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What is a Comparative Market Analysis?

Posted by Rhonda on March 13, 2017
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What is a comparative market analysis - Knoxville seller's agent Rhonda LylesIf you’re selling your home, your Knoxville Realtor® will offer you a free comparative market analysis, or CMA.

But what is a CMA, and why do you need one whether you’re selling your first home or your tenth?

What is a Comparative Market Analysis?

A comparative market analysis tells you how much your home is worth so you know just how to price it when you put it up for sale.

Reports vary in length, depending on the amount of information necessary to determine the right value and a few other factors, but they all draw information (and include information) from the same sources.

Your CMA will include data on:

  • Active real estate listings in Knoxville that are similar to yours. You won’t generally see listings from across town, though; an experienced, knowledgeable Realtor will pull active listings in your neighborhood and those near it.
  • Pending real estate listings in Knoxville that are similar to yours. Pending listings are those that were on the market but are currently under contract. They haven’t closed yet.
  • Sold real estate listings in Knoxville that are similar to yours. Like the other two types of listings, these won’t be from the opposite end of Knoxville; they’ll be homes that have sold recently near yours, in similar neighborhoods and with similar features.
  • Real estate listings that were taken off the market for some reason.
  • Expired listings. These are homes that were on the market and never sold.

What Your Realtor Will Compare

Your agent will look for homes that are a lot like yours. She’ll compare:

  • Square footage
  • Age of construction
  • Amenities
  • Upgrades
  • Condition
  • Location

What the CMA Tells You, as a Seller

Your agent compiles all this data to help you determine how much you could sell your home for if nothing changes (if the roof caves in, you’re probably going to need a new CMA).

Are You Selling a Home in Knoxville?

If you’re selling a home in Knoxville, we can help. We’ll be happy to give you a free comparative market analysis so you know how much your house is worth, walk you through the basics of staging, and put your home in front of all the right buyers.

Call us at 865-368-5150 or send us an email—we’d love to talk to you!