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Comparative Market Analysis: A Guide
Dated: March 16 2023
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Comparative Market Analysis: A Guide
Real estate agents conduct a comparative market analysis (CMA) to determine how much a house is worth, which can be difficult due to the many factors that go into determining it. This is why real estate agents conduct CMA.
What Is A Comparative Market Analysis (CMA) In Real Estate?
A comparative market analysis is a tool used by real estate agents to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area. It can be difficult to accurately estimate the fair market value of a home due to the number of factors that go into determining how much a specific property is worth.
People typically consider location, square footage and bedrooms and bathrooms, but the property's age, condition, features, lot size and so on, as well as the conditions of the local and national housing markets, all affect the value of residential real estate.
How Is A Comparative Market Analysis Prepared?
Real estate agents search for recently sold homes in the same area that are as similar to the subject property as possible. Comps, or comparable sales, are used to conduct a sales comparison approach to pricing.
This approach relies on the premise that you can figure out how much a home is worth by identifying how much it would cost to purchase a similar property of equal desirability.
What’s The Difference Between A Comparative Market Analysis And An Appraisal?
Comparative market analysis (CMA) is a process used to compare and identify regional home values, but it is not an official home appraisal. CMAs are conducted by licensed real estate professionals to estimate the fair market value, which is a complex process that requires technical knowledge of the overall market and how various aspects of real estate impact how much a property is worth.
Danielle Sharp
Full time REALTOR since 2002, I moved from the Detroit area to SWFL in 2007. Since 2011 I have been the broker/owner of Sharp Homes Realty, a small boutique brokerage based out of Cape Coral. We are f....
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