To give some context, a Comparative Market Analysis (CMA) is an estimate of a home's value based on recent transactions, and property pricing in the immediate area.
A CMA is very subjective and it may vary differently to clients as each of us value different things. We usually conduct CMA when we don't know how much we should be paying.
In regards to CMA, it is important to see what is the main criteria of owning the property as own stay and investment can be quite different. For own stay, loving the place would play a huge part, whereas for investment, one might not love the place but the dollars and signs must makes sense.
Moving forward, in Singapore context, CMA can be more accurately done when it comes to resale projects due to the availablity of data. For New Launches, the past and surrounding price data together with the land price plays more part in doing the analysis. Back to resale projects, there are different stacks to go about analysising the price, which as agents we can get data via the tower view which can give much insights. Each stack enter at a different pricing, and we also need to understand the price range, which are the lower and high end of the stack.
For property purchase, at the end of the day it always comes down to willing buyers and sellers, so there's no such things as "overpaying", only the right buyer and seller. Moving forward from there, I'll best recommend to check out the past transaction to come out with a price range and make sure it is of a comfortable paying range for the homebuyers. On the other hand, I would also advise to do an loan assessment or and IPA via a bank so we can all have a peace of mind as we would know how much loan can we qualify, and what is the maximum property price to understand our financial threshold. There's also alot of benefits of doing an IPA first during the "window shopping period" of your property as it helps us to know how much can we afford to pay for (with black and white contract mentioned) thus making the home purchase process more seamless.