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The term CMA is frequently used in the real estate industry and is a acronym used to describe a comparable market analysis. A comparable market analysis report is used by many real estate professionals to determine the current market value of a property. The Comparative Market Report is made up from real estate data gathered through many resources and a large portion of that obtained from the multiple listings service (MLS). Real Estate Agents and/or Relators gather this data to determine a suggested listing price or asking price for a home. A suggested price for a property is determined by many factors such as similarities of the property appearance, type , home features, current active homes for sale, recently sold homes, past homes sales, pending home sales, etc. When the report has been completed by a licensed real estate professional, a recommendation is made to get to a suggested price to sell your home. Although a comparative market is fair and thorough estimate of your homes possible current market value, it is not be confused with an appraisal.
A home appraisal or an appraisal of a property can only be performed by a certified licensed appraiser. The Appraiser is usually ordered by the bank or lender to perform an appraisal of the subject property involved to determine the value vs. the home loan amount. Commonly, an appraisal fee is usually assessed to the buyer up front and is entered in the closing documents. The Appraiser has no vested interest in the transaction and is to determine the value of the home using Uniform Standards of Professional Appraisal Practice by (USPAP). Once the appraisal has been performed, the appraiser directly inform the lender and provides the bank with an appraisal report. The Appraisal report contains the information and data collected to determine the property's value. If the property value or appraisal performed by the appraiser comes in lower than expected, the loan may not be approved.
Real Estate market trends are constantly changing and so is the real estate market.
Pricing your home is a critical step in the home selling process. As a result, Selling your home for a higher price vs. similar comparable homes can scare potential buyers. On the flip side, if your selling price for your home is too low can cost you money out of your pocket. If you are thinking about selling your home talk to a real estate agent or realtor in Miami-Dade or Broward. Get more information about current sales trends and real estate data needed to price your home to sell in your current market.
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