A comparative market analysis or CMA is one the key tools that a real estate agent uses. The level of detail of this analysis varies from agent to agent. As a seller this analysis is key in telling you what your home can potentially sell for. While appraisals are very useful, an agent uses market knowledge along with data on comparable homes that have recently sold, are currently pending (under contract) and are active. There are a number of variable that go into a CMA: the length of time to considered (3 months, 6 months, a year), the types of homes deemed comparable (ranch, 1.5 story, 2 story, basement), location.
For buyers the analysis can tell you if the home you are interested in is overpriced or underpriced and what you should potentially offer. As a seller the analysis can tell you what your competition is and what successful sellers may be doing right. A good agent can provide a detailed CMA and a thorough explanation of the data and what it means for you as a buyer or seller. Contact Miranda now about CMA's and other home buying and selling strategies. Call Miranda at 859.621.8073 or email her here.