How Much Does a Comparative Market Analysis Cost?

Renovations of any kind need to be planned ahead of time before you sell. A CMA report can help you prioritize your future decisions and highlight what options are best to take before you put your home on the market.

Without setting the pricing of your home fairly and accurately, you could be in for a slight disappointment. Homes that are too overpriced for their local market tend to just sit until price adjustments are made. Starting with a home value estimator and then looking at a CMA can help you and your real estate agent judge what the fair price for your home is to get it sold quickly.

Online value estimators and other appraisal methods

Every homeowner is curious as to how much value their home has, and one popular method homeowners choose to take is through an appraisal. While an appraisal and a CMA are similar, they differ in important ways.

Appraisals

CMAs are mostly free and performed by agents, while appraisals are performed by professional appraisers and can cost between $350-$500. Appraisals are a required part of the process for buyers who are using a mortgage to buy a home, as lenders are unwilling to underwrite an overvalued asset.

Broker price opinion

Another valuation method some homeowners choose is a broker price opinion (BPO). A BPO relies on a broker’s market knowledge. BPOs typically cost between 50%-75% less than an appraisal and tend to have a quicker turnaround time.

Automated valuation models

Sometimes, it’s enough just to have a more ballpark estimate of your home’s worth, particularly if you’re in the early stages of contemplating a home sale. HomeLight’s Home Value Estimator uses your property information and local housing market data to deliver an accurate home value, after you answer a few questions about your property.

An online estimate is great at giving you a general idea of your home’s current value. To get a true value, you should partner with a top agent to help determine pricing strategy when the time comes to sell your home.

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