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OPTIONS REAL ESTATE & DEVELOPMENT is a real estate service for first-time home buyers and home owners moving toward home resale and home upgrade. WHAT IS A COMPETITIVE MARKET ANALYSIS (CMA)?
A method of valuing homes that is very popular with real estate agents is the competitive market analysis (CMA). This method is based on the principle that value can be estimated by looking at similar homes that have sold recently. In addition, the CMA method considers homes presently on the market. The CMA approach is usually simpler to work than the standard market comparison approach because it requires no dollar adjustments. Most importantly, a CMA is more than a market appraisal; it is a listing tool that a sales agent prepares in order to show a seller what her or his home will likely sell for, and it helps the agent decide whether or to accept the listing. The procedure in preparing a CMA is to select homes that are comparable to the subject property. The greater the similarity, the more accurate the results will be and the more likely the client will accept the agent’s estimate of value and counsel. It is usually best to use only properties in the same neighborhood. Factors which make a property more appealing to a buyer include good location, extra features, low interest, meticulous maintenance and priced below market. Similarly, a property is salable if the sellers are motivated to sell and want to do so soon, will help with financing and will list at or below market. The emphasis in CMA’s is on a visual inspection of available sales data to arrive at market value directly. No pencil and paper adjustments are needed. Instead adjustments are made in a generalized fashion in the minds of the agent and the seller. In addition to its application to single-family houses, CMA’s can also be used on condominiums, cooperative apartments, townhouses, and vacant lots...provided sufficient comparables are available. Contact OPTIONS for your complimentary CMA. Learn more about appraisals.

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