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What is a CMA?

Michelle put together a very details explanation of what a CMA is and why its important. A few sellers will still feel their house is worth more (and it is... to them). But the CMA is going to paint the picture of what the market is like in that neighborhood. A good agent shares this information with the client... a GREAT agent gets the client to understand the report and understand the important of selling a home at the right price.

What is a CMA?

CMA stands for Comparative Market Analysis, which is a report prepared by a real estate agent to determine the market value of a home.  CMA's are primarily prepared for sellers, but I also prepare them for buyers prior to writing an offer.

A CMA will contain homes similar to the subject property that have recently sold.  If necessary, adjustments will be made for feature differences such as an additional bathroom or swimming pool.  

Comparative Market ReportA CMA will also contain Active Homes for Sale to show the current competition.  When reviewing these homes it is important to understand that a seller can ask any amount they want for their home, but it doesn't mean a buyer is going to pay that amount.

Along with Active Homes and Recent Sales a CMA will also include Homes Under Contract.  While we don't know what these homes will ultimately sell for, it does show us asking prices that did solicit offers.


The last thing a CMA may include are Expired Listings, which are the homes that did not sell during their listing period.  There are several reasons a home may not have sold during the listing period, it could have been over priced, had ineffective marketing or horrible curb appeal, the list goes on and on.
 

Based on all of this information a price range will be established and the seller will choose their asking price, but ultimately a buyer will dictate what a home is worth.

If you are interested in receiving a free CMA contact us today or fill out our online What is My Home Worth? form.


Originally posted at
http://wellingtonhometeam.com/what-is-a-cma/



Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446


©2011 All Rights Reserved

 

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Are you looking to purchase a Texas home?  Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?  

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Texas Home Loan Expert

Frisco TX Mortgage

      

 

The views expressed on this site are mine alone and do not reflect the views of my employer.

Comment balloon 7 commentsJohn Cannata • September 07 2011 07:24PM

Comments

John,

Thanks for the re blog, I would have missed it.  Good job on explaining the CMA.

Posted by Richard Weeks, REALTORĀ®, Broker almost 7 years ago

Excellent information provided by Michelle. Every good agent will demonstrate a good CMA for the perspective sellers.

Posted by Eileen Hsu, LICENSED REAL ESTATE SALESPERSON (Douglas Elliman Real Estate) almost 7 years ago

Hi John great input for clients to understand.  Excellent post to put back up again.

Posted by Dan Edward Phillips, Humboldt and Del Norte Counties, CA (Dan Edward Phillips, Humboldt and Del Norte Counties, CA) almost 7 years ago

John - Thanks for the reblog!

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) almost 7 years ago

it is a great explaination.  I also do a CMA for my buyers making an offer.  It makes perfect sence to help guide them to a good offer.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) almost 7 years ago

CMA amazing on how many Realtors don't know how to research a property PRIOR to submitting a sales offer

 

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Posted by Lynn911.com ~ Dallas Real Estate Agent Top Team (Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com ) almost 7 years ago

An excellent choice of a reblog and THANK YOU as I would have missed it! :)))

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTORĀ® (Berkshire Hathaway Home Services - Anderson Properties) almost 7 years ago

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