Profile picture for ini2011

CMA question before buying home

I was going to put an offer on a home and asked my realtor for CMA.  She ran a search of active, contingent, and sold homes and sent me a list of 25 homes.  I had to click on each and weed through them to determine what the home may be worth.  Some of the homes are 1000-1500 square foot larger, some to smaller.  There are some similar, but have one less bedroom and are selling for alot less.   Its hard to determine what an accurate price. Is there  a way to get a more accurate CMA?  I don't want to overpay for a home.  My realtor wanted to offer close to asking price, but it has been on market for almost 60 days at that price. 
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May 14 2013 - US
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Answers (7)

Profile picture for irisphx
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December 18 2013
hmmmm, asking for a CMA from your realtor is a red flag.  She should automatically provide it if you are considering an offer.  The more information she provides to you the more informed decision you can make. But, the information should at least be somewhere near "comparable" to the subject property.  There could be a possibility that there may not be enough comparable properties to yours, but I think 1000-1500 sqft larger is just out of the question.
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May 15 2013
I agree with comments made by other agents weighing in on your question, it sounds like you need to go back to your agent and ask for clarification!  Depending on where you are located, most CMAs are based on homes in the same neighborhood or close to that neighborhood, homes of a similar age, number of bedrooms/baths, garage, lot size, amenities, etc.  If your agent is busy and can't get you this info, ask if the broker might help.  My broker is awesome and will help me or any other agent in our office if we need assistance for a customer. Customers must come first and we all get busy, so please ask if the broker can help.  If sellers don't sell and buyers don't buy, we don't make money!!  Also, if you make an offer on a home, the appraisal must support your offer if you are financing the home.  I hope this helps.
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May 14 2013
Profile picture for ini2011
I am very frustrated.  She made reference that the price the home I want to put an offer in is listed at  a good price, because there were other 4 bedrooms selling for same or higher prices.  These homes were 1,000sqft larger with large yards.  It looks like she just did a search and sent me results.   It is not in a report form and there was no minimum, average, or max price.  Is there a way I can do my own CMA online?
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May 14 2013
A CMA is not a bunch of MLS data. Yur agent should be considering homes of a similar size and age to yours (plus or minus 15%) with the same number of bedrooms and in the same general area. Sold homes in the past 3 months would be the most accurate comps. This should give you a range of sale prices per square foot that you could then apply to your home.

Your agent should be collating this data and then analyzing and summarizing it for you. Not rocket science!
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May 14 2013
There are many ways to do a CMA - in our state the MLS has an automated program that will run the comparable homes and give you a minimum, maximum and average price...either way your Realtor should help you sort through and interpret the results, help you adjust for differences in size and other factors and then tell you what the property you want to purchase is worth.
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May 14 2013
Profile picture for wetdawgs
Sounds like you've got a lazy agent!   A CMA is not piling the consumer with a list of homes, send your agent back to school and have her earn her commission.

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May 14 2013
 
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