What basic factors go into a CMA?

Real estate agents use a Comparative Market Analysis (CMA) to value a property and establish the correct selling price. This is important whether you are selling or buying. Here are some factors we look at:

Active Listings: These are listings for homes for sale in your neighborhood. It's important that the asking price not stray too far from them, unless there’s very good reason.

Pending Listings: These listings have received an offer, but the transaction isn't complete. They can show local market trends.

Sold Listings: This all-important factor shows what properties in your area actually sold for.

Cancelled Listings: These are the prices of expired or cancelled listings. For some reason they didn't sell. It's important to find out why.

With a CMA, the comparables must be just that: comparable. Agents look for houses with similar square footage, amenities, upgrades, age, and location for example.