It's not just a CMA, It's a TMA.
CMA stands for Comparable Market Analysis. A CMA is a compilation of data that is gathered from the Multiple Listing Service (MLS). The MLS is used by Realtors® as well as licensed appraisers and it provides information regarding properties that have been or are currently being sold on the market. The data is used to assist in determining marketable value for a subject property by comparing the subject to similar properties for sale now and those that have sold in the recent past. Sold data is often referred to as a "comp".
Layman's terms: A CMA is a report that Realtors® run that gives us an idea of what homes have recently sold for that are similar to the one you are trying to sell. Realtors® compare square footage, # of bedrooms and baths, features, schools, etc. and use the information to make pricing recommendations to sellers. A quick search of the internet will reveal that most Realtors® offer to perform a Free CMA upon request.
TMA stands for Thorough Market Analysis. A TMA is not widely heard of by consumers and is most often performed by the consummate professional who believes that a CMA involves more than just the gathering of data. For data to exist, someone has to input it and that input is subject to human error and/or creative liberties. Performing a TMA requires that a physical inspection of the competition (Active listings) take place to verify the accuracy of the data and properly price the property.
LAYMAN'S TERMS: The MLS is full of errors because a listing in the MLS is only as good as the agent making the entry. Within minutes, it is easy to find at least 5 listings that include errors with regards to # of bedrooms, baths, dining rooms, living areas, garage spaces, schools, directions, status and so on. I have yet to find a listing in the MLS state that a home was a cramped space filled with trash, yet I have toured plenty of cramped spaces with trash all over the place. I've also encountered homes that show like a builder's model and the description didn't do the listing or the seller's exquisite taste any justice.
Don't leave the pricing of your home to chance that the CMA data is inaccurate. At Hall Team Homes, we tour the competition prior to offering a price recommendation so that apples will truly be compared to apples. A listing that is priced right ALWAYS results in a faster sale regardless of the condition of the property, its location or local market conditions.
CMA Versus TMA - A TMA reveals the difference.
Clients of Hall Team Homes know the difference.
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Hall Team Homes is proud to serve the real estate needs of the Greater Fort Worth Area including Arlington, Grapevine, Southlake, Colleyville, Mansfield, Hurst, Euless and Bedford.
Hall Team Homes
www.hallteamhomes.com
Contact Amanda Hall, Broker, Realtor and Owner of Hall Team Homes
817-239-9387 direct
Amanda Hall * Texas Real Estate Broker *
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Excellent point and great post. I am of the opinion agents need more training before placing a home on the market. It would make a big difference in the lives of both buyers and sellers.