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What is CMA in real estate?
Can you explain what CMA in real estate is?
Asked By Trent | Fort Wayne, IN | 463 views | Terms Definitions | 1 year ago
Answer(4)
Chris Yochum
Dickson Realty
Comparative Market Analysis. which consists of most recent sales that are comparable to yours and what your competition looks like. Its used to determine current market value.
- 1 year ago
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Josephine & Raj Sharma
Legacy Homes Realty
CMA in real estate stands for Comparative Market Analysis. It is a report that provides an estimate of the value of a property based on the recent sales prices of comparable properties in the same geographic area.
To prepare a CMA, a real estate agent or appraiser will research recent sales of similar properties in the same neighborhood, taking into consideration factors such as the size, age, condition, and location of the homes. They will then make adjustments to account for any differences between the properties being compared, such as the number of bedrooms, bathrooms, or the presence of a garage.
The resulting report will provide an estimated value for the property in question, based on the sales prices of the comparable properties. This can be a useful tool for both buyers and sellers, as it provides an objective assessment of the current market value of a property, which can help inform pricing and negotiation strategies.
- 1 year ago
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Keith McKeever
Fathom Realty Central IL
The CMA compares the property to similar recently sold properties in the same area, taking into account factors such as location, size, age, and condition. The report also looks at properties that are currently on the market to determine the competition that the property might face if it were to be listed for sale. The CMA is important because it helps sellers determine a realistic asking price for their property based on market conditions and recent sales data. Buyers can also benefit from a CMA by using it to determine a fair price to offer on a property.
- 1 year ago
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Bob Fall
Century 21 Lee-Mac Realty
The way to determine the value of something is to try and figure out what someone would pay for it. To determine what someone will pay for something, we look at what people have paid for similar properties in similar areas. We do a comparative market analysis (CMA) which looks at what properties have sold for in the last few weeks. Please note that in most states a third-party opinion of value must be performed by a licensed appraiser. That is different than a CMA. A CMA is a tool to help determine how much you should list your house for or a fair market estimate of what you should pay for real estate.
- 1 year ago
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