Comparative Market Analysis
A comparative Market Analysis or CMA is an estimate of a home's value. It is used to help a home owner set a listing price, help a home buyer make a competitive offer and can be used by a homeowner to dispute their property taxes. The CMA considers the home's factors such as location, size, construction, condition, age and other factors of the subject property. The CMA will ideally include 3 similar properties or comparables to the subject property that have recently sold. Included in this data will be listed price per square foot, sold price per square foot, day on the market and other data. A CMA is not to be confused as a home appraisal. A home appraisal is done by a licensed Home Appraisal and is a more in-depth process.
How Do You Get a Comparative Market Analysis
A Comparative Marketing Analysis can be done by a Real Estate Agent who is a member of the local Board of REALTORS. Texas is a non-disclosure State, meaning the sales prices of homes do not have to be disclosed. However that information is made available to Real Estate Agents, Brokers and Licensed Home Appraisers through the local Real Estate Board. Keep in mind homes sold by owner, non-board members or new construction may not be included on the Local Real Estate Board. There are also automated searches that may or may not be as accurate or detail as a CMA from a local Real Estate Agent.