What’s in a CMA? A Comparative Market Analysis is the gold standard in determining your North Texas home’s market value. The CMA contains the SOLD data that Realtors use to suggest a list price and set client expectations for a sale price. Appraisers use this same data to create their valuation reports. Please note; Texas is a non-disclosure state when it comes to SOLD data, so a consumer must go through a licensed Realtor or Appraiser to obtain this information. So let’s break it down…
The most effective CMA contains SOLD data;
- 6 months back (1 year is acceptable if more data needs to be pulled for proper comparison)
- Homes in the same subdivision whenever possible
- If there is a pool, the best comps will be other homes with pools (and vice versa)
- Homes within about 500 square feet of the subject property
- Homes built within about 3 years of subject property
- The same story (one story homes sell for more per square foot because it is more expensive to build out than up)
- If this is not a distressed sale, then distressed properties should not be included
The results will provide;
- Individual property sales data with address, # of bedrooms, # of baths, # of garage spaces, square feet, acres, year built, pool or no pool, days on market, list price, sale price to list price percentage, sold date, sale price per square foot, and sales price.
- Minimum and maximum results for each item above as well as the Averages.
Working off of averages, adjustments are made for;
- Level/quality of finishes, features, updates, upgrades
- Any notable differences in lot/land
- Amount of competition, scarcity
- General condition
- Any negative lot factors (ie: power lines, major street behind, etc…)
- Seller paid allowances **Note-this is NOT included in a CMA, but should be factored in. This can represent either buyer closing costs or funds paid in lieu of repairs. Ask to see these figures.**
So what does NOT determine market value?
- “Active” or “Pending” property List Price data
- County Tax Records; many buyers will use county records to look up the taxable value of a home they are interested in and think that figure represents MARKET value. It does not. The majority of these records are out-dated and inaccurate and should not be factored in whatsoever. As a matter of fact, a buyer should hope to see a lower-than-market-value figure so that when they become the owner, they are paying property taxes on the lower valuation without having to submit an appeal for an adjustment with the county.
- Sites like Zillow that claim to have valuation data. Again, Texas is a non-disclosure state, so Zillow simply does not have access to sold data and should not be considered.
- What a seller needs or what a seller paid (in a sense, a seller doesn’t own their equity–the market does.)
Would you like to know the true market value of your North Texas home? Contact me for a no-obligation CMA.
“Faithfully working in my community to achieve synergistic relationships, real results, and blissful clients!”-Jackie




















