For a CMA, a Realtor® will compare your house with recently sold or listed properties nearby, preferably in the neighbourhood. They will collect details including square footage, number of bedrooms and bathrooms, parking type, storage, recent renovations or upgrades, and any other relevant features like construction materials used.
The questions asked may include:
- What is the current value of similar homes?
- How does it compare to similar properties currently on the market or recently sold, or terminated, meaning those that didn't sell.
- What are the main features of the property?
The exercise is not as in-depth as an appraisal.
