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A Comparative Market Analysis (CMA) is a document prepared by real estate professionals to help buyers and sellers negotiate the price of a home by comparing it to recently sold homes in the same neighborhood.... is a report licensed Realtor’s and licensed appraisers use to price, appraise, and negotiate. Pleae understand a Real Estate Agents are licensed salespersons. They are not real estate brokers. A real estate agent must work for an employing broker and cannot work independently. Brokers are responsible for their real estate agents' actions and compensation. A real estate broker can act as an agent.... is not a licensed A professional who conducts an analysis of the property, including examples of sales of similar properties in order to develop an estimate of the value of the property. The analysis is called an “appraisal.”... and a CMA is not an opinion of the value of a home. After reviewing a CMA, if you are unsure of the value, a licensed appraiser can be hired to provide an opinion of value.
To come up with an estimate of The current value of your home based on what a purchaser would pay. An appraisal is sometimes used to determine market value.... we look at all homes that are on the market or have sold or not sold in the last 6 months in your subdivision. Next, we multiply the square footage by the price per foot of the most comparable homes and make weighted adjustments for differences in floor plan, age, condition, updates, location, and amenities.
Ideally, you compare and look at those sold homes that compare to your home in 25% of size, 30% of age, within 1/2 mile, in the same neighborhood. Next make adjustments for the number of beds, baths, condition, updates, location, size, and garage spaces. These are not rules but guidance and many exception situations can influence buyers and appraiser’s opinion of value.
For sellers, we use the CMA to aid you in your pricing decision. Keep in mind the sold properties become the basis for the A professional analysis used to estimate the value of the property. This includes examples of sales of similar properties.... when your home sells. If you retain us for our An agreement of which a property is marketed through a service or association composed of several agents with fees and a commission from the sale of a property shared between the selling broker and the listing broker.... Services we review the CMA with you. We want you to understand the same information every agent uses to guide buyers in making offers. Next, we discuss pricing strategies and how buyers find homes. Armed with that information, you are the best expert in pricing your home. I always tell sellers it is easier to go down than up in price. Whatever price you start at you can make adjustments as you go. Just don’t spend it in your brain before you get it. People that get emotionally attached don’t lower their price and don’t sell their homes.
If you retain us for our Buyer Services, together with you we review the same reports to evaluate a home to negotiate an A formal bid from the home buyer to the home seller to purchase a home..... When financing a home, a licensed appraisal is completed for your The lender providing funds for a mortgage. Lenders also manage the credit and financial information review, the property and the loan application process through closing.... to demonstrate you and the home meet funding requirements.
Keep in mind a CMA is strictly for guidance and is not to be considered an appraisal or opinion of value. We are not appraisers and only a buyer making a purchase can establish what a home is really worth.
Notice: This website contains general information about legal and financial matters. The information is not advice, and should not be treated as such. You must not rely on the information on this website as an alternative to legal or financial advice from your attorney, accountant or other professional services provider. If you have any specific questions about any legal and financial matter you should consult your attorney, accountant or other professional services provider.