What a CMA is
A CMA is a report a real estate agent prepares to estimate your home's market value. It looks at what similar homes near you have sold for, then adjusts for the ways those homes differ from yours. The goal is a list price that draws buyers and holds up when the buyer's lender orders an appraisal.
What goes into a CMA
- Sold homes: similar homes that closed recently, usually within the last few months.
- Pending sales: homes under contract, which show where the market is heading.
- Active listings: the homes you'll compete with for buyers.
- Expired or withdrawn listings: homes that didn't sell, often because of price.
- Market trends: days on market, list-to-sale price and inventory in your area.
How agents choose comparable homes
The best comparables, or comps, are close by, similar in size and style, and sold recently. Agents look for homes in the same neighborhood or school zone when they can. In fast-changing markets, recent sales count for more than older ones.
How adjustments work
No two homes are the same, so agents adjust each comp's price up or down to match your home.
Example: a nearby home sold for $430,000. It has a finished basement and yours doesn't. If buyers in your area value that basement at about $20,000, that comp suggests about $410,000 for your home. Agents repeat this across several comps to land on a range.
- Common adjustments: square footage, bedrooms and baths, condition and updates, lot size, garage, basement, and location features.
CMA vs. online estimate vs. appraisal
- Online estimate: instant and free, built from records and recent sales. It can't see your home's condition or updates.
- CMA: an agent's local review, including condition and how your home compares. Used to set a list price.
- Appraisal: a paid valuation by a licensed appraiser, usually ordered by the buyer's lender. It follows set standards.
How to use your CMA
Treat the CMA as the start of a pricing conversation.
- Ask why each comp was chosen and what was adjusted.
- Look at the active listings. Those are the homes buyers will compare with yours.
- Decide on your timeline. Pricing for a quick sale can differ from testing the market.
- Revisit the price if showings or offers are slow in the first few weeks.
Get a CMA from CapCenter
Start with our free home value estimate, then ask a CapCenter listing agent for a comparative market analysis before you set a price. Where we offer realty services, our standard listing fee is 1.5%, with a $3,000 minimum. Sell with us and buy, or finance, your next home with CapCenter within a year, and it’s 1%. Restrictions apply.
