One of the best methods available for prospective sellers to learn their home’s current market value is a CMA, or Comparative Market Analysis. CMA is the term real estate agents utilize when they conduct an in-depth analysis of a home’s worth in today’s market. The study evaluates homes with similar characteristics to the subject/sale property which have recently sold in the same geographical area. The process sounds fairly straightforward, but can be challenging due to the interrelationship of multiple factors that go into establishing an accurate appraisal. The distinctive San Juan Islands marketplace adds even further complexity to the analysis.

A variety of features are evaluated during a comparative market analysis. These include:

• Property Location
• Lot Size
• Square Footage of any Structures
• Total Number of Bedrooms and Bathrooms
• Age and Condition of any Structures
• Condition of the Property
• Special or Unique Building Features
• Special or Unique Property Features
• Potential Sale Date (Useful comps should have sold within the previous 3-6 months)
• Terms of Financing (May impact purchase price)
• Terms of Sale (May impact purchase price)

A completed CMA is presented in the form of a formal report which (at minimum) includes the following:

• Suggested Sale Price
• Detailed Property Data
• Detailed Structure Data (if applicable)
• List of Comparable Property Values

Because the sale price derived from a CMA is somewhat subjective, your broker may include several brief statements relating to the perceived selling points of your home.

Preparing a comparative market analysis is a convoluted process that requires access to complete sales data and knowledge of local and national markets, which is why it is best performed by a LOCAL AND LICENSED BROKER.