What is a CMA in Real Estate?

Have you ever wondered what your property is worth?

Have you ever been a buyer that is interested in a property but you are not sure what you should pay for it?

When faced with these difficult questions you can refer to a CMA to help guide you. 

CMA in real estate stands for comparative market analysis. What does that mean? Simply put, it is an estimate of a property’s value. The estimate comes from comparing recent sales of similar properties within the same area. For sellers, this can help you get a better idea of what you can expect to get for your property at auction, or what to set your listing price at. For buyers, this can help give an idea of what a property is worth, and then you can decide what it is worth to you.

What can you expect to be on a CMA?

Well, it depends on what property you are comparing. A CMA for land is going to look different than a CMA for a home. 

Below are some examples of items on a CMA for land versus a CMA for a home.

Home/Acreage CMA: 

• Includes the subject (property being evaluated) and 3 comparables (similar properties recently sold within the same area). 3 is the ideal number but only if available. 

• Address

• Sale Price

• Valuation per Assessor

• Sale Date

• Property size

• Dwelling size (sq ft)

• Year Built

• Bedrooms/Bathrooms

• Garage

• Any other additional items (pool, deck, yard fence, ect)

• Property Value per sq ft 

• Subject Property Value when compared to comparable sale

• Estimated Value of Subject Property

Land CMA: 

• Includes the subject (property being evaluated) and 3 comparables (similar properties recently sold within the same area). 3 is the ideal number, but only if available. 

• Address

• Sale Price

• Valuation per Assessor

• Sale Date

• Property size (acres) 

• Land makeup (pasture, timber, tillable, water, ect)

• CSR2

• Tillable %

• Any other additional buildings or items (if applicable)

• Property Value per acre

• Price per CSR2

• Subject Property Value when compared to comparable sale

• Estimated Value of Subject Property

Although it is impossible to exactly predict what a property is going to sell for, a CMA is a great tool to help you get started with more confidence on your selling or buying journey. 

If you or someone you know would like to have a CMA performed, or have more questions about it, please do not hesitate to reach out to me!

--- Kayla Hazard