Sellers can try to do a comparative market analysis themselves, but it can be challenging. Doing a CMA involves finding information about the recent sale of comparable homes. Ideally, at least three homes are necessary to do a proper comparison. Sellers could potentially run into two roadblocks: first, depending on the market, it might be difficult to find three recently sold homes that fit the bill. Listing prices can be used instead of sales prices, but because those houses are still on the market, the comparison won’t be completely accurate.
The other problem is making sure the homes really are similar to the seller’s house. Sellers may not know about certain aspects of the houses such as recent renovations, new appliances, or high-end finishes.
Most CMAs are done by real estate agents, and for good reason. Not only do realtors have access to local multiple listing services, they know a lot about the regions where they work. They follow the markets and housing trends closely. Agents know what is in demand and selling, as well as how quickly, and can get sellers the most for their home.
CMA data plus the realtor’s expertise can result in determining a home value that reflects what buyers are truly willing to pay.