Selling your Greater Washington DC area home?
Buying an Greater Washington DC area home?
Friends and Clients— 

Today I’d like to answer a question I hear all the time: What is a CMA? In the real estate world, a CMA refers to a “Comparative Market Analysis". A CMA estimates a home’s value based on the recent sales of similar real estate in the area. Before putting a home on the market or making an offer on a home, home buyers and sellers should obtain a comparative market analysis from their agent.

I recently came across an article on Realtor.com that explains CMAs in great detail. Here are a few of the most important things I took away from the article:

1. It’s important to ask your agent for a CMA. Because a CMA is used to figure out home pricing, it’s important for both home buyers and sellers to understand CMAs because they can play a huge role in the final sale price of the home.

2. A CMA can go beyond comparables. Instead of just looking at homes that have already sold, you can also look at the current home sales that are under contract. Those values might be able to inform you a little bit more about where you should be priced in order to get the most money possible for the home. You can also look at the expired, cancelled and withdrawn listings. These are homes that were on the market and did not sell for various reasons. All of this data is important in determining the final sales price of the home.

3. You can do your own CMA. There are plenty of online home value estimators,  including our own: https://www.simplyyourbestmove.com/cma/property-valuation/. After putting in your address, it will give you an automatic price, and it’s a great starting point for determining your home’s value.

If you have any other questions about CMAs, interpreting the CMA data  or about real estate in general, I’d be happy to answer them. Just give me a call at 703-328-3434 or send me an email today.