Learn & Earn / Property Values / Next Topic
Comparative Market Analysis One of the great advantages of using a Buyer's Agent comes in to play when home buyers finally pick out their top choice home and get ready to make an offer. Unlike the traditional real estate agent working on the seller's behalf, a Buyer's Agent has the freedom and duty to fully advise the home buyer of any and all information that affects how much to offer for a home. One of the key sources of data that a Buyer's Agent will use is the "CMA", Comparative Market Analysis. The report compares similar homes in the area that have sold recently, generally 3 - 6 months, and 'active' listings currently on the market. A good analysis will include :
- address
- date sold or listed
- sale price/list price
- bedrooms/baths
- square footage
- parking
- condition
Generally speaking, the value reported in a CMA is considered a "Broker's Price Opinion" and the approach is not as thorough or rigorous as an appraisal done by a licensed appraiser, which generally cost between $100-350. Online computerized appraisals at greatly reduced fees as well (e.g., www.cswcasa.com ) |
