What is the main goal of conducting a CMA?

The primary purpose of conducting a Comparative Market Analysis (CMA) is to estimate the possible sale price of a property. A CMA involves evaluating similar properties in the area that have recently sold, are currently on the market, or were on the market but did not sell. By analyzing these properties, a real estate professional can gauge the market trends and price effectively based on current conditions, which aids sellers in pricing their property competitively and helps buyers make informed offers.

This process allows for a nuanced understanding of how various factors—such as location, size, and property features—impact market value, ultimately providing a well-researched price point for the property in question. Conducting a CMA is a critical step for real estate agents and their clients to align property value with market dynamics accurately.