Good afternoon, everybody. My name’s Chris Berger, and it’s time for a Berger Point.
You know, sometimes you hear the term CMA tossed around, and people don’t know what a CMA is.
Well, it’s actually called a Comparative Market Analysis, and generally it’s prepared for the seller before they sell their house.
What Goes Into That?
Well, square footage at the home, acreage, how many bedrooms, how many baths and what year it is and certainly the number of other factors, the style of the house.
Even perhaps, the condition of the house.
So, the agent for the seller, will put together these figures based on — and this is very very important — Houses Sold In The Last Six Months — It’s not houses listed for, it’s what they’re actually sold at.
So, for example, say a house is selling for $500,000 —
Well, in all probability that agent prepared what they called a CMA (Comparative Market Analysis) for the seller and that will show houses similar in style and size might be $510,000, $515,000, $475,000, $490,000.
So that’s where the agent comes up with the figure $500,000.
So, as a seller don’t be surprised on that and on the flip side this is very important for the buyer…
Well, once they look at a home — and this is how I work and not all agents do the same thing — but once my client looks at a home as a buyer and they want to make an offer I will immediately make a CMA for them.
I’ll send it to them because this way they know what’s been sold in the last six months on a comparative analysis and really what to offer and whether the offer is accepted or rejected.
The buyer will now have some basis to make a good decision and that’s what the CMA is for.
So, that’s my point and today.
My Yankee Hat. Gosh, we’re on such a roll. We’re playing great baseball.
It’s great to be a Yankee fan. Not so much being a Met fan, though.
Have a great night.
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I'm Chris Berger and I'm sharing my 40+ years of experience as an NY & FL realtor, in home renovation & property management. Yankees fan. Concert goer. Dog lover. Granddad.
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