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The best method available to home
sellers to learn their home's current value so they can select the
best sale price is a CMA, or Comparative Market Analysis. CMA is the
term real estate agents use when they conduct an in-depth analysis
of a home's worth in today's market.
A completed CMA is presented in
the form of a report, which includes the selling price, detailed
information about your home, and the comparable properties that were
researched to determine its value. Because the price derived from a
CMA is somewhat subjective, some agents may include brief statements
on the perceived selling points your home. Information
gathered is from:
- Properties that have sold and
closed within the last 12 months
- Active listings - properties
currently for sale
- Pending sales - listings that
have sold but not yet closed
- Expired listings - properties
that did not sell during the listing period
A real estate CMA is NOT an
appraisal. An appraisal is a comprehensive evaluation performed by
an independent professional appraiser. With a CMA, the agent's
experience in the business and familiarity with the local area can
affect the accuracy. A CMA prepared by an experienced agent with
good knowledge of the local market is right in line with your home's
appraised value. A CMA can therefore be a very useful tool in a real
estate transaction.
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