When you are looking to buy a new home, the most important thing in Real Estate you can do is get a Comparative Market Analysis (CMA). This blog will outline all of the homes in your area that are similar to the one you are interested in, as well as their sale prices. In order to get a good CMA, however, you need to understand what parameters to include. In this blog post, we will discuss key factors that should be included in every CMA!
CMA is very important and helpful in home-buying decisions. It allows the buyer to see how much similar homes in the area have sold for, and therefore get an idea of how much they should offer on the home they are interested in. In order to get an accurate CMA, however, you need to make sure that you include all of the right parameters. The three most important factors to consider when creating a Comparative Market Analysis are:
-location
-property size
-condition of property
If you leave any of these key factors out, your CMA will not be accurate. For example, if you are looking at a home that is located in a highly desirable school district but do not include that information in your CMA, you will not be getting an accurate picture of the market value. The same goes for property size and age – if you are looking at a home that is much larger or much newer than the others in your CMA, it will not be an accurate representation of the market.
- Location
The first parameter to include is the location of the property. This may seem like a no-brainer, but you would be surprised how many people forget to include this information! The location of a property can greatly affects its value, so it is important to make sure that your CMA takes this into account.
- Property Size
Another key parameter to include is the size of the property. This is important because properties that are similar in size will likely have similar values. If you are looking at two properties and one is twice the size of the other, it is probably not going to be an accurate comparison.
- Condition of Property
Finally, you need to consider the condition of the property. Properties that are in better condition will usually sell for more than properties that need repairs. This is why it is important to get a professional home inspection before you make an offer on a property. By taking all of these factors into account, you can be sure that you are getting an accurate CMA!
Conclusion
Now that we’ve gone over some key parameters to include in your CMA, let’s talk about how to actually get one. The best way to get a CMA is to contact a real estate agent. They will have access to all of the necessary data and can generate a report for you quickly and easily. They can help you navigate the process and ensure that you get the best possible deal. And, if you need help finding comparable properties in your area, they can definitely assist with that as well!
Do you have any questions about CMAs or the home buying process? Contact Azco today, we would be happy to answer them!
