Page 14 - MLS Training Book

CMA TRAINING

A comparative market analysis is an assessment of a property’s value, based on similar or comparable

properties (comps) sold in the same market. A CMA is not an appraisal, and is typically not used as such.

A CMA is mainly used as a tool for pricing a home that is about to hit the market.

A variety of factors can impact a home’s price. A home’s value can be influenced by location, square

footage, age, number of rooms, features, as well as current levels of demand.

When preparing a CMA:

Compare properties in the same subdivision or as close to the area of your subject property as possible.

Try to compare properties to very similar properties whenever possible. Adjustments may be necessary

to compensate for square footage, age, features, etc. If the subject property is a 2,000 square feet but

all you can find is a 1500 square foot home, make the appropriate price adjustment to compensate for

the difference in square footage.

Your CMA should include the most recent listings for a more accurate assessment. Try to use recent

comps within 90 days. If there are no recent comps, either extend the date back further or find more

recent comps in another similar location.

FINDING COMPARABLES
Step 1) Login to your local MLS program

Step 2) Access Search button, Select ‘Residential’ class.