WHAT IS A CMA? DO I NEED ONE?

CMA stands for "Comparative Market Analysis." A CMA is an excel spreadsheet prepared by your real estate consultant that provides objective pricing data comparing the features of your property to similar properties which are on the market, are pending sale, just sold, or listings that failed to sell. Click this link to request a CMA.

The CMA is developed in advance of listing your home for sale. This is a professional assessment of what your house is worth, but not a formal appraisal. The CMA will be employed during negotiations with buyers to demonstrate that your home is priced correctly.

To gather data for a professional CMA, your consultant (agent) will inspect your property (pricing inspection) and list the selling features that drive and support their final price recommendation. This inspection deals with readily viewable features of the home. The consultant is not going to crawl under the house, nor does the house need to be cleaned and ready for an open house. It should be in such a condition that allows the agent to make an accurate assessment of its condition and worth. If you plan to make improvements before selling, inform the consultant during the pricing inspection.

Following the pricing inspection, the consultant will collect data on properties with comparable selling features through FMLS; use their market knowledge and contacts in the field to back up the data and when the analysis is complete, review the resulting CMA spreadsheet with you.

Other uses of the Comparative Market Analysis

Owners who are remodeling can consult a CMA to determine if the intended changes will "over-improve" their property compared to other homes in the neighborhood.

Buyers should request a CMA for homes they are considering for purchase, to determine if the asking price is a true reflection of the current market condition.