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CMA Page 1 of 1 Comparative Market Analysis Property Type: Residential Detached Status: Foreclosed Subject Property # MLS# Closed Date Address 1 3741595 10/31/2008 576 PARK AVENUE City Zip Subdivision

How to fill out comparative market analysis

How to fill out a comparative market analysis:

1. Gather necessary information: Research and collect data on recent sales of similar properties in the local market. This includes the sale prices, features, and location of each comparable property.
2. Analyze the data: Compare the recently sold properties to the property being evaluated. Look for similarities and differences in size, condition, location, and other relevant factors. This analysis helps determine an appropriate price range for the property.
3. Adjust for differences: If there are significant differences between the property being evaluated and the comparable properties, adjustments need to be made. For example, if the comparable properties have more bedrooms or a larger lot size, the price should be adjusted accordingly.
4. Consider market conditions: Take into account the current real estate market trends and conditions. Factors such as supply and demand, interest rates, and economic indicators can influence property prices.
5. Determine a price range: Based on the analysis and adjustments made, determine a range of prices that reflect the value of the property. This range should consider both the lowest and highest possible sale prices.
6. Compile the comparative market analysis report: Organize the data and findings into a comprehensive report. Include details of the comparable properties, the adjustments made, and an explanation of the determined price range.

Who needs comparative market analysis?

1. Real estate agents: Agents use comparative market analysis to determine the appropriate price range for a property they are listing. This analysis helps them provide accurate pricing recommendations to their clients.
2. Homeowners: Homeowners who are considering selling their property can benefit from a comparative market analysis. It provides them with an understanding of the current market conditions and helps them set a competitive asking price.
3. Buyers: Buyers can use comparative market analysis to assess the value of a property they are interested in purchasing. It helps them determine if the asking price is fair and if there are comparable properties selling for less.
4. Appraisers: Appraisers use comparative market analysis to assess the value of a property for mortgage lenders or other clients. It helps them provide an unbiased opinion on the property's worth based on recent sales and market trends.
5. Investors: Investors rely on comparative market analysis to identify potential investment opportunities. By comparing the prices of similar properties, investors can determine if a property is priced below its market value, making it a potentially profitable investment.

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What is comparative market analysis?

Comparative market analysis is the process of evaluating the prices of similar properties in the same area to determine the market value of a property.

Who is required to file comparative market analysis?

Real estate agents, appraisers, and property owners may be required to file comparative market analysis depending on the purpose.

How to fill out comparative market analysis?

To fill out a comparative market analysis, gather data on similar properties, analyze the information, and determine the market value based on the comparison.

What is the purpose of comparative market analysis?

The purpose of comparative market analysis is to determine the fair market value of a property to facilitate buying, selling, or lending decisions.

What information must be reported on comparative market analysis?

The information reported on a comparative market analysis typically includes details about the property, recent sales of similar properties, and factors affecting the market value.