By Straughan Appraisal Services | Rockwall, Texas | November 3, 2026
A Comparative Market Analysis (CMA) is one of the most useful tools available to real estate agents. It helps Realtors evaluate comparable properties, review recent sales, and develop pricing strategies for their clients.
But there is another important question:
What is the market actually doing behind those comparable sales?
Two homes may sell for similar prices, yet the transactions may tell very different stories. One may have sold quickly without seller assistance. The other may have required several price reductions, an extended marketing period, and substantial seller concessions.
Understanding those differences is increasingly important for Realtors, sellers, buyers, and appraisers throughout the Dallas–Fort Worth and North Texas residential real estate markets.
Effective February 4, 2025, Fannie Mae and Freddie Mac strengthened their appraisal reporting requirements concerning market-condition analysis.
Appraisers must support the overall market trend—whether increasing, stable, or declining—using factual market evidence covering at least 12 months.
The analysis must also support market-condition adjustments applied to comparable sales, including situations where no adjustment is warranted.
This is important because market conditions do not always move in a straight line.
A market may experience several months of increasing prices followed by a period of stability or softening. The overall 12-month trend may differ from the price movement occurring during a particular comparable sale's contract period.
For Realtors, the lesson is straightforward: A few recent sales may not explain the entire market.
Consider two hypothetical transactions:
Property A sells for $400,000 without seller concessions.
Property B sells for $400,000 with $15,000 in seller-paid closing costs or financing assistance.
Both transactions report the same sale price.
However, the financial terms are different.
Does this mean Property B was actually worth $385,000?
Not necessarily.
The effect of seller concessions on a property's sale price must be determined from market evidence. A dollar-for-dollar deduction is not automatically appropriate.
The important question is whether the concessions influenced the price a buyer was willing to pay.
When concessions become more common, they can also provide useful information about buyer negotiations, financing conditions, and seller behavior.
This is why examining reported sale prices without considering transaction terms may provide an incomplete picture.
A citywide market report may include hundreds of transactions involving homes of widely varying sizes, ages, locations, and price ranges.
But those properties may not compete directly with a particular home.
At Straughan Appraisal Services, our residential market research examines two perspectives:
Broad Market Analysis reviews overall residential activity within the selected geographic market, including sales volume and pricing patterns.
Competing Market Analysis examines properties with characteristics more closely aligned with the property or market segment being studied.
These analyses can reveal differences that may not be apparent from a general citywide report.
For example, overall citywide prices might remain relatively stable while a particular segment experiences increasing inventory, longer marketing periods, or more frequent concessions.
Mortgage lending involves two major considerations: the borrower's ability to qualify for financing and the property serving as collateral for the loan.
The lender makes the lending decision. The appraiser provides an independent opinion of market value and relevant property analysis when an appraisal is required.
Appraisers are expected to analyze market conditions and consider the effect of financing terms and concessions on comparable sales.
A Realtor who understands these considerations is better prepared to discuss pricing, transaction terms, and market evidence with buyers and sellers.
A strong CMA remains valuable. Independent market trend research can complement it.
Straughan Appraisal Services offers a three-page residential market analysis designed to help Realtors better understand and explain market conditions.
Our reports include:
Twelve-month residential market research
Broad Market and Competing Market analysis
Monthly sales activity and pricing trends
Graphs illustrating changes over time
Seller-concession analysis
Written explanations of market behavior
These reports are informational market research, not appraisals, CMAs, or opinions of property value.
Our objective is simple: Help Realtors understand the market behind the comparable sales.
Visit our Realtor Services page to view sample market analysis reports and learn more about our services.
Straughan Appraisal Services
Experience Matters.
Serving the Real Estate Industry Since 1974.
Fannie Mae — Selling Guide B4-1.3-09: Adjustments to Comparable Sales
https://selling-guide.fanniemae.com/sel/b4-1.3-09/adjustments-comparable-sales
Freddie Mac — Appraiser Report Market Analysis Requirements (September 21, 2026)
https://sf.freddiemac.com/articles/insights/appraiser-report-market-analysis-requirements
Freddie Mac — Considering Financing and Sales Concessions: A Practical Guide for Appraisers
https://sf.freddiemac.com/articles/insights/considering-financing-and-sales-concessions-a-practical-guide-for-appraisers
Class Valuation — Market Analysis Requirements and Educational Resources
https://on.classvaluation.com/market-analysis-updates