What is a comparative market analysis (CMA)?
A Comparative Market Analysis (CMA) is a report that provides an estimate of the value of a property based on the prices of similar properties that have recently sold in the same area. Real estate agents and brokers typically prepare CMAs for their clients to help them determine a fair and competitive price for a property.
The CMA takes into account a variety of factors, such as the size and condition of the property, its location, and recent sales of similar properties in the area. The report includes information about the comparable properties, including the sale price, square footage, number of bedrooms and bathrooms, and other relevant features.
By analyzing the prices of similar properties, the CMA provides an estimate of the fair market value of the property in question. This information can be used by sellers to determine a listing price for their property, or by buyers to make an informed offer on a property.
It’s important to note that while a CMA can provide a good estimate of a property’s value, it is not the same as an appraisal, which is a formal evaluation of a property’s value by a licensed appraiser. Nonetheless, a CMA can be a useful tool for buyers and sellers in the real estate market.
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