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What is a (CMA) comparitive market analysis?
What is a (CMA) comparative market analysis?
A Comparative Market Analysis, or CMA is a process of estimating the value of a home based on an evaluation of similar, recently sold homes (called comparables or comps) that are in the same geographic area as the home being evaluated. A competent real estate agent should be able to produce a CMA to arrive at a fair price range for the seller. This price range is then used to determine a listing price for the property.
Essentially, conducting a competitive market analysis involves finding homes in the same neighborhood or area that are similar to the home being evaluated, and then creating an in-depth comparison of its size, age, location, and other important features of the home.
Creating a CMA includes:
- Defining the criteria you will be using to select comps that are near the home being evaluated.
- Compile a list of quality comparable properties
- Evaluate the comps, then adjust values for differences in size, condition, location, amenities, etc
- Estimate the current value of your home based on these findings
