What is the purpose of a "CMA" (Comparative Market Analysis)?

A Comparative Market Analysis (CMA) is primarily conducted to estimate a property’s value by comparing it to similar properties that have recently sold within the same area or market segment. This process allows real estate professionals to evaluate the current market conditions and understand how a specific property stands in relation to others, ensuring accurate pricing for sellers or appropriate offers for buyers.

The CMA takes into account various aspects such as property location, size, condition, and features to draw comparisons, making it an essential tool for determining a fair market value. By using recent sales data and market insights, a CMA provides a calculated estimate that reflects what a property is likely worth, aiding in informed decision-making in real estate transactions.