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What is a CMA?
A CMA is a Comprehensive Market Analysis that evaluates recent sales in your community and provides you with an estimated price range for which your home might sell in the current real estate market. In order to prepare a CMA, a local Portsmouth REALTOR must view your home and compare your features to that of comparable properties.
How a CMA is Compiled
CMA reports generally contain data on five types of comparable listings in Portsmouth Rhode Island: Active, Pending, Sold, Off-Market/Withdrawn,and Expired.
- Active listings are homes currently for sale in Portsmouth; these will be your competition on the market, though the prices do not necessarily reflect actual market value since the seller can name whatever price they want.
- Pending sales are formerly active listings that are now under contract. While the actual sold prices of these Portsmouth listings are not available until the sale closes, pending sales will give you an indication of where the market is headed; if your home is priced above the list of these pending sales, you may face a longer time on market.
- Sold listings are Portsmouth homes that have closed within the past six months. Along with the pending Portsmouth sales, these are the listings used by the appraiser to determine your home's market value.
- Off-market, withdrawn and cancelled listings are homes that have been removed from the Portsmouth market for a variety of reasons. Most commonly, a listing is withdrawn because the sale price is too high.
- Expired listings in Portsmouth typically have the highest median list price because they did not sell and were likely unreasonably priced. A listing may also expire if it is poorly marketed or if the property is in disrepair.
When examining comparable sales in Portsmouth, RI, you should look at the listed homes that are closest to your own in size, shape, age, condition and location. These will help you to gauge the direction of the market and the factors that will be most important in determing your Portsmouth home's market value (and ultimately, its sale price). The CMA report is only one of the many tools available to the prospective seller; your Portsmouth real estate agent should offer a more comprehensive understanding of the market in your area.
Assistance
If you live in the Portsmouth, RI area, and are planning to sell your home within the next 12 months, let us help you establish your home's current market value by providing a detailed CMA.