What Is a Comparative Market Analysis?
A CMA is an estimate of a home’s probable sale price. It collects selected sales, then adjust them to find the probable sale price. Texas Market Value and its Realtors help property owners create CMAs to indicate a probable listing price for their house. The “best” price is one not too high that the home doesn’t sell and not too low that it does not leave money on the table.
NOTE: Texas Market Value does hundreds of CMAs each year for property owners to use at protest hearings at TAD.
A CMA compares a subject property to other homes that are similar in location, size, and features and that have recently sold, say in the last 6-9 months.
Adjustments are made for differences in size, age, location and amenities as well as other attributes.
In general, the best comps are the ones that are the most similar to the subject home, the more recently sold, and the ones with the fewest adjustments required.
The final price might need to be tweaked slightly, depending on the market. For example, if the market is hot or if inventory is low, the price might be slightly higher. For the past 4 years, we have experienced a HOT MARKET and LOW Interest rates like never before! It is a seller’s market and good listings receive multiple offers.
Savvy home sellers get a CMA before listing their home. Click here to send us a message or better yet,
Call us for a free CMA if you are considering selling your house.