What is a CMA, exactly? A Comparative Market Analysis (CMA) is an evaluation of the value of a property. The evaluation is based on the prices of similar properties that have recently sold in the same area. Real estate agents and appraisers use CMAs to help determine a reasonable and fair listing price for a property.
To conduct a CMA, a REALTOR® will find properties with a comparable number of bedrooms and bathrooms and similar square footage and lot size. The property’s condition, age of the home, and any other unique features will also impact its value.
Once a group of comparable properties has been identified, adjustments will be made to account for any upgrades or renovations. For example, if your property has a bonus room or an upgraded kitchen, that will add value. REALTORS® and sellers then use the data collected and current market trends to create a listing price for the property to be sold.
While a CMA is not an official appraisal, it is a vital tool for anyone buying or selling real estate. If you are curious about the value of your home, I will be happy to conduct a CMA. Email me at firstname.lastname@example.org or call me at 830.305-5248.