Utilizing A CMA

What is a CMA? It’s a competitive market analysis. A report that compares a specific home with similar homes in the neighborhood to help determine a listing price or price range for your home.

What kind of properties are found on the CMAs? There are 4 types of listings, and they are:

• Active Listings – Homes currently on the market
• Pending Listings – Homes that are under contract, but not successfully closed
• Sold Listings – Homes that have closed. You can see the initial listing price, and the closing sales price
• Expired Listings – Homes that did not sell and were taken off the market

CMAs are to be used as tools. They’re to be used as guides in pricing your home. They’re not the end-all answer for it. All homes are different. A home can have an upgraded kitchen and bathroom which will raise the property value. Or a home can be in so much need of maintenance that the price comes down. Or a home can be in a desired neighborhood close to a beautiful park. And on the other hand it can be next to an industrial factory pumping out pollutants all day.

There are many aspects that are to be considered when pricing your home, but CMAs are a big help in showing you what similar homes around you are selling for and have sold for. If you need more help in pricing your home, to get as precise and accurate as you can get, it’d be worthwhile to contact a professional property appraiser.

This entry was posted on Monday, May 12th, 2008 at 5:53 pm and is filed under Tucson Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.