We are continuing to see home values in the Greater Newburyport area of Massachusetts and Seacoast area of New Hampshire increase. If you are thinking of selling your home this year, or buying a home, how do you determine market value?
You can look at homes currently on the market and the list price. You can also look at homes that have sold; but how do you know what they sold for?
A comparative market analysis (CMA) can give you the answers you are looking for, but most current or future home owners wouldn’t know where to begin gathering information.
So why is a CMA so important, what is it and who creates one? We answer these questions here:
Why is a CMA important?
No two homes are the same so choosing a sales or offer price can be challenging. Enter the CMA!
What is a CMA?
A side-by-side comparison of homes for sale, recently sold or under contract that are similar to the subject property. It is used to estimate the market value of the property.
Who can create a CMA?
CMA’s are created using information found in a real estate agents’ multiple listing service (MLS). Available to licensed agents ONLY, this tool allows for in-depth analysis of a home’s worth in today’s market.
Want more detail? We came across this realtor.com post that explains the CMA using examples. Check it out for yourself and know, any real estate decision is a big one. You must ensure you have all the information needed to make an educated decision whether selling or buying. A realtor who understands the value of the CMA and will put in the time to conduct a thorough analysis is a key part of any real estate decision you make.
We believe this analysis is a key first step to any listing or offer. If you are considering a move this year, we’d love the opportunity to discuss our sincere approach to creating a detailed CMA.
