Comparative Market Analysis is used to make an estimate of the price of a property based on the recent sales of similar properties in the given area or surrounding area. This analysis is generally down by real estate agents to determine the price of the property for the buyers and sellers enabling them to list their properties at fair values at designated portals. If determining prices is difficult on account of properties not being identical or in same neighbourhood, these agents adjust the prices based on defined parameters to arrive at the fair value of the property.
This type of analysis is particularly useful in case of areas where no properties are listed or sold in recent times. The price determined may then be negotiated between the buyer and the sellers to arrive at the agreed price at which the property is finally sold.
Comparative Market Analysis is not the sole base of determining the prices of real estate in any area. Buyers and sellers need to to more research or hire services of professional evaluators to determine the fair price or the optimum price of the said property before agreeing to the transaction.
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