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The process of conducting a CMA involves several steps:
- Gathering Data: Real estate professionals collect data on recently sold properties that are similar to yours in terms of location, size, and features.
- Analyzing Comparables: They examine these comparable properties to assess how they match up against your property. This includes looking at sale prices, days on the market, and any unique selling points.
- Adjusting Values: Adjustments are made for differences between your property and the comparables. For instance, if your property has a pool and the comparables do not, an adjustment is made to account for that feature.
- Providing a Valuation: Finally, a valuation range is provided, giving you an idea of what your property might sell for in the current market.