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What is a Comparative Market Analysis (CMA)?

               When you decide to sell your home you may find yourself wondering. What is the value of my house? What can I sell my house worth? How do you find out? If I decide to sell for sale by owner how to I find out the market value?  By having a comparative market analysis (CMA) prepared of course.

               A comparative market analysis (CMA) is an estimate of what value a house or any other home property could sell for if on the market today. 

               A comparative market analysis (CMA) should usually consist of the following:

ü       Homes For Sale - Homes like yours in that are currently on the market indicates what asking price buyers might be willing to pay for your home. The longer a home is on the market can lower the overall sales value of a home. If a house were for sale for over six months at a particular price would you want to offer the asking price or the house market value?

ü       Pending Sales – What homes sold in the neighborhood that haven’t gone to closing yet may help indicate how long a home like yours may be on the market at a particular asking price. It also determines the house market value by how long an asking price will take to sell and what maximum a buyer may have paid.

ü       Closed Sales – Indicates what home market value buyers are willing to pay for a home in your area because that is what they have sold for. Most important to get the market value of what has sold. Usually lenders will not give a loan for over a certain amount above the highest priced closing.

ü       Expired Listings – Homes that were on the market but were not a value to buyers so the listing expired. This indicates what level of market value buyers are not willing to pay for a house like yours.

Why should I have a Comparative Market Analysis (CMA) prepared? 

               In today’s fast paced real estate market prices accelerate at a rapid pace. If you plan to buy or sell it is important to know what price you can sell it for based on recent home market activity from the most accurate and updated data as possible.

               If you plan to buy how do you know that the price the owner is asking is a fair market value? If you have a comparative market analysis (CMA) it is easier to negotiate a fair market value. This is important particularly if you are buying from for sale by owner (FSBO). What if you agree to pay an asking price and find out the lender estimates the value to be far less and will only loan a fair market value?

If you plan to sell how do you know that the price you are asking is a fair market value? Many times home prices are rumored to be higher that they are. You may have see a home for sale and assume that’s what you can get. It is common for sale by owners (FSBO) to claim they got a higher price than they actually sold it for. Usually they offer an overpriced asking price and sit with it for several months. If they do sell it themselves chances are it will be below market value.

It is common for buyers with knowledge of home market values to shop around in the hope of finding for sale by owner (FSBO) that needs to sell. Buyers knowing that the for sale by owner (FSBO) needs to sell to buy another home they need or have purchased another home and do not want to pay two mortgages.

So the best way to buy or sell a home without any problems is to know the market value. It may take several months for public records to get updated so it may be difficult to find recent home market values.

That is why House Market Values Network is dedicated to helping home sellers, home buyers, and for sale by owners (FSBO) find the most accurate recent activity from records not open to the general public. It pays to find out the facts with a comparative market analysis (CMA).

 So go ahead and make a request for a home market analysis today!