What Is A Comparative Market Analysis?

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Unlike free on-line Home Evaluations, a CMA is a more detailed & complex approach to determining a probable sale price for a property.

CMA's typically take 2 to 4 days to complete and include an on-site visit and a written report that contains the following standard data:

• Current Active Listings That Are Similar To The Subject Property - Active listings are homes currently for sale. These listings matter only to the extent that they are your competition for buyers. They are not indicative of market value because sellers can ask whatever they want for their home. It doesn't mean any of the prices are realistic. The offered sales prices do not reflect market value until they sell, and in a buyer's market, for example, most sell for a lot less.

• Sold Listings That Are Similar To The Subject Property - Homes that have closed within the past six months are your comparable sales. These are the sales an appraiser will use when appraising your home for the buyer, along with the pending sales (which will likely have closed by the time your home is sold). Look long and hard at the comparable sales because those are your market value.

• Comparable Sales are those that most closely resemble your home. It is difficult to compare a tri-level home to a single-story home. Select the homes from this list that are mostly identical to your home in size, shape and condition, such as:

  • Similar square footage;
    Similar age & quality of construction;
    Similar amenities, upgrades & condition;
    Location & neighbourhood influences