What is the primary purpose of a Comparative Market Analysis (CMA)?
Correct Answer
B) To estimate a property's market value for listing purposes
A CMA is primarily used by real estate professionals to help sellers determine an appropriate listing price and help buyers make competitive offers. It analyzes recent sales of comparable properties in the area to estimate current market value.
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- → When conducting a CMA, which of the following properties would be considered the BEST comparable for a 1,800 sq ft bungalow built in 1985?
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- → In Ontario, what is the key difference between an appraisal and a Comparative Market Analysis (CMA)?
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- → Which appraisal method is most appropriate when valuing a unique heritage property with no comparable recent sales?
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