I have been reading NAR statistics that say that the MLS as a source of data to create a CMA can be cumbersome at times, or even erroneous. How much time is taken is use the MLS to create a nice CMA, is there an easier source (no eNeighborhood).

Erroneous meaning this statement, "As an example, private sales listed for $1 (due to owners not being willing to list a sale price) throw off the CMA statistics yet they cannot eliminate these listings from the calculations".

Cumbersome meaning, as one of the forum discussions here, manually looking for comparables that should match...sounded time-intensive.

Has anyone just used a third party source, like Automated Valuation Model (AVM) reports to obtain a quick and what appears-to-be easy: (1) property value estimate, (2) comparables and (3) maybe some neighborhood data all in one shot.

Example being ElectronicAppraiser.com or eAppraiseIt.com. Or is the MLS viewed as the most respected source w/ no problems to obtain for data for a CMA?

Thanks and I'm a newbie to Real Estate
MG

MLS is THE source for sales history. Yes, there are many considerations when performing a market evaluation. To be accurate, you may have to speak with listing Realtors for an understanding of 'unusual' data.

I've always maintained that the best source for accurate CMAs is with your neighbourhood Realtor. They know the product and have a good idea of what's where. The farther you move away from that source, the less dependable your evaluation becomes. The national internet evaluaters are doing a disservice to the public in my opinion.

I am speaking from the perspective of someone becoming a real estate agent. If Lenders are using AVM's that give comparable data, property estimate, and sometimes more or different data than what is within the MLS, why not use such data, than add your personal or corporate brand to it. That process sounds a lot faster to me?

With this real estate boom, I hear of buyers receiving 5 CMA's in a day from various agents all having the same data...why not just use an AVM, providing quick turnaround in data gathering and us that?

I would use what is available to you. Where we are, we have a few choices... Our MLS makes pretty decent CMA's, but of course you have to look at them and throw out the out-of-ordinaries. We also have one that is pulled from tax records, not as nice but it has some nice features. Then we have a few title companies that do some pretty nice ones, and they will actually create the CMA with your name on it and deliver it to the prospective client. You'll be surprised what vendors will do... just be careful it doesn't cross the RESPA line.

I don't see a CMA as regional average house price. That won't impress a seller. For me, a CMA is done for my benefit, so that when I flush out the sellers expectations, I can negotiate to some degree of reason that I'll list a saleble property.