A service normally provided by real estate agents prior to either listing a property or to making an offer to purchase a property on the behalf of a purchaser. The true purpose of a CMA is to establish a current estimated market price of a property. This is accomplished by researching both the currently listed properties and the most recently sold properties, in the same area, with as similar characteristics as the property in question. This information is usually provided to homeowners to help them establish a fair market selling price; it may also be given to a prospective purchaser to help guide them in making a proper offer. Some real estate agents perform this service for free while others may charge as much as $300 for this information.
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