Comparitive Market Analysis
What is a 'Comparative Market Analysis’
Comparative Market Analysis (CMA) is an examination of the prices at which similar properties in the same market area recently sold. The CMA is used to help evaluate how your home will fare against the competition.
The agents at Lazar Homes perform a comparative market analysis to help determine a price to list when selling your home or a price to offer when buying a home. The analysis examines not only homes currently listed, but also those recently sold. The purpose is to find the highest price that will still make the home competitive on the open market.
Because no two properties are identical, Lazar Homes agents will make adjustments for the differences between the recently sold properties and the one that is about to be purchased or listed to determine a fair offer or sale price. Essentially, a comparative market analysis is a less - sophisticated version of a formal, professional appraisal.
The purpose is to find the highest price that will still make the home competitive on the open market.
A Portrait Of Your Home And Its Surroundings
The CMA includes a fact-based portrait of the home including information such as number of bedrooms and baths, approximate square footage, size of major rooms, age of the home, property taxes, and desirable amenities such as fireplaces and pools.
Depending on the city or region, the CMA could pull relevant information from as long ago as a year or as recent as a month or week ago. The geographic range of housing information can also vary.
The CMA can cover areas as narrow as one or two streets surrounding the home, or as broad as an entire subdivision. The CMA report will address subjective factors such as recent remodels, historic features, or facts of interest to the buyers in the specific neighborhood. The local neighborhood experts at Transpac will know what buyers in the area look for and will use that information to help you prepare your home and present is to attract buyers.
Most importantly, using the data gathered for the CMA, you and your Transpac agent will agree on a fact-based approach to pricing to ensure the best value for everyone.
In addition, information in the CMA will help guide the marketing plan Transpac will create and implement to generate multiple offers for your property.
Credit: realtor.com and Investopedia
