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Island Realty Group
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Comparative Market Analysis
From a Buyers perspective a CMA can be your most important tool in negotiation since it will detail exactly where, price-wise,
the house in which you are interested is positioned.
Is it underpriced (a bargain), priced "on the money" (a fair price for both buyer and seller) or overpriced (time to either negotiate hard or walk away).
If you overpay for a home in a strongly appreciating market, the market will eventually cover your mistake.
If, however, you overpay in a flat or declining market, you will end up holding the financial bag.

From the viewpoint of a Seller, a CMA can be equally valuable. Setting a realistic listing price will almost certainly limit a property's time on the market.

Please complete the following form and we will promptly email you the results of our property analysis.


What to expect from a CMA

A CMA is a recap of housing activity in the area in which you are interested, focusing on 3-10 properties that are similar in size and amenities
located in the same neighborhood or nearby. The CMA will list specific details (number of bedrooms, number of baths, total room count,
square footage, age, etc.) for similar properties that are currently on the market (active listings), those that are under contract but not yet
closed (pending listings), and those that have closed and transferred ownership (sold listings) as well as those listings that have either expired
without selling or have been withdrawn by the seller (taken off the market).

Because a CMA compares similar properties it can give a buyer a pretty clear snapshot of current housing values in a specific housing market.
Although the CMA is very important, it cannot be used as an absolute determination of value, since it generally does not put a lot of weight
on condition, an obviously important factor.

While the CMA will list homes that are currently on the market as well as those that are pending or have expired, it is those properties that
have sold and closed that give the most information. Sold and closed information is important, since these detail specifically what buyers
are willing to pay (and lenders are willing to lend) for specific properties. Don't make the mistake of putting too much weight on the prices
of properties currently on the market. These homes could be wildly overpriced compared to the price for which they eventually sell for.
Likewise, one of the biggest reasons that a property listing will expire without selling is because it is overpriced, so the prices
of these expired listings should be taken with a grain of salt.

What does a CMA include?

You will find at least the following information on the "subject property" (the one you want to buy) and anywhere from 3 to 10 additional properties:

+ Street address
+ Square footage
+ Number of bedrooms, number of baths, number of total rooms
+ Age
+ Listing price and sold price if closed