What is My Property Value and What is a CMA?
Simply put, a Comparative Market Analysis, or CMA, is a report used to determine the fair market value of a home. Based on local market data, a CMA takes into account recent and pending sales as well as current listings. From this information, we can establish an appropriate listing price for your house. This price may need to be adjusted as the market changes to ensure that your house remains competitively priced.
The fair market value of a home is determined by the dollar amount a knowledgeable buyer and seller would agree on within a reasonable amount of time (usually with 90 days). The fair market value is only an estimate. It also takes into consideration such things as location and home condition. Price adjustments are based on fluctuations in the market, interest, and motivation.
This CMA report ( or Property Value) includes information on current local listings and other recently sold (or pending sales) in your neighborhood. Although no house is exactly like yours, these are most similar properties and are often the ones the appraisers use to determine home values. Also factored in are things such as; square footage, location, amenities, property condition, and existing financing.
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