You’ve probably heard the term CMA. What’s a CMA? If you’ve bought or sold a house or property, you know that a CMA is a Comparative Market Analysis. A Comparative Market Analysis compares properties that are similar to yours to help determine the right asking/offering price for a home or property.
What you may not realize is that all CMAs are not created equal. They can be quite subjective depending on the sources and features that are compared. You want to compare not just apples to apples, but Granny Smith to Granny Smith apples. The more customized and unique the home or property is, the more difficult it can be to find accurate comparisons. This is where experience can really make a difference.
Debbie Simmonds found the software available to agents in the Vancouver Island Real Estate Board was sorely lacking. Searches were too broad or the price indexes and property attributes weren’t accurate enough to apply to what she was trying to compare.
“Here on the island, we don’t have cookie cutter houses so the assessments just don’t apply.”
Not being the type of person to accept the status quo, Debbie set out and created COMARA (for Comparative Market Analysis).
“My software is able to evaluate a comparable house that sold three years ago, assign a value to the price increases to assign a value that is current. It also is able to determine and assign a dollar value to an ocean view, as well as updates and amenities.”
Sellers love the product because they have the best analysis of the value of their home, no guessing. Buyers appreciate it too because it helps them to know when they’re paying too much or getting a great deal.