What is your opinion? Where would you look or how would you go about doing this? At the very least, we would need to know the differences in location, size, condition and amenities.
@Antonio Lacava Most agents are using software that interacts with the MLS to do this.
If a multi-billion dollar company like Zillow, Trulia, etc. can't accurately estimate the price of a property every time, I would say that its next to impossible to do. Its impossible to aggregate every data point you would need to come up with a 100% accurate analysis each time.
I did a quick search and found mlsdealfinder.com, www.fastcma.co,cloudcma.com, cmabroker.com,flashcma.com
Answering this question from an experienced users point of view, what is there not to like about these automated CMA tools in this list?
Taking a brief look at the website of FlashCMA (I'm sure the others are similar), one line specifically says this: "FlashCMA performs a series of common sense mathematical adjustments automatically and then allows you as a Real Estate Professional to make any other remaining adjustments." It is not a fully automated program. Is it possible for a program to pull together a large amount of data based on numerical criteria? Absolutely! And it can make the process of creating a market analysis a lot smoother.
The challenge is that the human ultimately has to make the final judgement call. This also assumes that "comps" are easy to find. What about in rural markets with few comparable properties? Or what about for unique properties that one data point is an outlier (like say a property on a 1 acre lot in the downtown of a large city where all other properties are on 0.1 acre lots)? Its very hard for an automated system to get an accurate idea of value for outliers.
Does anyone else having experience using the CMA tools such as mlsdealfinder.com, www.fastcma.co,cloudcma.com, cmabroker.com,flashcma.com?
What did you not like about any of these CMA tools in this list?