In property valuation, what does the term 'CMA' stand for?

The term 'CMA' stands for Comparative Market Analysis, which is a crucial tool used in property valuation. A Comparative Market Analysis is a method real estate professionals use to estimate the value of a property by comparing it to similar properties that have recently sold in the same area. This process involves analyzing various factors such as location, size, condition, and sale price of comparable properties, also known as "comps."

The primary goal of a CMA is to provide an informed estimate of a property's market value, which is essential for both buyers and sellers in making decisions about pricing. By using a CMA, agents can offer evidence-based advice on listing prices, helping sellers to set competitive rates and allowing buyers to make reasonable offers, fostering a balanced market environment.

The other terms do not accurately reflect the standard industry meaning of CMA. For instance, "Commercial market appraisal" pertains specifically to appraising commercial properties, which is a different context. "Certified market assessment" and "Cost market appraisal" also do not represent recognized terminology in the context of property valuation.