What is a comparative market analysis (CMA)?

A comparative market analysis (CMA) is primarily focused on evaluating similar properties, known as "comps," to establish a fair market value for a specific property. This process involves analyzing recent sales data, pricing trends, and the characteristics of comparable homes in the same area. The goal of a CMA is to provide clients—whether sellers or buyers—with a realistic estimate of the property's worth based on current market conditions. This analysis takes various factors into account, such as location, size, amenities, and overall market trends, to ensure that the property is competitively priced or valued accurately in the context of the local real estate market.

The other options mention aspects that may relate to real estate but do not encompass the specific goal of a CMA. For instance, an assessment of real estate commissions does not provide a value for a specific property, calculating mortgage payments focuses on financing rather than market valuation, and strategies for property marketing are tactics for promoting a property rather than evaluating its worth.