A good way to learn about a property’s value is to ask a Realtor for a Competitive market Analysis (CMA). A CMA is an analysis done by real estate agents to estimate a home’s market value. It is not an appraisal.
A CMA lists comparable recent sales and includes not only home prices but also property data including beds, baths, size, year built, acres and more. A CMA should list comparable sales that are no more than 6 months old. Sales that are more than 6 months old are outdated and are not a good measure of a property’s present value. A CMA that lists recent sales in the target property’s immediate area (like homes in the same subdivision) is always best. Home values in different subdivisions (even if they are just a few miles away) vary greatly, so it’s best if the analysis stays in the same subdivision; or at a minimum only compares sales in comparable subdivisions.
To become better informed, I strongly advise both buyers and sellers insist on getting a CMA for their property of interest before proceeding forward with a real-estate transaction.
Realtor, Lisa Bayless, specializes in Catalina Foothills, Oro Valley and Marana home sales.
Please, keep up the good work and continue to post topics like this. I am old fan of your site!
I just signed up to RSS on this blog. Will you post more on this topic?