What is a (CMA) comparative market analysis?
A Comparative Market Analysis (CMA) is an evaluation of similar, recently sold homes (called comparables or comps) that are near a home or homes that you want to buy or sell. Buyers, sellers, or real estate agents perform a CMA report to establish and find a fair price range for the home the report is created for. The price range from the CMA can then be used as a guide to be used for establishing an offer price or a listing price.
Basically, performing a CMA involves finding the homes that are similar to the home under consideration, and creating an in-depth comparison of its size, age, location, and features of the home. It all comes down to one question: compared to other, comparable homes in this area, how much is this home worth? Answering that question involves looking at a fair amount of data on other homes in the current market.
The process for doing a comparative market analysis includes:
Defining criteria for selecting comparables in close range to the home
- Determine a list of quality comparables
- Evaluate the comparables within close range to the home
- Adjust comparable values for differences in size, condition, location, amenities, etc
- Estimate the ideal value of your target home based off the findings
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This is our first home buying experience. We have had some personal experiences with other people that have left us uneasy. After those experiences we find it hard to trust people. Lane has earned our trust with his honesty and willingness to help and be there for us whenever we need him. He has responded to all of our questions day or night. He as our agent has shown vast knowledge of the area and has answered all of questions and concerns we have honestly and promptly. If there may not be some…
Very personable and easy to work with. Mr. Banner was also very helpful in recommending contractors and service professionals to help me get the property in proper condition for showing.
Lane is the best realtor I ever had. He answered all my questions as we looked at different houses, and if he didn’t know the answer to a question, then he asked the right person to get the answer for me. He actually went in the attic at one house to check the furnace for me. He looked for entry to a crawlspace of another house and noticed the downspout was blocked shut. He checked the cooling system in another house and we discovered it didn’t work. He saw things that I would have otherwise…
No agent could be more thoughtfull or helpful, he responds quickly to emails and works beyond 100 % / He treated Mom and I with respect and made us feel we was worthly of his time even though we had very liitle money to invest.
Lane Banner is truly a professional. He has a friendly personality, He doesn’t push you on anything but helps you with any questions you might have. He is very quick to get process going and you never have to wait on him. My experience with Lane was great all the way through the process. I highly recommend Lane Banner to anyone who is interested in looking at real estate.
I would highly recommend Lane to any individual wanting to purchase a home! He was extremely diligent in helping us deal with the multiple problems that arose during the closing process. My husband and I are new home buyers and the overall process was overwhelming to us. Abnormally, we encountered problem after problem. Lane went above and beyond to make sure that we understood everything and got the deal we needed! His is undoubtedly knowledgeable in the field of real estate and investing. He i…
It has been a pleasure working with Lane. Anytime I have had a question about the process or what is going to happen next, he has been there for me. He has keep me informed about what was going to take place and when. I have enjoyed having him as my agent. Would recommend him to anyone.
In purchasing our home we had a number of issues and one false start and Lane was there for us at every turn. This made dealing with some of these unforeseen issues much easier. He really went to bat for us in dealing with the sellers Realtor and got as much done as could be done. His demeanor very much put us at ease both in the selling of our home and the buying of our new home.
Lane Banner was referred to us by a close friend who had success in selling two properties through Lane . Having grown up in a family owned Real Estate company, I knew I wanted to work with someone who I could trust to provide market insight, properly market the property, and who had excellent communication throughout the selling process. Lane delivered on all these and so much more. Thanks to Lane we had a competitive offer withing 5 days of being on the market and closed before we had to pay o…