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When working with sellers to determine a listing price or with buyers to check the value before offers to purchase, real estate agents do what is known as a comparative market analysis, or a CMA.
By going to sold property records, the real estate professional selects recently sold properties that are similar to the subject property and in the same geographical area. By comparing these properties, and adjusting for feature differences, an estimate of value is made for the subject property.
However, a thorough real estate professional will do a second different CMA for a seller or a buyer.
A second thorough CMA would include comparisons to currently listed similar properties in the area. The same process would be used, but with currently listed properties. This would allow an assessment of the current competition and might lead to an increase or decrease in the estimate based on the sold properties.
What is 'Comparative Market Analysis'
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