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Steps to Conduct a Comparative Market Analysis
Conducting a CMA involves several key steps, each crucial for accurate results:
- Gather Data: Collect information on recently sold properties in the area, including their sale prices, square footage, and features.
- Analyze Comparable Properties: Identify properties similar in size, location, and condition to the subject property. The more similar the comparables, the more accurate the analysis.
- Adjust for Differences: Make adjustments for any differences between the comparables and the subject property, such as additional features or renovations.
- Calculate the Average Price: Determine the average price per square foot of the comparables and apply it to the subject property to estimate its value.