Thinking about selling your Bourbonnais home or making an offer on one? Pricing is the first big decision, and it can feel risky without solid data. A Comparative Market Analysis, or CMA, gives you a clear, local picture of value so you can move forward with confidence. In this guide, you’ll learn what a CMA is, how it’s built for Bourbonnais properties, how it differs from an appraisal, and how to use it to set your price or shape your offer. Let’s dive in.
What a CMA is and why it matters
A Comparative Market Analysis is a real estate agent’s data-driven estimate of a property’s likely market value based on recent sales and current competition. It’s designed to guide your list price or offer strategy. A CMA is not an appraisal, but it is an informed professional opinion built on local comps and market indicators.
A complete CMA typically includes:
- 3 to 8 recent closed sales that are most similar to your home
- Select active, pending, and sometimes expired listings to show competition and pricing that did not work
- Key metrics like sale price, list price, price per square foot, days on market, and property details
- Adjustments for differences such as square footage, beds and baths, finished basement, age, condition, garage, and lot size
- A recommended price range with context: low, likely, and high scenarios
For sellers, a CMA helps you set a competitive list price and anticipate time on market and net proceeds. For buyers, it helps you judge whether a home is fairly priced and how strong your offer should be.
How agents build a CMA in Bourbonnais
Creating a reliable CMA is part research, part local judgment. Here is how a strong one comes together.
Define the property
Your agent confirms the attributes that drive value:
- Property type and style (for example, ranch or two-story)
- Finished square footage, beds and baths, age, lot size, garage, and basement finish
- Condition and updates
- Microlocation details such as subdivision, street position, and proximity to amenities or major roads
Choose the right comps
Comps should be close in proximity, time, and features.
- Proximity: prioritize the same subdivision or nearby Bourbonnais neighborhoods with similar homes. Expand only if the housing stock is comparable.
- Timeframe: aim for sales in the past 3 to 6 months. In slower seasons, it may be necessary to look back 6 to 12 months.
- Similarity: select homes within about 10 to 20 percent of the subject’s square footage with comparable beds, baths, lot, and condition.
- Mix: include closed sales as the core, then add a few pending and active listings for competition and pricing pressure. Expired listings show what prices the market rejected.
Collect and verify data
Agents use the local MLS for accurate sold and pending data, and cross-check with Kankakee County Assessor and Recorder records for lot size, legal descriptions, and sale history. On-the-ground knowledge helps validate condition and features that photos may miss.
Calculate core metrics
Price per finished square foot, days on market, and list-to-sale ratios help compare properties on an apples-to-apples basis. Market tempo indicators, like absorption rate and average days on market in your submarket, set expectations for how quickly similar homes are moving.
Make adjustments for differences
No two properties are identical. Your agent adjusts for quantifiable differences using local market premiums and discounts. Example adjustment lines might look like this:
- Square footage: +$15 to $30 per sq. ft. difference depending on finish and location
- Finished basement: +$8,000 to +$25,000 depending on size and quality
- Garage spaces: +$5,000 to +$10,000 per additional stall
- Lot size: value changes with usable area and location context
- Condition and updates: line-item adjustments for newer roofs, kitchens, baths, windows, or major systems
The goal is to bring each comp to the subject’s level so you can compare adjusted prices and identify a realistic range.
Recommend a price range and strategy
A strong CMA ends with a clear recommendation:
- Low estimate: reflects an aggressive pricing strategy to spark activity
- Likely estimate: reflects current market conditions and typical buyer response
- High estimate: assumes superior condition or multiple-offer momentum
You should also see notes on expected time on market and a high-level estimate of net proceeds after common costs and concessions.
CMA vs. appraisal: what’s different
Both a CMA and an appraisal estimate value, but they serve different purposes.
- Purpose: A CMA is an agent’s professional opinion used to guide listing and offer strategy. An appraisal is prepared by a state-licensed or certified appraiser, often required by lenders during mortgage underwriting.
- Process: A CMA relies on recent comps and agent judgment with flexible documentation. An appraisal follows standardized methods and reporting standards.
- Cost and timing: A CMA is typically provided at no cost as part of agent services and can be prepared within a day. An appraisal is a paid service, requires scheduling, and can take several days or more.
- Legal standing: A CMA is not held to appraisal standards and is not used for loan underwriting. An appraisal adheres to professional standards and carries legal and financial weight in lending and some legal contexts.
If you are pricing a listing or planning an offer, start with a CMA. If you are financing a purchase, expect the lender to order an appraisal.
Local factors that shape Bourbonnais pricing
Even within a few blocks, value can shift. Your CMA should account for factors that often matter in Bourbonnais and nearby Kankakee County areas:
- Submarkets and subdivisions: Comparable homes within the same subdivision or similar nearby neighborhoods produce the most reliable comps. Community covenants and amenities can influence buyer demand.
- School attendance zones: Verify district boundaries and tax rates. Keep the discussion neutral and focus on how buyers factor taxes and location into their budgets.
- Transportation and noise: Proximity to major roads can help or hurt value depending on convenience and noise. Your CMA should note these effects.
- Seasonality: Spring often brings more listings and buyers. In winter, agents may widen the sales timeframe to find adequate comps.
- Property taxes: In Illinois, property tax differences can affect buyer willingness to pay. Your CMA should note the estimated tax burden and advise you to confirm rates with Kankakee County.
How sellers should use a CMA
Use your CMA to make pricing decisions that fit your goals and timeline.
- Ask for the full packet with each comp’s photos, list and sale price, days on market, and adjustments.
- Discuss pricing strategy. Do you want to list at market value, price slightly under to drive activity, or position at the top of the range based on condition?
- Review pre-list improvements. Your agent should estimate which updates could produce a meaningful price lift relative to cost.
- Consider timing. If spring comps show faster sales, decide whether to list now or prepare for a later launch.
How buyers should use a CMA
As a buyer, a CMA anchors your offer in data.
- Request a buyer-focused CMA for the home you want. Compare it to any CMA the listing agent shared.
- Review price per square foot, recent days on market, and competing active listings to gauge leverage.
- Use the value range to shape offer price, earnest money, and contingencies. Discuss whether an appraisal contingency is important for your situation.
Red flags to watch in any CMA
A careful CMA is transparent about its assumptions. Be cautious if you see:
- Comps from unrelated neighborhoods without a clear reason
- Sales older than 12 months without explanation
- Large adjustments that are not supported by local market evidence
- Overreliance on one high outlier without balancing comps
What to request in your CMA packet
Here is a simple checklist to help you review with confidence:
- At least 3 closed sales with sold price, sale date, days on market, list price, photos, square footage, beds and baths, lot size, year built, and condition notes
- 1 to 2 pending and 1 to 2 active and expired listings for competitive context
- Price-per-square-foot calculations and line-by-line adjustment values
- Submarket metrics such as average days on market, absorption rate, list-to-sale ratio, and recent sales volume trends
- Notes on local factors that materially affect comparability, such as floodplain, special assessments, or proximity to major roads
Next steps
A CMA is only as strong as the comps and local insight behind it. If you are selling, it sets the tone for your launch and net proceeds. If you are buying, it helps you write a confident, data-backed offer.
If you want a clear, local view of value in Bourbonnais or greater Kankakee County, reach out for a personalized CMA and pricing plan. With advanced pricing training and deep neighborhood knowledge, you get straightforward guidance tailored to your goals. Ready to see your numbers? Connect with Leanne Provost for a free consultation or instant home valuation support.
FAQs
What is a CMA for a Bourbonnais home?
- A CMA is an agent-prepared estimate of likely market value based on recent comparable sales, current competition, and local market indicators.
Who prepares a CMA and how much does it cost?
- A licensed real estate agent prepares CMAs, typically at no cost as part of client services for sellers or buyers.
How many comps should a Bourbonnais CMA include?
- Most CMAs include 3 to 8 closed sales plus a few active, pending, and expired listings for context.
How recent should comps be in Bourbonnais?
- Aim for sales within the last 3 to 6 months; expand to 6 to 12 months in slower periods or when inventory is limited.
Can a CMA replace an appraisal when getting a loan?
- No. A CMA guides pricing and offers, but lenders require an appraisal from a licensed appraiser for financing.
What local factors can change a CMA value in Bourbonnais?
- Subdivision, lot characteristics, basement finish, property taxes, school attendance zones, seasonality, and proximity to major roads can all influence value.
What are red flags in a CMA I should question?
- Unrelated neighborhoods used as comps, very old sales without context, or large unexplained adjustments are common warning signs.
