DoorlarkWorked example
Sample data for a made-up house. The adjustment amounts are examples of the reasoning, not standard values for any market.
Subject: 3 bed, 2 bath, 1,850 sq ft, 2-car garage, original 2004 kitchen, roof replaced 2021.
| Comp | Sold | Sq ft | Differences vs subject | Adjustment | Adjusted |
|---|---|---|---|---|---|
| A, 0.3 mi | $412,000 (Aug) | 1,900 | Newer HVAC, otherwise similar | −$6,000 | $406,000 |
| B, 0.5 mi | $398,000 (Sep) | 1,820 | No garage | +$8,000 | $406,000 |
| C, 0.4 mi | $425,000 (Jul) | 1,880 | Fully updated kitchen | −$15,000 | $410,000 |
| D, 0.2 mi (pending) | $419,900 list | 1,870 | Larger lot | −$10,000 | $409,900 (list, not a sale) |
All four are within 3% of the subject's 1,850 sq ft, so none needs a size adjustment.
Adjusted sold range: $406,000 to $410,000. The pending sale lands in the same place, which supports it. Suggested list range: $405,000 to $412,000, with a review date 21 days after listing. Then run the low and high end through the seller net sheet so the seller sees what each price puts in their pocket.
How to pick comps that hold up
- Closed sales first. Actives show the competition, not the value. Use them to explain what a buyer will compare the home to.
- Closest match beats closest distance. Same type, similar size (within about 10–15% of the square footage is a common rule of thumb) and the same school district or subdivision boundary if buyers in your market search that way. Note the reason you picked each one.
- Write every adjustment as a reason plus a dollar figure. "No garage, +$8,000" is something a seller can follow. A gut-feel number with no reason invites an argument. Ask an appraiser or a senior agent in your office what adjustments local appraisers actually use.
- Explain it with the house, not the people. Describe features, condition, location and sales. Leave out anything about who lives in an area or who the home is "perfect for." That's a fair housing line.
Turn your comps into a seller-ready summary with AI
Here's my CMA data. Subject: [beds, baths, sq ft, condition]. Comps: [address, sold price, date, sq ft, differences, my adjustment] for each. Pending/active: [same]. My suggested range: [range]. Write a one-page summary a homeowner can follow: what sold, why each comp was adjusted, what the competition looks like, and why the range makes sense. Plain language, under 300 words. Use only my numbers; don't add facts or describe the neighborhood's residents.
More pricing help: the CMA explainer prompt and price drop prompts.
Related free tools and guides
- Seller Net Sheet Calculator: estimate what a seller walks away with, line by line.
- Price Reduction Calculator: compare a price cut with what another month on the market costs the seller.
- Expired listing prompts: for sellers whose last list price didn't hold.
FAQ
What should a CMA include?
The subject property's details, 3 to 6 recent closed sales of similar homes with adjustments for differences, pending and active listings for context, an adjusted price range and a suggested list price. This template has a section for each.
How many comps should a CMA have?
Three to six closed sales is a common range. Fewer than three is thin; more than six usually means some aren't true matches.
Is a CMA the same as an appraisal?
No. A CMA is an agent's opinion of market value to help set a list price. An appraisal is done by a licensed appraiser, usually for a lender.
How do I adjust comps?
Add value to a comp that lacks something the subject has, and subtract value from a comp that has something the subject lacks. The dollar amounts depend on your market, so check what local appraisers use.
Can I use this with RPR or Cloud CMA?
Yes. Pull the comps from your MLS, RPR or Cloud CMA, then use this sheet to show your adjustments and reasoning on one page.
By Doorlark Editorial Team. For planning only, not legal, tax or financial advice.