Preparing an Accurate CMA
by: MartenW.Davis,SRPA |
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Many Realtors ask us how to prepare an accurate Comparative Market Analysis. The following is an outline of presentations given at Realtor Training Sessions.
Use a subdivision specific search as the first step, in both MLS and Public Records.
Use recent sale date - no more than 3 months if possible. Be especially careful in a changing market.
Sort by Living Area (if subject is 1250 SF then search from 1150-1350)
Eliminate those having major differences (pool, water, room count, etc).
Search by Grid first. If there are not 5-10 sales that fit 1-4 above (be sure to screen by size and eliminate major differences) then expand the search area.
Place sales on market grid and make adjustments as necessary to arrive at a value range.
See the Sample Market Grid: http://gulf-to-bay-appraisals.com/Market_adjustment_grid.pdf
Marten Davis, SRPA
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About the Author
Gulf to Bay Appraisals serving the Greater Tampa Bay Area including: St Petersburg, Tampa, Clearwater Florida. Marten W. Davis, SRPA principal Appraiser of Gulf to Bay Appraisals. Click here to get your own unique version of this article with free reprint rights.
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