Quick Answer
A CMA is how a real estate agent estimates what your home is worth right now. Your agent gathers recent sales of comparable homes nearby, adjusts for differences, and factors in current market activity to recommend a price range. It's the foundation for pricing a listing or shaping an offer. Request a free home valuation to get started.
- Who prepares it
- Your real estate agent
- Based on
- Recent comparable sales
- Cost
- Typically free
- Data source
- The MLS (MIBOR locally)
- Not the same as
- A formal appraisal
How a CMA Is Built
Your agent starts by pulling comparable homes — recently sold, similar in size, age, style, and location. Active and pending listings help gauge current competition. From there, the agent adjusts for differences like an extra bedroom, an updated kitchen, or a larger lot.
In Central Indiana, this data comes through the MIBOR-powered MLS, so a local agent is working from accurate, up-to-date sales rather than public estimate tools.
CMA vs. Appraisal
A CMA and an appraisal both estimate value, but they serve different roles. A CMA is a pricing tool your agent prepares, usually at no cost. An appraisal is a formal valuation by a licensed appraiser that your lender orders during financing.
A well-built CMA can help you avoid an appraisal gap later by pricing in line with what the market supports.
Why Accurate Pricing Matters
Price too high and a home can sit, pushing up days on market and inviting lowball offers. Price too low and you leave money on the table. A careful CMA aims for the sweet spot that attracts strong buyers.
Whether you're selling or making an offer, a current CMA keeps your decision grounded in real numbers.
Questions About Your Situation?
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Frequently Asked Questions — Comparative Market Analysis (CMA)
Is a CMA free?
In most cases, yes. Agents typically prepare a CMA at no cost as part of helping you sell or make an offer.
Is a CMA as accurate as an appraisal?
It's a strong, data-based estimate, but an appraisal is a formal, licensed valuation; the two can differ and serve different purposes.
How often should I get a CMA?
Market conditions shift, so if you're actively planning to sell or buy, a CMA from within the last few weeks is most reliable.