What is a CMA?
a. Certified Medical Assistant
b. Certified Management Accountant
c. Country Music Association
d. Comparative Market Analysis
All correct! However, as a REALTOR, my first response is item d. Comparative Market Analysis which is a valuable tool whether working with buyers or sellers. In short, a CMA is a list of homes recently sold and/or currently for sale that are used to help determine an appropriate price for a similar home.
When Buying or Selling a car, what do you do? Often the first steps are checking cars.com, dealerships or other sources for cars of similar make, model, age, mileage, etc. to get a “ball park” price or price range. Unfortunately, the process is a little more difficult for the average consumer to do when Buying or Selling a home.
Fortunately, REALTORS can help with this. As members of the Greater Lansing Association of Realtors, we have access to tools than can identify homes recently sold or for sale by area, beds/baths, size, age, style, school district, etc. to find comparable homes (“comps”) that help determine price ranges for similar homes. This can be valuable to help a Seller determine what their home is worth, or to a Buyer to determine what they will most likely pay for the home they are looking for.
Every home is unique, and although a CMA can provide a good price “range”, having a licensed REALTOR take a first hand look at the home is an important step in the process since all features (good and bad) are not necessarily available from information found on-line.
Interested in getting a FREE Comparative Market Analysis on your home? Give me a call today!