![]() Some sellers will also decide to pay for their own pre-listing appraisal. The buyer pays for an appraisal – customarily about $450 to $550. The appraiser has no vested interest in the property or its sale. The appraiser will then compare that information to property tax records, recent comps, sold data from the MLS, and sales trends to establish if sales are on the rise or fall. ![]() The appraiser will examine your home in person to record details about size, square footage, finishes, features, condition, and more. There is generally no separate charge for a CMA rather, it is included in an agent’s commission.Ī certified or licensed appraiser conducts an appraisal of a property, usually at the behest of the buyer’s lender in order to ensure that the property is valued at or more than the loan amount requested. Buyers may also use a CMA to inform their bidding. How is a real estate CMA different from an appraisal?Ī CMA is so similar to an appraisal, it is sometimes considered an “informal appraisal.” While the two use many of the same sources of information, they differ in purpose and preparer.Ī real estate agent creates a CMA for a seller in order to help determine the correct listing price. Some agents, like Medford, turn to industry software like Cloud CMA in order to add greater detail to the results. However, a well-executed CMA also incorporates subjective characteristics like upgrades, neighborhood, and features.Ī real estate agent or broker usually compiles information gathered from the multiple listing service (MLS), photos of the property, inventory levels, and other market indicators. A balance of art and science, it relies on factual data such as square footage, age, and location. Its primary purpose is to compare a property against nearby recently sold comps in order to determine an appropriate listing price (or bidding price).Ĭonsidered the single-most important tool in assessing a home’s market value, the typical CMA comprises around 30 to 50 pages of data, charts, photos, and facts that form the basis of an unbiased opinion of a home’s market value.īut a CMA is more than that. What is a comparative market analysis (CMA)?Ī comparative market analysis is a tool that real estate agents use to calculate the value of a home by evaluating its features, size, location, age, and other details in relation to similar properties that have recently sold.
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