CMA

Definition

Comparative Market Analysis—a report comparing similar properties to determine a home's market value. It's like Zillow's estimate, except prepared by an actual human who might know what they're doing.

Example Usage

The CMA showed that my 'vintage' home is worth significantly less than my Zillow-fueled dreams suggested.

Origin

Standard real estate practice developed in the 1970s as the industry professionalized

Fun Fact

Unlike appraisals, CMAs aren't regulated, so they're basically educated guesses in fancy formatting.

Source: Real estate listing and pricing terminology

Related Terms

Advanced

non-conforming loan

Any mortgage that doesn't meet Fannie Mae or Freddie Mac guidelines, whether due to size, property type, or borrower qualifications. It's the misfit toy of lending, typically more expensive and harder to get.

🏠 Real Estate

Advanced

gcfr

Ground Coverage Floor Ratio—the percentage of a lot covered by a building's footprint, regulating density and preserving open space. A municipality's way of preventing you from covering every square inch with structure.

🏠 Real Estate

Advanced

nonrecourse loan

A loan secured only by collateral, where the lender cannot pursue the borrower's other assets if the property is insufficient to cover the debt. The 'take the house and leave me alone' mortgage.

🏠 Real Estate

Advanced

alienation clause

A mortgage provision requiring full loan repayment if the property is sold or transferred, effectively preventing you from passing your sweet 3% interest rate to the next owner. Also known as a 'due-on-sale clause' for those who prefer their contract language less sci-fi sounding.

🏠 Real Estate

Intermediate

refinance

The financial equivalent of asking for a do-over on your loan terms, usually when interest rates drop or your credit score finally recovers from that regrettable phase. Homeowners refinance to lower monthly payments or cash out equity, though the process involves enough paperwork to deforest a small country. It's basically breaking up with your current lender to find a better deal, except with closing costs.

🏠 Real Estate

Intermediate

tax abatement

A reduction or elimination of property taxes for a specified period, typically offered as an incentive for development or renovation in targeted areas. It's the government's way of bribing you to improve neighborhoods they've neglected.

🏠 Real Estate

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