When is a Comparative Market Analysis (CMA) performed?

When is a Comparative Market Analysis (CMA) performed?

• A. Accessing property
• B. Pricing property
• C. Taxing property
• D. Condemning property

Answer: (B)

A Comparative Market Analysis (CMA) is primarily performed for pricing property. It involves evaluating similar properties in the same area that are currently on the market or have recently sold to establish a fair market value for a specific property. This analysis helps sellers determine an appropriate asking price to attract potential buyers and assists buyers in making informed offers based on current market conditions. The CMA takes into account various factors such as location, size, condition, and features of the properties being compared, thereby providing a comprehensive view of what constitutes a competitive price in the current market. This process is essential for real estate professionals to guide their clients in making sound pricing decisions that reflect the market dynamics.

A Comparative Market Analysis (CMA) is primarily performed for pricing property. It involves evaluating similar properties in the same area that are currently on the market or have recently sold to establish a fair market value for a specific property. This analysis helps sellers determine an appropriate asking price to attract potential buyers and assists buyers in making informed offers based on current market conditions.

The CMA takes into account various factors such as location, size, condition, and features of the properties being compared, thereby providing a comprehensive view of what constitutes a competitive price in the current market. This process is essential for real estate professionals to guide their clients in making sound pricing decisions that reflect the market dynamics.