you will probably be too high. So I recommend finding a local agent who will do one free. And like the previous answers said, it wouldn't hurt to get 2 or 3 opinions.
Also, if you are not going to put your home on the market for 3 months or longer, at the time you get ready to list have a new CMA done because the market can change quickly, and what your home will list for 3 months from now may be different from what it would list for today.
0 votes
Philip Sencer, Agent, Chicago, IL
Sat Jul 18, 2009
Real estate agents do CMA's for people all the time and never charge. There are 4 units for sale in the building now, but not the D tier. You say you will be ready in a few months, but that would be Fall. Fall/Winter is seasonally the slowest time of the year to sell, even in a good market and we are NOT in a good market to be selling. I would wait until Spring, but please contact me via my web site and I can send you a CMA and give you more information.

philip
0 votes
Chuck Stupar…, , Oak Brook, IL
Sat Jul 18, 2009
Syed: Sorry, misread your question. Your condominium association normally keeps track of all the sales in your building and the most recent sale that is similar to your unit would be a good indication of what it's worth as long as it it's a recent sale say closed in the last 60 days which will reflect the market we're in. The agent you select should never charge you for a CMA, good luck, your building has an excellent re-sale value.
Web Reference:  http://chuckstuparits.com
0 votes
Chella Gehre…, , Eugene, OR
Sat Jul 18, 2009
A real estate professional should offer a CMA for no cost. You should get at least 3 opinions. This allows you to see the agents in action and compare professionalism and how their personality fits w/ yours.
0 votes
Matt Laricy, Agent, Chicago, IL
Sat Jul 18, 2009
Syed,
I would just contact a few agents to do one for you. This way you will get a few different agents advise. I would be happy to provide you with a free CMA. Contact me if you are interested.

Matt Laricy
Americorp Real Estate
Brokers Associate,e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes
Scott Newman, Agent, Chicago, IL
Sat Jul 18, 2009
I am happy to provide one for you with your permission. Please contact me privately at newmanrealtychicago@gmail.com. There is no charge.

Newman Realty
0 votes
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