The primary objective of the CMA (Comparative Market Analysis)
is to determine how to price a home by looking in the market for comparable homes which are currently offered for sale, homes in escrow/pending escrow, and recently sold homes within close proximity of the subject home. Comparable homes used in the CMA are similar to the subject home in age, square footage, number of bedrooms, bathrooms, with similar amenities and quality of construction. When a lender orders a CMA, it is called a BPO (Broker’s Price Opinion). We can also refer to this as a Home Value Report.
The date these comparable homes were sold is of primary importance as sales within the previous six months provides the most useful data to price the subject home. The recent price trend of currently listed homes can give an agent a good idea of where the market is going, whether up or down. This price trend along with the details of comparable homes included in the CMA provides the most valid information available allowing for the most appropriate and accurate recommendation to price your home. If you would like a complementary CMA, fill out the form below or give us a call. We would be happy to help.