A comparative market analysis (CMA) can provide a lot of valuable insight.
As a real estate agent, one of the most important aspects of my job is to determine the value of a property in today’s market. Whether it’s a client’s property that they are thinking of selling or just a property in the neighborhood that I am familiar with, doing a market analysis is a crucial part of my work. Today, I’m here to share the importance of this step.
I currently have a client who is possibly getting ready to sell. It is an investment property that is being rented. While I am familiar with the property because I have been in and out of it multiple times, having a tenant in the property makes it important to see the home’s condition in person. The tenant can make a big difference in how the property is going to present, and we need to make sure that there is nothing that needs to be done before listing.
“A CMA can provide useful insights to clients curious about the value of their property.”
When doing a market analysis, I can evaluate a property’s value based on relevant data, such as similar properties that have sold in the area. However, when I assess a property with a tenant, I also need to look at the condition of the property itself. This can help me make decisions on how to price the property.
Doing a comparative market analysis (CMA) regularly is essential for keeping up with the ever-changing real estate market. I try to do this at least a couple of times a week, sometimes even just for practice. It helps me stay sharp and familiar with the neighborhoods I work in, and it can provide useful insights to clients who may be curious about the value of their property, even if they have no intention of selling it.
If you or anyone you know is interested in getting a CMA done on your house, know that I’m always happy to help. Staying sharp and keeping my mind on what is happening in the market is key to providing the best possible service to my clients. Reach out to me at any time by phone call or email. I look forward to hearing from you.