Comparative Market Analysis

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Comparative Market Analysis

A comparative market analysis or "CMA" is a process in which a real estate professional values a property by reviewing comparable home sales and making adjustments for the particular characteristics of the subject property compared with the comparable sales.

CMAs are often done free of charge by Realtors and for a fee by Appraisers. Since Realtors are typically trying to obtain a listing when the perform a CMA, there may be some pressure on their part to inflate the CMA value in order to please the potential client and obtain the listing. Considering this, you may want to consider paying an appraiser for an appraisal which will include a CMA.

CLICK HERE to receive a free CMA from a local Realtor who is highly rated.

Full Appraisal

This is the best and most expensive way to get an estimate of value. An appraiser is a more objective and he or she works 100% on the valuation of real estate whereas the real estate agent is often trying to obtain a listing which may affect the number that they give you. Real Estate Agents often feel pressure to give a high number in order to obtain a listing.

Often times consumers and even some professionals will confuse a comparative market analysis ("CMA") and full appraisal. A CMA is just an analysis of comparable sales and is typically done by an real estate agent. A full property appraisal consider the value of a property from three perspectives and is always done by a licensed appraiser. The appraiser looks at (1) the cost to build the property including land costs, (2) comparable sales, and (3) based on what income the property could generate which in the case of a residential home would be how much it could rent for.

CLICK HERE to order a full appraisal.

InstantValue

We provide an online service that uses the past sales prices of the subject home and all of the other homes sales in the area for the past 18 years to calculate an instant estimate of value in just seconds. While we like to use this function ourselves, you should realize that on average this is not as accurate as a full appraisal or comparative market analysis.

CLICK HERE to access InstantValue

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