Information Necessary for a CMA or BPO
To prepare a CMA or BPO, we need the following information
Property address
Property type
single-family, condo, etc.
Market Analysis
Understanding Your Property’s Value
At BluSkye Group with RE/MAX Foxfire, we provide in-depth market analysis to ensure your property is competitively positioned in the market. Our goal is to offer you the most accurate and comprehensive understanding of your property’s value, enabling you to make informed decisions when selling your home. This page outlines our market analysis services, highlighting our expertise and credibility as your trusted local real estate authority.
CMA vs Appraisal vs BPO
Comparative Market Analysis (CMA) vs. Formal Appraisal vs. Broker Price Opinion (BPO)
Comparative Market Analysis (CMA)
A CMA is a thorough evaluation of similar properties in your area that have recently sold, are currently on the market, or were listed but did not sell. It helps determine the fair market value of your property based on real-time market data.
Formal Appraisal
An appraisal is a professional, unbiased estimate of a property’s value conducted by a licensed appraiser. It is typically required by lenders during the mortgage approval process.
Broker Price Opinion (BPO)
A BPO is an estimate of a property’s value provided by a licensed real estate broker or agent. It is less detailed than an appraisal but more comprehensive than a simple market analysis, often used by lenders for loan modifications or foreclosures.
Components of a CMA Report
We can provide a Comparative Market Analysis (CMA) to help you understand your property's market position. For a more precise valuation, you may consider obtaining a formal appraisal. A standard CMA report typically includes three key sections:
Property Details
Detailed information about your property, including size, age, location, and unique features.
Market Comparables
Analysis of comparable properties (comps) in your area, including those that have recently sold, are currently for sale, or were listed but did not sell.
Market Trends and Analysis
Insights into local market conditions, including average days on market, price trends, and absorption rates.
Best Sources for CMA and BPO Information
We use a variety of reliable sources to gather the necessary data for a CMA or BPO
Multiple Listing Service (MLS) databases
Local market reports
Public property records
Neighborhood assessments
Real estate websites and databases
NAR & Florida Realtors
Location
Square footage
Number of bedrooms and bathrooms
Lot size
Condition and age of the property
Plumbing
Upgrades and renovations
Amenities and neighborhood features
Elements of Comparison
When comparing properties, we consider these major elements.
Calculating Square Footage
Accurately calculating the square footage of a building is crucial in determining its value. We measure the exterior dimensions of the home, including all livable areas, and exclude non-livable spaces like garages and unfinished basements.
Preparing a CMA for Sellers
Our CMAs provide sellers and buyers with a clear understanding of property values in a neighborhood. This includes
Information for Sellers
Strategies for pricing your home competitively
An absorption analysis helps sellers understand how quickly homes are selling in their market. By analyzing the range of values indicated by the CMA, we can predict how long it may take for your property to sell under current market conditions.
Information for Loan Officers
Preparing a BPO for Lenders
For lenders and asset managers, a BPOs offer a detailed understanding of the subject property and the market area. This includes:
- Property condition assessments
- Market value estimations
- Local market trends and forecasts
Why Choose BluSkye Group?
At BluSkye Group, we leverage our extensive market knowledge and data-driven approach to provide you with accurate and actionable market analysis. Our commitment to excellence ensures that your property is positioned to attract the right buyers and achieve the best possible sale outcome.
Get Started with Your Market Analysis
Ready to understand the true value of your property? Contact BluSkye Group with RE/MAX Foxfire today to schedule your comprehensive market analysis. Let us help you make informed decisions and achieve your real estate goals.