Friday, November 8, 2024 / by Jason Salem
Understanding Comparative Market Analyses (CMAs): How They Help You Know Your Home’s Value
A Comparative Market Analysis (CMA) is a crucial tool for homeowners looking to understand the value of their property. Whether you’re considering selling or simply want to keep track of your home’s market position, a CMA provides a detailed look at comparable properties in your area. Here’s a breakdown of the steps I take to create a market report, which includes an in-depth CMA to give you accurate insights into your property’s value.
Step 1: Gathering Market Data
To ensure accuracy, I use data from the MLS (Multiple Listing Service), specifically Realcomp, which shares information across most MLSs in Michigan. This allows for a comprehensive view of all comparable listings and recent sales near your property.
When gathering data, I focus on three main types of Listing Status:
Active – Homes currently on the market.
Pending – Homes that are under contract but haven’t closed yet.
Sold – Homes that have closed recently, provim ...
Step 1: Gathering Market Data
To ensure accuracy, I use data from the MLS (Multiple Listing Service), specifically Realcomp, which shares information across most MLSs in Michigan. This allows for a comprehensive view of all comparable listings and recent sales near your property.
When gathering data, I focus on three main types of Listing Status:
Active – Homes currently on the market.
Pending – Homes that are under contract but haven’t closed yet.
Sold – Homes that have closed recently, provim ...