Comparative Market Anaylys (CMA) Overview Sep23

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Comparative Market Anaylys (CMA) Overview

During the height of the housing bubble, many homeowners found themselves checking home valuation sites, like Zillow.com, on an almost daily basis. Each new log-in showed their home value increasing. While learning about the approximate value of a home in a specific neighborhood informs a homeowner on whether or not they should list their home for sale, Zillow and Trulia are not the definitive home valuation sources.

A home appraisal website that recently performed an audit on five different properties across the country to show just how all over the map these two websites actually are. From Massachusetts to Miami, and all the way west to Denver, CO, the audit showed how the sites vary wildly from one another and, more importantly, from the actual appraisal performed.

COMPARATIVE MARKET ANALYSIS

Websites like Trulia and Zillow present a good launching point for your own research into the value of your home and other homes in your neighborhood. When you are ready to take it to the next step, however, it is recommended you contact a realtor to have them perform a comparative market analysis that is specific to your home.

A CMA is a unique to your property and includes all necessary information, such as the age of the home, total number of bath and bedrooms, specific amenities (pool, flooring, countertops, fireplace, etc.), and the total approximate square footage of the home.

Slower moving markets may have a CMA that dates back as far as a year. More active markets are updated more frequently and offer CMAs dated only a month or even a week before. Additionally, the area a CMA covers varies by location. Some CMAs use your entire neighborhood as a marker, while others take into account only those homes within one to two streets of your home.

Certainly Zillow and Trulia have helped change the CMA in today’s marketplace. An article at Realtor.com cites Jeff Rightmyer who states, “If anything, [technology] has increased the amount of avenues now available to display more accurate and precise information. It has also allowed little room for error as clients can accurately research the information for themselves.”

That said, there are still many resources available to licensed real estate agents that a seller can benefit from, including an accurate and up-to-date CMA for their property. If you are interested in taking the first step in selling your home, contact our team of professional realtors at Modtown Realty Group today to obtain your home’s comparative market analysis. Call today: (214)521-8657.