What is a comparative market analysis?

A comparative market analysis (CMA) is a tool used by real estate agents in North Carolina to help determine the value of a residential property. A CMA evaluates comparable properties in the local area and compare them to the property in question. It is used to estimate the current market value of a home. A CMA starts by researching homes of similar size and features that have recently sold in the same neighborhood as the property in question. This is a critical step, since market values can change quickly depending on local market conditions. The CMA then takes all these variables—including square footage, age, condition, amenities, and more—into consideration to compare the current property with similar ones that have recently sold. To do this correctly, an agent must pull data from sources such as public records and multiple listing services. They must also consider recent trends in the local market and personal knowledge of the area. After the analysis is complete, the agent creates a detailed market analysis report. This report provides a comprehensive overview of the market value of the property and tips to help sellers and buyers make suitable decisions.

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What is a comparative market analysis?

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