What is the purpose of a comparative market analysis (CMA)?

A comparative market analysis (CMA) serves the purpose of determining a property's value based on the recent sales of similar properties in the area. By analyzing these comparable properties, real estate professionals can estimate a fair market price for the property in question. This process involves examining various factors, such as location, size, condition, and features of the properties to ensure an accurate comparison.

CMA is a crucial tool for sellers who want to set a competitive listing price that reflects current market conditions, making it essential for facilitating successful transactions. Understanding the trends and values in the market through a CMA helps ensure that properties are priced appropriately, which can attract potential buyers and lead to quicker sales.