Comparative Market Analysis of Connecticut Real Estate in Matrix
Do a CMA in Matrix from SmartMLS on Vimeo.
A Comparative Market Analysis (CMA) is a valuable tool used by real estate professionals, including Connecticut Real Estate agents, to determine the current market value of a property. A CMA involves analyzing recent sales of similar properties in the same area to estimate the fair market value of the subject property. In the case of Connecticut Real Estate agents using Matrix SmartMLS, here’s how you can conduct a CMA:
1. Access Matrix SmartMLS:
- Log in to your Matrix SmartMLS account using your credentials.
2. Search for the Subject Property:
- Enter the address or other relevant details of the subject property you want to evaluate.
3. Define Search Criteria:
- Customize your search criteria to find comparable properties. This may include factors like property type, square footage, number of bedrooms and bathrooms, location, and recent sales.
4. Select Comparable Properties:
- Review the search results to identify properties that closely match the subject property in terms of size, condition, and location. Typically, you’ll want to select at least three to five comparable properties.
5. Analyze Property Details:
- Click on each selected property to access detailed information. Pay attention to features such as property condition, upgrades, and any unique characteristics.
6. Determine Sold Prices:
- Note the sold prices of the comparable properties. These are the actual prices at which similar homes recently sold.
7. Calculate Price per Square Foot:
- Calculate the price per square foot for each comparable property by dividing the sold price by the property’s square footage. This helps standardize the values for accurate comparisons.
8. Adjust for Differences:
- Assess how each comparable property differs from the subject property. Consider factors like lot size, condition, upgrades, and location. Make adjustments to account for these differences.
9. Calculate the Estimated Value:
- After making adjustments, calculate the estimated market value of the subject property by averaging the adjusted values of the comparable properties. This will provide you with a reasonable estimate of the property’s value.
10. Prepare the CMA Report: – Use the information gathered to create a comprehensive CMA report for your client. Include details about the subject property, the selected comparables, adjustments made, and the final estimated value.
11. Review and Share the CMA: – Go over the CMA report with your client, explaining how you arrived at the estimated value. This information can help your client make informed decisions about pricing their property, whether they’re selling or buying.
Keep in mind that conducting a CMA requires access to accurate and up-to-date data from Matrix SmartMLS, as well as a thorough understanding of the local real estate market. It’s a valuable service that helps clients make informed decisions about their real estate transactions and is an essential tool in the arsenal of Connecticut Real Estate agents.
