What is a comparative market analysis real estate?

A comparative market analysis is a tool that real estate agents use to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area.

How do you write a market analysis for real estate?

6 Key Steps to Real Estate Market Analysis

1. Research neighborhood quality and amenities.
2. Obtain property value estimates for the area.
3. Select comparables for your real estate market analysis.
4. Calculate average price of comparable listings.
5. Fine-tune your market analysis with adjustments to your comparables.

How do you do a comparative market analysis?

Where to Get a Comparative Market Analysis

1. Visiting Websites With CMA Information. Some websites, such as realtor.com, offer comparative market information for free.
2. Hiring Professional Real Estate Appraiser.
3. Going to Open Houses.

Is a comparative market analysis the same as an appraisal?

Simply put, the difference is night and day. The CMA relies on vague market trends. The appraisal relies on specific, verifiable comparable sales. In addition, the appraisal looks at other factors like condition, location and construction costs.

What is the secret to a fast sale of a property?

The secret to a fast sale is: a seller might have to lower the price of the property.

What 2 items are contingent on a purchase agreement?

Most Purchase Agreements are Contingent on What Two Items The two contingencies most real estate contracts are contingent upon are the financing contingency and the inspection contingency.

Do appraisers use CMA?

A: An appraisal and a comparable market analysis (also referred to as competitive market analysis or CMA), are both used to determine the market value of a particular property. Appraisals generally use only closed sales to arrive at value.

Which of the following is a test used to determine the highest and best use of a property?

The four tests of highest and best use are: (1) legally permissible (2) physically possible (3) financially feasible and (4) most profitable. The first two tests are interchangeable in order and, in many circumstances, the last two are combined.

What could be done to prepare a property for viewing?

What could be done to prepare a property for viewing? When advertising a property online, be sure to include: at least one photograph and a virtual tour, if possible.