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A real estate CMA, or comparative market analysis, is a tool used by real estate professionals to estimate the value of a property by comparing it to similar properties in the area that have recently sold or are currently on the market.
The process of creating a CMA involves researching recent home sales in the area and comparing them to the subject property in terms of location, size, age, and other relevant features. The goal is to identify homes that are similar in size, style, and location to the subject property, and then use the sales prices of those homes to estimate the value of the subject property.
A CMA can help sellers determine an appropriate listing price for their home, and it can help buyers determine what a fair price would be for a property they are interested in. It’s important to note that a CMA is not the same as an appraisal, which is a more detailed and formal evaluation of a property’s value by a licensed appraiser. However, a CMA can be a useful tool for real estate professionals and their clients to get a general idea of a property’s value.
