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Bev West, Broker/Owner

West Realty/Metro Brokers
Greeley, CO 80634
970-631-7111
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CMA's and Appraisals

What is a CMA?

Simply put, a Comparative Market Analysis, or CMA, is a report used to determine the fair market value of a home. Based on local market data, a CMA takes into account recent and pending sales as well as current listings.

From this information, we can establish an appropriate listing price for your house. This price may need to be adjusted as the market changes to ensure that your house remains competitively priced.

Photo of House

The fair market value of a home is determined by the dollar amount a knowledgeable buyer and seller would agree on within a reasonable amount of time (usually within 90 days). The fair market value is only an estimate. It also takes into consideration such things as location and home condition. Price adjustments are based on fluctuations in the market, interest, and motivation.

This CMA report includes information on current local listings and other recently sold (or pending sales) in your neighborhood. Although no house is exactly like yours, these are the most similar properties and are often the ones that appraisers use to determine home values. Also factored in are things such as: square footage, location, amenities, property condition, and existing financing.

All included data has come from the most reliable sources: local real estate firms, title companies, and the Multiple Listing Service (MLS).

If you would like a FREE CMA on your house, click here!

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What's the Difference Between a CMA and an Appraisal?

What is a CMA?

 

How do you find out the value of your home? There are two ways - a comparative market analysis, or CMA, and a professional appraisal.

The CMA is used to determine current market value so that you can choose the listing price where your home will sell quickly and for the highest amount possible.

As any real estate professional would do, West Realty gets the information for the CMA from the multiple listing service, or MLS, where brokers and their agents pool information on listed properties for sale. The MLS also contains sold data, historical trends and property tax roll data.
 

The CMA includes recently sold homes and homes for sale in your immediate neighborhood that are most similar to your home in appearance, features, and general price range. Establishing a home's fair market value is equally important to buyers and their lenders. When your buyer applies for a loan, the bank will order an appraisal.

Where the bank appraisal differs from a CMA is that it is performed by a licensed appraiser - not a real estate agent. Even though the appraiser is hired by the bank, the appraiser has no vested interest in the transaction.

The appraisal is designed to protect the bank, so that it doesn't loan too much money for a single property. The appraiser visits your home and compares it to other similar homes using square footage, finishes, age, condition, location, and more.

The data is compared to property tax records and recent solds as well as sales trends to determine the arc of prices up or down. Appraisers also use information from the local MLS.

If an appraisal comes in lower than the asking price of the home, the bank will not make the loan, and the seller will likely reduce the price for the buyer.

One thing is certain, no home will sell for more than it's worth in any market. If you price your home based on the information suggested by the CMA, chances are good that the buyer's appraisal will support the sales price.

If you price your home above comparables, it's a sure way to insure your home won't sell.

Bev West, Broker/Owner
3835 W. 10th St. #200C
Greeley, CO 80634
Phone: 970-631-7111
Email: bev@bevwestingreeley.com

See What My Clients Have To Say...

The sale of a house sparks emotion and concern little recognized, until one is faced with it. Information and logic alone sometimes are not sufficient to navigate the sea of decisions, so how lucky am I to have you! Your positive assurance meant the world, and we were absolutely confident you would not steer us wrong. We appreciated your advice to move forward and not wait. We were so glad we didn't wait, and you deserve credit for nudging us forward. Real estate can be a stressful, brutal business; but, your intellect and fortitude makes you well suited for it. May your success continue. With love and appreciation. Thank You!! Joyce P.
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