Also known as a "comp." or CMA, a comparative-market analysis is a comparison of sales prices of similar properties in a given area. The purpose of a comparative-market analysis is to determine the fair market value of a property.
a comparative-market analysis is prepared by a licensed real estate agent. if you are looking for a house in a neighborhood, they will do a comp. to find out how much recent home in that neighborhood sold for recently.
A good comparative-market analysis will take into account recent sales, pending sales, and current listings that are within the same neighborhood and have similar characteristics as the subject property.
Even if you plan to to sell your home yourself, it is suggested to have an agent or broker fun comps for you. this way you will have a better idea how much your home is worth before you place a forsale sign on it.
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