Best Tips for Creating a CMA

We recommend that the comparable properties be within a closed proximity of the subject property when running a CMA. While close can be subjective we suggest using the below tips when running a comparable.

If the property is a Condo/Single-Family Home/Townhouse we suggest that the distance of the comparable properties are within .5 miles of the subject property especially if in an urban or city area. We also recommended the property be within the same school area and public transportation routes that are available. 

• You can set the distance in Matrix of the subject property in the Map Search section located at the top of Matrix. See below example: 

• Once you have confirmed the subject property the system will narrow down the matches based on your criteria. We suggest selecting Closed Sales that have closed within the past 180 days or 90 days depending on the market and including Pending Listings and Active Listings that closely match the amount of bed and bathroom count of the subject property. 

• If the subject property is in the Suburbs or partially distant from other properties we suggest expanding the distance to be 1 mile of the subject property. The comparable properties should be within the same Subdivision or neighborhood. We also recommend the property be in the same school district and public transportation routes. 
• If the property is located in a Rural area we suggest expanding the radius to 5 miles. Same School district or Township Area. You can include the Township by adding the field to your search. 
• Regarding Pools - If the community/development is dominated where most homes include a pool. If the home doesn't have one, that could affect the price and expectations of the buyer. This could price the property lower than other homes in the community.
• Countertops: Granite is the new standard in homes now replacing Formica. Consider types of countertops when creating the CMA.
• Considering Features of the Home: A Fireplace in Florida will not necessarily increase the price of the home as much as it would affect a home in a location such as Alaska. Study the features of the home in relation to how necessary they are in that area. I.E. if the property is beachfront, a property with a dock vs. not having a dock could affect the comparison.
• Condos: Consider the view from the outside. Wrap-around patio spaces may also impact comparable prices if the condo unit doesn't have this feature. Also, consider if parking spots are deeded and can be sold directly with the unit. Deeded parking can affect the comparable price.
• REOs and Short Sales: If the market area is not experiencing a high amount of foreclosures, I.E. 30 percent of the comps are REO or Short Sale property, then they can be used.
• Tip: Consider if the best use of the land/property for example Multi-Family. Some areas may be in Residential and Commercial mixed areas. If the Multi-family units are surrounded by loud manufacturing. Possibly having the city/county rezone for an office/warehouse as an example might increase the value of the property.