What is the primary purpose of a CMA?

The primary purpose of a Comparative Market Analysis (CMA) is to compare property values for pricing. CMAs are essential tools used by real estate professionals to determine the market value of a property by analyzing recent sales of similar properties in the area. The analysis takes into account various factors such as location, size, condition, and features of multiple properties to ensure an accurate assessment.

By looking at the prices at which comparable properties have sold, agents can provide sellers with a well-founded recommendation for listing prices or assist buyers in making informed offers. This benchmarking against the local market conditions helps establish a realistic price point, making it crucial for effective negotiations and transactions in real estate.