What Is a Comparative Market Analysis and What

Does It Do By Creig Northrop

Creig Northrop of Long & Foster Real Estate has been helping clients buy and sell homes in Maryland for over 20 years. Dedicated to selling clients’ homes for the best possible price, Creig Northrop and his team offer not only staging services, but also free comparative market analyses to give clients an idea of their home’s value.

Introduction

A comparative market analysis (CMA) is a report prepared by a real estate professional before putting a home on the market. Looking at homes similar in size, location, amenities, and condition to the home about to be placed on the market, a CMA details what similar homes are selling for in relation to what they are listed for, and how long it takes to sell them. This information provides a pricing guideline for the home.

About Comparative Market Analysis

Getting a CMA report done is very valuable to the selling process, as it allows sellers to respond to offers based on market insight. The report provides a basic overview of competing properties and prices, allowing homes to be priced within the proper market. Further, a CMA allows for the home to be priced in such a way that it will sell as quickly or slowly as the seller desires. Asking prices near the higher end of the CMA’s range will take longer to sell, whereas those near the lower end of the range sell faster.

Conclusion