what actually is a comparative market analysis?
The short answer is it is a method of estimating the market value of a home by compairing your home to similar homes in your immediate area that are recently sold or on the market currently. True market value is NOT determined by what you want to get, what you need to get, what you paid, what you’ve done to it, or even what someone is willing to pay for it. I might be willing to pay you $100,000 for your home but that doesn’t mean that’s the value. It might be worth $300,000. I would be leery of any agent that spends only 5 minutes preparing a CMA. If done right, it will take quite a bit longer. You want to look at not just solds but active on the market, pending sales, and even expireds (although for a different reason). A good CMA is well prepared and I would question the validity of any CMA done by an agent that has not seen your home. It’s extremely difficult to get good accurate compairisons without seeing the subject property in person. That said, a good description, photos, and
