Comparative Market Analysis or CMA’s are often utilized by investors to get an idea of what their investment will be worth after their proposed scope of work is completed. CMAs should be an important tool in making smart investment decisions. Too often there isn’t enough though and attention put into them and appraisals come back significantly different from the results of an agent or investor-produced CMA. Here are some of the most frequent pitfalls that pop up in those CMAs.
The Location Plays a Big Part
This is more than just a property being on a golf course. Location is a culmination of all the geographical, social, governmental, and economic influences that are important to homebuyers. Typically this is reflected in things like crime rates, school districts, and what sort of home your neighbor keeps. Keep comps within the neighborhood boundaries.
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