How to run a CMA and adjust comparable sales as an agent

To run a CMA, pick three to six recent sales of homes similar to the subject, record the same facts for each, then adjust each sale price up or down for property differences such as size, condition or lot, using amounts you can support. Compare the adjusted prices and price per square foot as a range, not a single number, and re-check any comp that sits far from the rest. A CMA worksheet is an agent’s working tool and not an appraisal; your local rules and brokerage govern how you present it.

A CMA is the part of a listing appointment where the numbers have to hold up. The method is simple; the discipline is in choosing comps honestly and being able to say why each adjustment is what it is. Think of the output as a range with reasons, not a price.

1. Define the subject

Write down the facts you will compare: living area, beds and baths, lot, age, condition, notable updates and any features that affect value. Use the same list for every comp so the table lines up.

2. Choose three to six comps

Choose recent sales of similar homes, compared on property facts only: type, size, age, condition, lot and sale date. Pull the facts from your own MLS or records. Note any sale with unusual terms. If a comp is not truly like the subject, leave it out instead of adjusting it heavily.

3. Adjust the comps toward the subject

For each difference, adjust the comp’s sale price so it reflects the subject:

• The comp has something the subject lacks (for example a renovated kitchen): adjust the comp down.
• The subject has something the comp lacks (for example a larger lot): adjust the comp up.

Use amounts you can support, and write the reason beside each one. Keep the adjustment columns few and clear, such as size and layout, condition and updates, lot, and other.

4. A worked example (illustrative numbers)

These figures are invented and computed to show the method. They are not sales from any place. The subject is a 1,850 sq ft home.

The adjusted prices run from 439,000 to 455,000, and their average is about 447,667. Comp B sits furthest from the others, so re-check its facts before leaning on it. If you cross-check with the average adjusted price per square foot times the subject’s area, say so and show the working. Present the range and the reasoning.

5. Read price per square foot with care

Price per square foot is a quick way to compare. The price per square foot calculator shows several homes side by side. It cannot see condition, layout or lot, and a large gap is a question to answer, not a result. Use the same size measure for every home.

6. Turn the range into the seller’s number

Sellers care about what they keep. Run two or three prices from your range through the seller net sheet calculator with the payoff, commission, closing costs and credits, so the CMA connects to the money in their hand.

Using the worksheet

The CMA comparable sales worksheet holds the subject plus three to six comps, editable dollar adjustments, price per square foot, adjusted price, average, median and range, and prints as a one-page sheet. It does not fetch sales, pick comps or decide adjustments. Nothing you type is sent or stored.

Keep it honest

A CMA worksheet is an agent’s working document, not an appraisal, valuation or broker price opinion. Check your local rules and brokerage policy on sharing it. Choose and adjust comps on property facts only, the same way for every client.

Common questions