Comparative Sales: Sales that have similar characteristics as the subject property and are used for analysis in the appraisal process.

When doing a CMA (comparative market analysis) for a homeowner considering selling their home, real estate agents look at recently sold homes in the neighborhood. So as to make just comparisons, they use homes that are similar in size, location, age, type, etc. For example, a 2-bedroom condo would not be a comparable for a luxury home. This will help the seller to come up with the best price to market their home. Appraisers also use comparable sales data in determining the appraised amount for mortgages or refi’s.