domain-cma-valuationlisted

# Domain Substitution-Market CMA **What this does:** identifies the part of a domain that carries its independent market value, builds a pool of credible substitutes from domains currently offered for sale in that same keyword market, and positions the target against what a buyer can purchase now. It estimates current competitive listing position and replacement cost, not a completed-sale price, official appraisal, or investment outcome. The core model is the **principle of substitution**: a buyer with a flexible naming goal normally has little reason to pay materially more for the target than for a currently purchasable domain that serves the same naming purpose and is equal or better on the relevant attributes. The analysis therefore starts with current alternatives, not sparse historical transactions. A buyer who must obtain the exact string for a fixed identity, brand, acronym, or strategic reason is not acting in a substitutable market, so this model does not estimate that buyer-specific value. The real-estate CMA analogy is deliberate: the value-bearing keyword is the neighborhood; TLD, keyword position, length, modifier quality, pronunciation, and semantic coherence are property features. Two domains that share a construction pattern but not the value-bearing keyword are not in the same neighborhood. Example: for `openrt.com`, if `rt` is the intended value-bearing keyword and `open` is the modifier, compare current `rt*.com` and `*rt.com` listings in which `rt` is