A comparative market analysis is also referred to as what?

A comparative market analysis (CMA) is typically referred to as a broker's price opinion. This term reflects the role of real estate brokers in assessing property values by comparing similar properties that have recently sold in the same area. A CMA utilizes data regarding these comparable properties to estimate a market value for the property in question, assisting sellers in pricing their home and helping buyers understand what similar properties are worth.

The term "broker's price opinion" underscores the perspective of a professional familiar with the local market dynamics, rather than a formal appraiser's valuation. While an appraisal offers a more rigorous and formal assessment of property value, a CMA is often sufficient for most situations involving pricing strategies for real estate transactions.

Other terms, such as buyer's price analysis and seller's property estimation, lack the established use and recognition that a broker's price opinion has in the real estate industry. The term "real estate appraisal," while related, generally refers to a more formal and detailed assessment performed by a licensed appraiser, often required for financing and legal purposes, which is distinct from the more informal and practical nature of a CMA.