What does CMA stand for in real estate?

In the context of real estate, CMA stands for Comparative Market Analysis. This process involves evaluating the prices of recently sold homes in a specific area to determine the value of a property. A CMA helps agents and sellers to set competitive listing prices and aids buyers in making informed offers.

The purpose of a CMA is to assess the current market conditions by comparing similar properties, often referred to as "comps," which share similar characteristics in terms of size, condition, and location. This approach allows for an insightful understanding of the market trends and helps establish a fair market value.

CMA is a crucial tool for real estate professionals as it equips them with data-driven insights, enabling strategic decision-making for clients when buying or selling properties.