A comparative market analysis (CMA) is a study of the prices in which similar properties in the same area have sold recently. Real estate agents use CMA software to create a comparative market analysis for clients as they set a price for a house that will be sold, as well as determine a an offering price for a property that a client would like to purchase.
With the use of the latest CMA software, realtors can find a wide range of information that will help a client be successful in the search for a home or in the selling of a home. In fact, without CMA software for realtors there are many times when a client will be at a major disadvantage. Imagine, if you will, working with a client who moved from California to the midwest. Knowledge of the elevated property values on the west coast could be misleading for someone who is unfamiliar with the property values in the middle of the country. In the worst case scenario, a buyer could pay significantly more than market value for a home. In addition to higher monthly payments and taxes, that buyer may find it nearly impossible to recoup the initial price paid when it comes time to sell.
Realtor CMA Software Plays an Important Role in Home Purchases Across the Country
Purchasing a home is the single most important financial investment that most of us may make. For this reason, it is essential that property buyers do their own research, as well as work with an experienced realtor. When you come into a new community, for instance, with a set budget but no certain areas where you want to live, a real estate agent can help you make sure that you get the most bang for your buck. In addition to directing you toward the kind of school district that you may be looking for and the best commute, a realtor can advise you in where you will be able to get the most for your investment. Some times, for instance, moving a few miles one direction or another can help you find a home that is significantly bigger for the same amount of money.
The median sales price of new houses sold as of February 2018 was $326,800, according to the Census Bureau. THis statistic alone is an indicator of how big of an investment a home can be. Unfortunately, the homeownership rate in the U.S. in 2016 was the lowest it has been in 50 years. For some of the people who are not current home owners, the problem may be bad credit, unemployment, or a previous poor property investment.
