A comparative market analysis, or CMA, is an estimate of a home’s likely market value prepared by a licensed real-estate agent — based on recent sales of comparable nearby properties, currently active and pending listings, and the property’s own condition, size, and location. It’s the standard tool an agent uses to help set a realistic asking price.
Why it matters
For a probate or trust sale, a CMA is usually the starting point for a listing-price conversation between you, your agent, and — where it’s relevant to the situation — your attorney or the court. But a CMA is not the same thing as several other property values that can come up during a probate or trust administration, and mixing them up can create real confusion:
- It is not a formal appraisal. A licensed, independent appraiser prepares a formal appraisal using valuation methods and professional standards a CMA doesn’t follow — and a court, lender, or attorney may specifically require one.
- It is not a probate referee’s valuation. In a probate case, a court-appointed probate referee determines the estate’s inventory value for the court record; a CMA plays no role in that official figure.
- It is not a legal or tax determination of value — including for date-of-death value, cost basis, or any other tax purpose. That’s a question for a CPA, tax attorney, or the probate referee process, not an agent’s market analysis.
- It is not a guaranteed sale price. A CMA is a professional estimate based on market data and judgment, not a promise of what a specific house will actually sell for.
A CMA can be updated as market conditions change or as a property’s condition changes during the sale process — it isn’t a one-time number fixed at the start of a listing. See How We Prepare Market Context for a fuller explanation of what goes into a CMA and how it compares with a formal appraisal.
General California probate and trust real-estate education. Not legal, tax, title, appraisal, or court advice. Talk with a qualified professional about your situation.
You can check a California appraiser’s license with the state Bureau of Real Estate Appraisers, the agency that licenses appraisers.