How much will real estate sell for?
A comparative market analysis will provide an estimate, based on comparable sales.
A service normally provided by real estate agents prior to either listing a property or prior to making an offer to purchase a property on the behalf of a purchaser.
The true purpose of a CMA is to establish current estimated value of a similar property. This is accomplished by researching both: the currently listed properties and the most recently sold properties, in the same area, with as similar characteristics as the property in question. This information is usually provided to the property-owner to help them establish a fair market price or it may be given to a prospective purchaser to help guide them in a proper offer to make to the owner.
Some real estate agents perform this service for FREE others may charge as much as $300 for this information. A lot depends on who is doing the CMA and also how detailed the information provided.
We encourage all prospective purchasers to contact a Real Estate Professional Affiliate nearby the home you are considering buying and have them create a CMA for you. This information can be invaluable when it comes time to make your initial offer to purchase the dream home you have located. It will often provide you with other information aside from the home, with respect to: schools, zoning, taxes, shopping, variances, easements, and much more.
Go to our section entitled Buyer-Broker Help and select one of our fine Registered Professional FSBO Affiliate real estate agents. They are experienced in all the areas that you will need help and assistance in the purchase of your new home.
In making your offer to purchase you might also want to secure the services of a Home Inspector and make your approval of their findings as a contingent part of your contract to purchase. See our section on Home Inspectors.
As will be mentioned in our section on Appraisers, most purchase contracts are contingent upon a final Appraisal, for information on this go to Appraisers.