Someone asked us the other day what a CMA was, so we figured we would share the definition and the purpose of a CMA with everyone!
A CMA, or Current Market Analysis, is a statistical process used to develop a reasonable selling price for a particular home. This analysis is a comparison of the features of the home in question against those features of sold homes within a given area and given time period.
It is important not to confuse this process with an appraisal; an appraisal is a professional service provided by a certified appraiser or real estate licensee to produce an estimate of value for a property.
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