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Fowler Revell Real Estate Co.

Your Coastal & Rural Real Estate Experts in the Florida Panhandle

When you’re in the market for a new home or looking to sell your current one, figuring out how much to offer or list for can be a considerable challenge. How much a house is worth can seem fairly subjective, considering how many factors go into that determination, yet pricing property is a science. That’s why our real estate consultants conduct a comparative market analysis (CMA).

    CMA—Comparative Market Analysis

    There are a significant number of factors that go into determining how much a specific property is worth. When people who are buying or selling a home, think of factors that impact the listing price, they typically consider location, square footage and the number of bedrooms and bathrooms. But the property’s age, condition, features, lot size and so on, as well as the conditions of the local and national housing markets, affect the value of residential real estate as well. Note: A CMA is not a substitute for an appraisal. 

    Comparative Market Analysis

    The first step to selling your Florida Panhandle area home is to get skilled local Real Estate professionals such as Fowler Revell Real Estate Co. to provide you with a CMA or Comparative Market Analysis.

    A comparative market analysis (CMA) is an estimate of a home’s value based on recently sold, similar properties in the immediate area. Real estate agents and brokers create CMA reports to help sellers set listing prices for their homes and, less commonly, to help buyers make competitive offers. Individuals can perform their own comparative market analysis by researching comparable properties

    Why Automated Valuations Are Bad

    Have you ever wondered why most of the internet sites that provide an “instant home valuation” such as Zillow or Trulia are typically off by 20 to 40%? The simple reason is that a computer analysis of home values can only take into account tax data, a trailing indicator. In an appreciating market, a trailing indicator will always put a home’s price too low. Why? These types of reports depend upon tax records. When a home is sold, the sale does not work its way into the tax data for as long as nine months after the sale.

    What Goes Into A Comparative Market Analysis?

    The analysis begins with us compiling a list of at least three similar properties within the same area that have sold in the last 3 – 6 months. If there isn’t enough sales data or if the potential purchasing price of a home is being calculated, we may also select properties that are currently listed on the market or pending. Even expired listings can be used to demonstrate the kinds of prices that are too high to attract interested buyers.

    A comparative market analysis is a crucial tool for estimating the value of real estate. If you’re a homeowner who is interested in listing your property for sale, a CMA will help you determine an appropriate asking price based on what sales prices similar homes in your area have received on the market.

    The Fowler Revell CMA Advantage

    The real knowledge and understanding within a CMA are primarily due to the experience and expertise of a local real estate professional. Internet valuations are typically “quantitative” only. They take into account only numbers. The value of a Blair Owens Group Realtor is that their analysis is both quantitative using much fresher sales data than tax data, but more importantly, it is primarily qualitative.

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