What is a CMA and Why Do We Need One?

Real Estate Agent with The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803

What is a CMA and Why Do We Need One?

Here is another homeowner Frequently Asked Question that Larry & Sheila Realtor's are often asked...  What Is A CMA

Question: What is a CMA and Why Do We Need One?

Answer: CMA means Comparative Market Analysis. It is an evaluation of similar, recently sold homes prepared by a Realtor providing data which compares your property to similar properties in your market.

By checking SOLD property records that are similar to your property in the same area, a Realtor will compare these properties to your house and adjust for feature differences like size, condition, location, updates, etc. 

An estimate of value is then determined for your property.  This would allow an assessment of the current competition and might lead to an increase or decrease in the estimate based on the data found. This is the best way to determine the best listing price for your home with an in-depth analysis of a home's market value in today's market, using closed transactions of comparableproperties. 

This is not an appraisal. An appraisal is performed by a licensed appraiser.

The CMA process takes place before your home is listed for sale. This will give a good assessment of what your house could potentially sell for and establishes a fair pricing guide.

~Stay tuned for more Frequently Asked Questions~

Larry and Sheila are Realtors with Charles Rutenberg Realty and when you are ready to buy or sell your home on the North Shore Of Long Island, please contact us at 631-805-4400.


Email: sheila@suffolkexperts.com

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Re-Blogged 1 time:

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  1. Roy Kelley 05/16/2012 11:17 PM
Real Estate Best Practices
Diary of a Realtor
ActiveRain Contests
long island real estate
for sellers
north shore of long island
what is a cma
long island seller

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John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

What is a CMA and Why Do We Need One?

Excellent post and now suggested Larry and Sheila!  Hope you both have enjoyed a productive day.

May 16, 2012 10:25 AM #1
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Larry & Sheila - You are right, CMA is a supporting evidence to find the value of a property. Thanks for the information about CMA.

May 16, 2012 11:08 AM #2
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

So funny. I was going to explain CMA's also to consumers. Don't worry. When I get to it, mine will be different.

May 16, 2012 11:20 AM #3
Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Million $ Guild Cert Luxury Home KW Land Division

And the tricky part is getting the seller to listen to it and realize we are paid what we are paid because we are a professional and we do have knowledge and expertise they need to respect and listen to.

May 16, 2012 11:22 AM #4
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Good post.  Sometimes in this business we talk past people with our acronyms.  

May 16, 2012 02:26 PM #5
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales a

Nice post explaining the CMA Larry & Sheila, these important steps in determining an asking price are too often overlooked.

May 16, 2012 10:19 PM #6
Toni Weidman
Sailwinds Realty - Trinity, FL
26 Years Selling Homes in New Port Richey, FL

Great explaination, Larry and Sheila. Sometimes I think we expect people to know all this stuff because it's second-nature to us.

May 16, 2012 10:49 PM #7
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

This is indeed a great explanation of what a CMA is Larry and Sheila! Great post!

May 16, 2012 10:58 PM #8
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Every prospective home seller should expect a CMA.  This is the best way to understanding the process of setting a market price for the listing.

Have a most productive week as home buyers take advantage of the record low mortgage interest rates.

May 16, 2012 11:13 PM #9
William True
True Sarasota Real Estate - Sarasota, FL
Sarasota Real Estate

Larry and Sheila -- great post and explanation of CMAs for sellers !! I have suggested. Have a great day in real estate!

May 17, 2012 12:41 AM #10
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Larry & Sheila, this is very critical in the process of pricing, whether it is a home U/C with a buyer, or putting a home on the market for a seller!    GREAT ADVICE!

May 17, 2012 01:36 AM #11
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Good evening Larry and Sheila.

That is a great way to value a home before putting it on the market.

May 17, 2012 09:24 AM #12
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Larry & Sheila, in the current market some buyers also requests a CMA or BPO before they put in an offer on the property they want to buy.

May 17, 2012 11:43 AM #13
Rebecca Gaujot, Realtor®
Perry Wellington Realty, Adam Conrad, Broker - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Larry and Sheila, I agree this is a good explanation of a CMA...suggested.

May 17, 2012 01:50 PM #14
Lloyd Binen
Certified Realty Services - Saratoga, CA
Silicon Valley Realtor since 1976; 408-373-4411

Larry and Sheila,

This is a very educational post for homeowners.  An educated homeowner always makes a transaction go more smoothly.  But, as I've mentioned, all they really need to know is how to reach you.

May 17, 2012 03:49 PM #15
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