We often get asked by Houston Texas buyers and sellers, what is a ๐พ๐ค๐ข๐ฅ๐๐ง๐๐ฉ๐๐ซ๐ ๐๐๐ง๐ ๐๐ฉ ๐ผ๐ฃ๐๐ก๐ฎ๐จ๐๐จ ๐๐ก๐จ๐ค ๐ ๐ฃ๐ค๐ฌ๐ฃ ๐๐จ ๐ ๐พ๐๐ผ? Hi, I’m Natasha Carroll with Natasha Carroll Realty. The CMA is a side-by-side comparison of homes ๐ก for sale and homes that have recently sold in the same neighborhood and price range. The information is further sorted by data such as the type of home, the number of bedrooms, the number of bathrooms, lot size, neighborhood, property condition and features and many other factors.
The purpose is to show estimated market value based ๐ on what other buyers and sellers have determined through past sales, pending sales and homes recently put on the market. CMAs are generated by using property information from your real estate agents, multiple listing service. The MLS is available to licensed members only including brokers, salespeople, appraisals who pay dues to gain access to the services public, and proprietary data, including tax roll information, sold transactions and listings input by all cooperating MLS members.
Listing agents generate CMAs for sellers and buyers agents create them for buyers. So both sides know what the current market conditions are, for the homes that they are interested in comparing. The CMA is here and now snapshot of the market based on the most recent data available. But it can instantly be rendered obsolete by a new listing or a change of status in a home with the same criteria. Why do you say that? Because the market is constantly changing, new listings come on the MLS all the time, pending sales, closed sales, price reductions and expired listings. CMAs can widely range very dependent on the knowledge and the skill of the person creating the CMA, as well as the number and the type of data fields that are chosen. That means, some features may or may not be included. I hope this information was helpful and provided you some insight into what is a CMA.
Reach out to us here at Natasha Carroll Realty with any questions you may have or click the link below to order your FREE home evaluation.
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