A comparative market analysis
(CMA) is a tool that real estate agents and brokers use to help clients determine the value of a property.
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A CMA involves comparing the subject property to similar properties in the same area that have recently sold, are currently on the market, or were on the market but did not sell.
A CMA can be useful for real estate agents because it provides a comprehensive overview of the local real estate market and helps agents and clients understand the value of a property in the context of similar properties in the area. This can be especially helpful when determining a listing price for a property or making an offer on a property.
To create a CMA, real estate agents typically gather data on recent sales of comparable properties, including information on the properties' features, size, location, and sale price. They may also consider other factors that can impact the value of a property, such as the local economy, market demand, and the condition of the subject property.
Once the data has been gathered and analyzed, real estate agents can use the CMA to provide clients with a range of values for the subject property, as well as a recommendation for a listing price or offer price.
Overall, a CMA is a valuable tool for real estate agents because it helps them provide clients with a thorough understanding of the local real estate market and the value of a particular property.