A Comparative Market Analysis (CMA) is unique from all other opinions of a property's value. Like a snapshot, it reflects what the market may be willing to pay over a defined timeframe. It typically looks back six to twelve months, for sales activity of properties like yours and estimates the current market value of your property.
It will not only look back at properties sold recently (comparables), it will also examine current pricing trends. In addition , it evaluates the number of Days each comparable property spent On the Market (DOM) and assesses the time required to find a buyer for your property.
Comparable properties utilized are segregated , not only by the number and type of rooms, number of units, structural, functional, mechanical or environmental defects, but also by amenities, potential use and amount of land. A consideration of value is acknowledged regarding any condition, which may have adversely impacted final sales prices of comparables. There is also a presumption that each comparable was properly marketed in a competitive atmosphere.
Unlike internet price estimators, judgments of values are based primarily on local market statistics, which are further filtered by a variety of conditions and considerations. It is the norm to utilize statistics of properties sold by licensed Realtors, who exclude private and distressed sales. This standard lends itself to further assurance, that disclosures of pertinent facts surrounding the sale of properties being compared with yours, have been duly examined.
Standards of practice utilized by Realtors in a professional CMA, observe disclosure rules and guidelines, which govern representations of items such as known defects and legal use. Properties compared to yours, should come from a licensed real estate agent, who is compelled to observe and employ all such standards and practices in a professional CMA opinion.
Don’t underestimate the value of your property. Request a professional CMA.
Contact us by phone for a free private consultation, or complete form below and email request.
80 Pompton Avenue, Suite 303
Verona, NJ 07044
Phone 973-239-4700
Facsimile 973-239-5325
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