Define "market analysis."

Market analysis is defined as a study of the current market conditions to assess property values and trends. This process involves examining various factors such as supply and demand, recent sales data, and economic indicators to develop an understanding of how properties are valued in a particular area and how those values may change over time.

By conducting a thorough market analysis, real estate professionals can provide clients with insightful information regarding pricing strategies, investment potential, and overall market conditions, helping buyers and sellers make informed decisions. This process is crucial for determining fair market value and can influence listing prices and negotiation tactics during real estate transactions.

In contrast, evaluating a specific property's inspection report is more focused on the condition and features of an individual property rather than the broader market context. Similarly, determining advertising costs for a property pertains to budgeting for marketing efforts, and comparing property taxes across areas deals with tax assessments rather than actual property values in the context of the market.