What is a Comparative Market Analysis (CMA)?
A comparative market analysis (CMA) is a document prepared by real estate professionals to help determine the selling price of a home by comparing it to recently sold homes in the same area. To create a CMA, real estate professionals look at the price of recently sold, active, and expired listings that are similar (comparable) to the home they’re trying to sell.
There are two general situations where running a CMA is essential:
For a listing appointment
Anytime you want to tell a homeowner how much their property is worth in the current market.
To help a buyer find a good deal
The other time you should be running a CMA is to help a buyer determine if a home they’re very interested in is a good deal or not. You will eventually be able to know right away when a home is overpriced, but if you’re just starting out or working in an unfamiliar area, a thorough CMA will tell you if a home is priced right.
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