A Comparative Market Analysis (CMA) is a process used to determine the market value of a property by comparing it to similar properties (known as “comps”) that have recently sold, are currently on the market, or were previously listed. The CMA helps sellers price their property competitively and buyers assess the fair value of a potential purchase.

Steps in Conducting a CMA

1. Collect Data on Comparable Properties: Identify properties similar in size, age, location, and condition that have sold recently, are currently listed, or were off the market without selling.

2. Evaluate the Comps: Adjust the prices of these comparables based on differences, such as the number of bedrooms, square footage, condition, and upgrades.

3. Analyze Market Trends: Consider current market conditions, including supply and demand, interest rates, and overall economic factors that may influence property values.

4. Determine a Price Range: After adjusting for differences, establish a price range for the property in question.

5. Present Findings: Present the CMA results to the client, explaining how the analysis justifies the recommended listing or offer price.

A well-executed CMA provides a comprehensive picture of a property’s potential market value, enabling informed decisions in real estate transactions.

• Tools and resources for pricing your home accurately: Explore online platforms like Zillow, Redfin, and Realtor.com, and consider consulting public records or local property reports for additional data.