Determining Home Value
A Comparative Market Analysis or CMA is an estimate of a home's value. It can be used to help a Seller set a marketable listing price or help a Home Buyer make a competitive offer. One more use for a CMA is to give a homeowner information to use when protesting their home's tax value. It takes in consideration the subject homes age, size, style, construction, current condition and other factors or comparables. It is in no way a property appraisal which is done by a licensed Property Appraiser and is more in-depth. The CMA can be done by a licensed Real Estate Agent familiar with homes in your area. They use data from the subject home and compare them to similar homes that have recently sold. Ideally there should be 3 recently sold homes to base the analysis. This information will give a low, medium and high sold price to base a recommended value or sales price. The analysis will also include the number of days each comparable home was on the market and the list vs sales price.