What is a CMA and Why Do We Need One?

By
Real Estate Agent with Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803
http://actvra.in/Bfl

What is a CMA and Why Do We Need One?

Here is another homeowner Frequently Asked Question that Larry & Sheila Realtor's are often asked...  What Is A CMA

Question: What is a CMA and Why Do We Need One?

Answer: CMA means Comparative Market Analysis. It is an evaluation of similar, recently sold homes prepared by a Realtor providing data which compares your property to similar properties in your market.

By checking SOLD property records that are similar to your property in the same area, a Realtor will compare these properties to your house and adjust for feature differences like size, condition, location, updates, etc. 

An estimate of value is then determined for your property.  This would allow an assessment of the current competition and might lead to an increase or decrease in the estimate based on the data found. This is the best way to determine the best listing price for your home with an in-depth analysis of a home's market value in today's market, using closed transactions of comparableproperties. 

This is not an appraisal. An appraisal is performed by a licensed appraiser.

The CMA process takes place before your home is listed for sale. This will give a good assessment of what your house could potentially sell for and establishes a fair pricing guide.

~Stay tuned for more Frequently Asked Questions~

Larry and Sheila are Realtors with Charles Rutenberg Realty and when you are ready to buy or sell your home on the North Shore Of Long Island, please contact us at 631-805-4400.

http://www.suffolkexperts.com

Email: sheila@suffolkexperts.com

If your home or condo is listed with another broker, this is not a solicitation of the property.
All The Information Is Not Guaranteed And Must Be Verified By The Prospective Buyer.
 
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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Roy Kelley 05/17/2012 06:17 AM
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Ambassador
831,076
John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com

What is a CMA and Why Do We Need One?

Excellent post and now suggested Larry and Sheila!  Hope you both have enjoyed a productive day.

May 16, 2012 05:25 PM #1
Rainmaker
1,145,548
John Pusa
Sellstate Pacific Realty - Glendale, CA
Your All Time Realtor With Exceptional Service

Larry & Sheila - You are right, CMA is a supporting evidence to find the value of a property. Thanks for the information about CMA.

May 16, 2012 06:08 PM #2
Rainmaker
512,984
Jill Sackler
Charles Rutenberg Realty Inc. "Said and Done!" - Merrick, NY
Long Island's South Shore Real Estate Agent

So funny. I was going to explain CMA's also to consumers. Don't worry. When I get to it, mine will be different.

May 16, 2012 06:20 PM #3
Rainmaker
968,298
Kevin B. Tolbert PA Team
Keller Williams Realty of Port Saint Lucie - Saint Lucie West, FL
New Home Construction and Luxury Specialist!

And the tricky part is getting the seller to listen to it and realize we are paid what we are paid because we are a professional and we do have knowledge and expertise they need to respect and listen to.

May 16, 2012 06:22 PM #4
Rainmaker
1,241,614
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Good post.  Sometimes in this business we talk past people with our acronyms.  

May 16, 2012 09:26 PM #5
Rainmaker
791,483
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales a

Nice post explaining the CMA Larry & Sheila, these important steps in determining an asking price are too often overlooked.

May 17, 2012 05:19 AM #6
Ambassador
1,243,710
Toni Weidman
Re/Max Sunset Realty - Trinity, FL
23 Years Selling Homes in New Port Richey, FL

Great explaination, Larry and Sheila. Sometimes I think we expect people to know all this stuff because it's second-nature to us.

May 17, 2012 05:49 AM #7
Ambassador
1,724,070
Barbara-Jo Roberts Berberi & Corinna Birgit Cromartie
Charles Rutenberg Realty - Palm Harbor, FL
Palm Harbor & Dunedin FL Residential Real Estate

This is indeed a great explanation of what a CMA is Larry and Sheila! Great post!

May 17, 2012 05:58 AM #8
Rainmaker
1,887,366
Roy Kelley
Retired Real Estate Broker, Maryland Blogger - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Every prospective home seller should expect a CMA.  This is the best way to understanding the process of setting a market price for the listing.

Have a most productive week as home buyers take advantage of the record low mortgage interest rates.

May 17, 2012 06:13 AM #9
Rainmaker
305,803
William True
True Sarasota Real Estate - Sarasota, FL
Sarasota Real Estate

Larry and Sheila -- great post and explanation of CMAs for sellers !! I have suggested. Have a great day in real estate!

May 17, 2012 07:41 AM #10
Rainmaker
1,377,495
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Larry & Sheila, this is very critical in the process of pricing, whether it is a home U/C with a buyer, or putting a home on the market for a seller!    GREAT ADVICE!

May 17, 2012 08:36 AM #11
Rainmaker
839,534
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Good evening Larry and Sheila.

That is a great way to value a home before putting it on the market.

May 17, 2012 04:24 PM #12
Rainmaker
687,926
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Larry & Sheila, in the current market some buyers also requests a CMA or BPO before they put in an offer on the property they want to buy.

May 17, 2012 06:43 PM #13
Rainmaker
1,374,469
Rebecca Gaujot, Realtor®
Coldwell Banker Stuart & Watts Real Estate - Lewisburg, WV
Lewisburg WV Real Estate, Greenbrier County

Larry and Sheila, I agree this is a good explanation of a CMA...suggested.

May 17, 2012 08:50 PM #14
Rainmaker
338,276
Lloyd Binen
Certified Realty Services - Saratoga, CA
Silicon Valley R since 1976;408-565-8177

Larry and Sheila,

This is a very educational post for homeowners.  An educated homeowner always makes a transaction go more smoothly.  But, as I've mentioned, all they really need to know is how to reach you.

May 17, 2012 10:49 PM #15
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Rainmaker
1,443,456

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