Comparative market analysis (CMA)
An agent's estimate of a home's likely sale price based on recent nearby sales and current listings. It guides list prices and offers but is not an appraisal.
Also called: CMA, market analysis, comp report
Related terms
Recently sold homes near the subject property that are similar in size, age, and features. Appraisers and agents use them to estimate value.
A licensed appraiser's professional opinion of what a home is worth. Lenders require one to make sure the home supports the loan amount.
A value estimate from a real estate agent or broker, often for a lender on a short sale or foreclosure. It is cheaper than an appraisal but less formal.
The price the seller advertises the home for. It is a starting point for negotiation, and the final sale price can be above or below it.
The price a home would likely sell for between a willing buyer and seller, both informed and not under pressure. Appraisals and CMAs both try to estimate it.