What are the common pitfalls and mistakes to avoid when using a CMA?

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A comparative market analysis (CMA) is a tool that real estate agents use to estimate the value of a property based on the sales of similar properties in the same area. It can help you as a first-time home buyer to make an informed offer, negotiate effectively, and avoid overpaying for your dream home. However, a CMA is not a substitute for a professional appraisal, and it can have some limitations and pitfalls that you need to be aware of. In this article, we will explain how to read a CMA and what are the common mistakes to avoid when using it.

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1 Understand the basics

A CMA typically consists of three sections: the subject property, the comparable properties, and the adjustments. The subject property is the one that you are interested in buying or selling. The comparable properties are the ones that have similar features, location, size, and condition as the subject property, and that have sold recently, usually within the last six months. The adjustments are the differences in value between the subject property and the comparable properties, based on factors such as upgrades, amenities, views, or market conditions. The CMA will show you the average, median, and range of the sales prices of the comparable properties, and the suggested list price or offer price for the subject property.

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Erik J. Weisskopf, ABR,CDPE,CRS,GRI

Broker at Re/Max Distinctive Real Estate, Inc., Northern VA. AskMeAboutHomes.com
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totally agree but at the same time this cannot simply be done from "behind a desk". Photos and such that are found online would never say "backs to power lines" or "smells of pet odor" etc. These things can really make a difference in pricing a home or the offer you are making on a home. Speaking to the agents involved in the previous sales is paramount as well as looking at current inventory.

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2 Compare apples to apples

One of the most important aspects of reading a CMA is to make sure that the comparable properties are truly comparable to the subject property. This means that they should have similar characteristics, such as age, style, square footage, number of bedrooms and bathrooms, lot size, and location. For example, you cannot compare a condo to a single-family home, or a waterfront property to a landlocked one. You should also look at the dates of the sales, as the market can change rapidly over time. Ideally, the comparable properties should have sold within the last three months, or even less if the market is volatile.

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3 Adjust for differences

Another key aspect of reading a CMA is to understand how the adjustments are made and what they mean for the value of the subject property. The adjustments are usually based on a percentage or a dollar amount per unit of difference. For example, if a comparable property has a pool and the subject property does not, the CMA might deduct 5% or $10,000 from the value of the subject property. Similarly, if a comparable property has a smaller lot size than the subject property, the CMA might add 10% or $20,000 to the value of the subject property. The adjustments should reflect the preferences and expectations of the buyers in the local market. However, they are not exact and can vary depending on the source and method of the CMA.

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Erik J. Weisskopf, ABR,CDPE,CRS,GRI

Broker at Re/Max Distinctive Real Estate, Inc., Northern VA. AskMeAboutHomes.com
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indeed there is much nuance to an accurate CMA...I just had one where the view of the lake added 50k in value according the appraiser..It was 90k 4 years prior when my client bought the home new. Some numbers are "hard numbers" like a deck...some are "soft numbers".

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James Deskins

Broker/Owner, The HomeBuyer's Advocate
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As and FYI, Realtors have to be very careful when "making adjustments." Realtors are not allowed to do appraisals and "making adjustments" can be akin to doing an appraisal, or doing the work of an appraiser. Yes, we can suggest what things may add or subtract value, but we need to tred lightly when giving an extensive list of "adjustments."

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4 Look at the big picture

The final aspect of reading a CMA is to look at the big picture and not get too hung up on the details. A CMA is not an appraisal, and it does not guarantee that the subject property will sell or appraise for the suggested price. It is only a guide that helps you to understand the current market trends and the range of values for similar properties. You should also consider other factors that can affect the value of the subject property, such as its condition, curb appeal, motivation of the seller, demand and supply, and financing options. Ultimately, the value of the property is determined by what a willing buyer and a willing seller agree on.

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Joanne Patience

Put my proven plan to work to sell your home | I ?? Real Estate as Much as I ?? Dogs ?? and the Beach ??? | Florida Realtor | Fernandina Beach | Amelia Island | Iron Valley Real Estate North Florida
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Agree! CMA is an estimate or a picture into the local real estate market. This should be used as a guide. An experienced Realtor will provide an insight into the market. Example, market is tight, low inventory, buyer wants to make an offer on a home in a neighborhood that only had 1 sale a year ago, and 1 two years ago. First, contacted the property appraisers office & find out the home values for the last few years & apply to two sales to determine a range for neighborhood. We have been appreciating due to growth and demand. Then take a look for surrounding neighborhood for similar property. We review this with buyer to provide them with data to support their decision on what they feel the home is worth. CMA's are not for sellers only.

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Erik J. Weisskopf, ABR,CDPE,CRS,GRI

Broker at Re/Max Distinctive Real Estate, Inc., Northern VA. AskMeAboutHomes.com
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PLEASE...use a knowledgable Realtor familiar with the product and location. Experience matters! Sure your friend or your aunt may be a Realtor but do you really want them cutting their teeth with you? I have seen ALOT of $$$ left on the table or given away because of a true lack of knowledge and or experience. Don't be that person!

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What are the common pitfalls and mistakes to avoid when using a CMA?

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1 Understand the basics

2 Compare apples to apples

3 Adjust for differences

4 Look at the big picture

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