A CMA is most commonly performed for what purpose?

A Comparative Market Analysis (CMA) is most commonly performed for the purpose of pricing property. This analysis evaluates similar properties in the same area, known as comparables, to determine a competitive and fair market value for a specific property. Real estate professionals, such as agents or appraisers, utilize CMAs to guide their pricing strategies when listing a property for sale or advising buyers on offers. By considering recent sales, current listings, and market trends, a CMA helps in establishing a price that reflects the property’s value in the current market.

Moreover, while accessing property, taxing property, and condemning property are important processes in real estate, they do not primarily involve determining or establishing a market price based on comparable sales data. Accessing property often relates to determining structural or legal compliance, taxing property pertains to valuation for tax purposes usually conducted by governmental entities, and condemning property refers to legal processes for taking property for public use or safety reasons, which are distinct from pricing strategies employed in a CMA.