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What Is a Comparative Market Analysis (CMA)?

CMA is an evaluation of similar, recently sold homes (called comparables or comps) that are near a home or homes that you want to buy or sell. Buyers, sellers, or real estate agents perform a CMA report to establish and find a fair price range for the home you are interested in. The price range from the CMA can then be used as a guide for establishing an offer price or a listing price.

Basically, performing a CMA involves finding the homes that are similar to the home under consideration, and creating an in-depth comparison of its size, age, location, and features of the home size, age, location, and features. It all comes down to one question: compared to comparable homes in the area, how much is this home worth? Answering that question involves looking at a fair amount of data on other homes in the current market.

The process for doing a CMA includes:

Defining criteria for selecting comparables in close range to the home:

  • Determine a list of quality comparables
  • Evaluate the comparables within close range to the home
  • Adjust comparable values for differences in size, condition, location, amenities, etc
  • Estimate the ideal value of your target home based on the findings

    CMA will be created for this property address