What is a Comparative Market Analysis?

A Comparative Market Analysis (CMA) uses the most current and reliable information from the Multiple Listing Service (MLS), real estate firms, and title companies in your community. The homes that are included in an analysis are a sampling of properties in the area that are currently for sale or that have recently sold. This information provides us a base line from which to begin our comparison.

At times, the term "fair market value" causes confusion. The definition has three basic parts – particular house – current condition – time frame. Simply, fair market value is the price at which a home will sell within a reasonable amount of time. A CMA allows us to figure, using the above information, the fair market value for your home. CMAs are just an estimation and the price could vary up or down depending on the motivation of the buyer, seller and any fluctuations in the market. The following are factors I look for to help determine the value of your home in the current market. The home itself is only a part of the puzzle.

Location Where your home is located may be the single most important factor when determining the value of your home.

Condition The condition of your home affects the price and how quickly it will sell. The appearance, both inside and out, can affect the buyer’s perception. Since emotion plays a large part in buying a home the buyer’s first impression is important!

Price Establishing the correct price for a home will help insure a quick sale. A CMA will help you decide the best price for your home.

Competition Buyers will evaluate your home against others they deem comparable. Properties currently for sale and properties that have recently sold will have the greatest impact on the market value of your home.

The Market The real estate market is always changing and these changes may affect property values. Knowing that it is difficult to forecast the market, a flexible marketing plan will help prepare you and your home for sale.

If you are interested in getting a Comparative Market Analysis on your home, I can do one for FREE! Just give me a call at 704-309-8736.

Also, if you know someone who needs to sell their home, tell them to call me at 704-309-8736.

I look forward to hearing from you!