Free Market Evaluation
No two properties are identical, which is why choosing a sales price or offer price for a home can be challenging. That's where the comparable market analysis, or CMA, can be useful.
What is a CMA? - The CMA is a side-by-side comparison of property for sale and property that has recently sold in the same area and price range. This information is further sorted by data fields such as property type, number of rooms, number of bathrooms, postal codes, and many other factors. Its purpose is to show fair market value, based on what other buyers and sellers have determined through past sales, pending sales and property recently put on the market.
How is the CMA created? - CMAs are generated by a computer program supplied by your real estate agent's multiple listing service (MLS). The MLS is available to licensed members only, including brokers, salespeople, and appraisers, who pay dues to gain access to the service's public and proprietary data, including tax roll information, sold transactions, and listings input by all cooperating MLS members.
Listing agents generate CMAs for their sellers, and buyer's agents create them for their buyers so both sides know what current market conditions are for the property they are interested in comparing.
How accurate are CMAs? - The CMA is a here-and-now snapshot of the market, based on the most recent data available, but it can instantly be rendered obsolete by a new listing, or a change of status in a property with the same criteria. Why? The market is constantly changing - new listings, pending sales, closed sales, price reductions, and expired listings.
CMAs can vary widely, depending on the knowledge and skill of the person inputting the search parameters to the sofware as well as the number and type of data fields that are chosen. That means some features may not be included.
As informative as the CMA is, it should only be used as a tool and should not substitute for your real estate professional's knowledge and advice. We have been spot on using these tools in addition with our knowledge of the areas in East Texas.
Want to know what your Real Estate in East Texas is worth? I'll provide you with a FREE Comparable Market Analysis at no obligation. Simply fill in your information below and I'll get back to you shortly with a detailed report of comparable properties in your area that have recently sold or are currently for sale.