The Best Ways For Comparative Market Analysis
A comparative market analysis, shortly known as CMA is a process that real estate sellers use to evaluate the market prices of the houses. To prepare a CMA first you have to gather all the essential data that is directly related to the property such as location, total square footage, number of rooms, and any other extra features.
Try to collect all the previous sales or listing data of the property so that it can present an insight into the real estate market. It also should represent the micro-market trends with the other sales data in the neighborhood. You also need to include all the relevant comparable data of the sold properties that are very similar to the subject property.
One of the first working tools for a real estate seller is a CMA or comparative market analysis. To create a CMA for clients, the first step should be having enough knowledge of the price range, market value, and quality of the neighborhood properties. If the properties are listed online, check the listing so that you have a better idea about the house.
Checking the property in person is mandatory so that you can have a look at the features available like design, size, layouts, or any hidden damages. Browse the other comparable properties in the areas and keep a record of all the updated information. Additionally, prepare the market comparative analysis report including all the data you collected via using online tools that are very much accessible.