If you plan to sell your home in Griffith or nearby Gary, one number drives everything: your list price. Set it right and you attract strong buyers quickly. Miss the mark and you sit on the market or leave money on the table. You deserve a clear, local way to pin that number down.
This quick guide explains what a Comparative Market Analysis is, how it differs from an appraisal or online estimate, and what you should expect in Lake County. You will learn how agents choose comps, what should be in your report, and the exact questions to ask before you price. Let’s dive in.
CMA basics in plain English
A Comparative Market Analysis, or CMA, is an agent-prepared report that estimates your home’s market value by comparing it to recently sold, pending, active, and sometimes expired listings near you. The goal is to help you set a competitive list price and choose a strategy that fits your timeline.
A CMA is practical and local. It blends hard data from the MLS with on-the-ground knowledge about neighborhoods, features, and recent buyer behavior. It is not a formal appraisal, but it is the tool most sellers use to price their home for the current market.
CMA vs. appraisal vs. online estimate
Understanding the difference helps you decide what you need and when.
- CMA: Prepared by a local real estate professional using MLS data and neighborhood insight. It guides pricing and marketing strategy for listing your home. It often includes a recommended price range and a suggested list price.
- Appraisal: Completed by a licensed appraiser for lending or legal purposes. It follows formal standards, relies on verified sales and usually an on-site inspection, and results in a defensible opinion of value for underwriting.
- AVM (Automated Valuation Model): An online algorithmic estimate that pulls from public records and recent sales. It is quick and free, but it can miss important details like condition, updates, or micro-neighborhood differences.
If you are deciding how to price your listing, start with a CMA. If a lender is involved or you need a value for legal or tax matters, you may need an appraisal. Use AVMs only as a baseline.
How agents build a CMA
A strong CMA is more than a few comps. Here is what goes into it.
Core data agents use
- Recent closed sales, ideally within the last 3 to 6 months
- Pending sales to show current demand
- Active listings to show your competition
- Expired or withdrawn listings to highlight price resistance
- Property details: living area, bedrooms and bathrooms, lot size, age, condition, updates, basement and garage, and functional features
- Market metrics: days on market, list-to-sale price ratios, price per square foot trends, inventory levels, and months of supply
Choosing true comparables
- Time frame: 3 to 6 months is common in active areas. When inventory is thin, agents may extend to 9 to 12 months and explain why.
- Location: Start in the same neighborhood or subdivision. Expand by similar neighborhood type if needed rather than using a strict radius.
- Property similarity: Match house type first, then size, lot, age or era, and condition. Square footage within about 10 to 20 percent is a typical target.
- Quantity: Expect 3 to 6 closed sales as primary comps, plus several active and pending listings for context.
Making adjustments
No two homes are identical. Agents adjust comparable sales to account for differences. Common approaches include:
- Dollar adjustments, such as a value per finished square foot or for a bathroom
- Percentage adjustments for larger upgrades, like a significant kitchen remodel
- Paired-sales logic, where similar sales are compared to isolate the value of a specific feature
Good CMAs explain each adjustment and keep ranges conservative, using local evidence.
Verifying the details
Agents confirm sale data through the MLS and county records. They also verify living area and room counts against public records and, when possible, confirm features during a walkthrough. Small data errors can lead to big pricing misses, so verification matters.
What matters in Griffith, Gary, and Lake County
Local context can move value up or down. In our area, these factors often affect comp selection and pricing:
- Proximity and access: Access to I-65 and I-80/94 and commuter routes into the Chicago region can influence demand.
- Neighborhood differences: Lake County communities vary at the neighborhood level. Match comps by neighborhood type, not just by ZIP code.
- School district boundaries: Many buyers consider school boundaries in their search. This can change which comps are most relevant.
- Roads, rail, and industrial areas: Proximity to major roads or rail can be a positive for convenience or a negative for noise, depending on buyer preferences.
- Floodplain and drainage: Some areas have floodplain designations or drainage concerns. Flood insurance requirements can affect buyer budgets and pricing.
- Age and construction: Many homes pre-date 1980. Maintenance needs and disclosures, including federal lead-based paint rules for older homes, are common considerations.
- Property taxes and assessments: Local tax burden affects affordability. Review assessment data when comparing to nearby sales.
- Investor activity: Parts of Gary and other nearby areas have higher investor or rental activity. Investor-driven sales can skew days on market or price trends, so agents often separate these from typical owner-occupied comps when appropriate.
When sales volume is thin in a micro-market, a good CMA explains any wider time frames or expanded geographies used to find relevant comps.
What a strong CMA report includes
You should receive a clear, organized packet you can use to make decisions. Look for:
- Executive summary with a suggested price range and a recommended list price, plus a quick rationale
- Comparable sales with photos, address, sold price, size, beds and baths, sale date, days on market, and distance from your home
- Active and pending listings to show current competition
- Price per square foot analysis that shows where you fit relative to the comps
- Adjustments worksheet with notes on each change and the reason behind it
- Market snapshot with inventory, days on market, list-to-sale price ratios, and trend indicators
- Estimated net proceeds showing likely closing costs, prorations, and potential repair credits, with a note that a title company should verify final numbers
- Marketing strategy and timing that covers preparation, staging, photography, and target buyer groups
How to read your CMA and ask smart questions
Make sure the report gives you enough context to act with confidence. Ask your agent to:
- Share the MLS and public record sources for each comp, including addresses and sale dates
- Explain the time frame chosen and whether the market is rising, stable, or softening
- Walk you through each adjustment and the local evidence behind it
- Provide a pricing ladder, such as an aggressive price for speed and an aspirational price for maximum net with more time
- Provide a local net sheet from a title or closing provider to confirm estimated proceeds
Step-by-step to get a useful CMA
- Request CMAs from 1 to 3 local agents who actively list in Griffith, Gary, and nearby Lake County neighborhoods.
- Share your home’s updates and upgrades, with receipts if possible. Include surveys or past inspection reports.
- Ask each agent to include MLS-sourced comps, explain any expanded time frames or geographies, and document adjustments.
- Compare recommended list prices, marketing plans, and the estimated net proceeds. Consider expected days on market and exposure strategy.
- If you need a formal value for lending or tax reasons, consider ordering an appraisal or a broker price opinion in addition to the CMA.
Limitations to keep in mind
A CMA is an estimate built on available data and local judgment. It is not an appraisal. Accuracy is hardest when your home is highly unique or when there are few recent sales nearby. If you are unsure, request more than one opinion and review the comps and adjustments side by side.
How SYM Realty approaches CMAs
You want speed and strong net proceeds without guesswork. Our systems-first approach focuses on accuracy up front and execution after you list.
- We build CMAs with MLS-verified comps and document every adjustment in plain language.
- We layer in a pricing ladder and a clear marketing plan, including staging guidance and professional photography.
- We provide a local net sheet estimate and help you confirm final figures with a title company.
- We bring a database of ready buyers and a repeatable launch plan designed to maximize early demand.
You get a clear strategy, faster decisions, and fewer surprises from list to close.
Ready to price with confidence?
If you are preparing to sell in Griffith, Gary, or anywhere in Lake County, let’s start with a focused CMA and a clear plan. Reach out to Simplify Your Move Realty for a detailed, local CMA and a step-by-step listing strategy tailored to your timeline and goals.
FAQs
How many comparables should be in a CMA for a Griffith home?
- Most CMAs use 3 to 6 recent closed sales as primary comps, plus a few active and pending listings for context.
How far back should comps go in Lake County, Indiana?
- In active areas, 3 to 6 months is typical; if inventory is low, a CMA may include 9 to 12 months of sales with an explanation of the trade-offs.
How accurate is a CMA compared to an appraisal?
- A well-prepared CMA often gets you within the market-acceptable range for pricing decisions, but an appraisal is more formal and used by lenders for underwriting.
Can I get a CMA for free in Griffith or Gary?
- Many agents provide a basic CMA at no charge as part of a listing consultation, though the depth and on-site review can vary by agent.
Should I trust online estimates for my Griffith home value?
- Online estimates are a useful baseline, but they often miss condition and micro-neighborhood nuances; rely on a local CMA for pricing.
What if two agents give very different price opinions in Lake County?
- Ask each to show their comps, time frames, and adjustments; differences usually come from comp selection and adjustment sizes, so review the evidence and the agent’s neighborhood track record.
Do older Lake County homes need special CMA adjustments?
- Often yes; age, updates, maintenance, and disclosures for pre-1978 properties can impact value and should be reflected in the comps and adjustments.
What local records should I review to verify a CMA?
- Ask your agent to reference MLS data and county records for sale verification, parcel details, assessed value, and tax information so you can confirm key facts.
