What key information is required for both a CMA and an appraisal?

The key information required for both a Comparative Market Analysis (CMA) and an appraisal is the sale prices for comparable properties. This data is crucial because it provides a basis for determining the value of the property being evaluated.

For a CMA, real estate agents look at recent sales of similar properties in the same area to provide an estimate of the property's market value. The sale prices of comparable properties help establish a price range that is reflective of current market conditions.

In an appraisal, appraisers also rely significantly on the sale prices of comparable properties (often referred to as "comps"). This helps them apply the sales comparison approach to assess the value of the subject property based on market behavior. By evaluating how much similar properties have sold for, an appraiser can make an informed estimate of the property's value in the context of the current market.

While other options like capitalization rate, gross rent multiplier, and highest and best use are relevant in specific valuation methods or scenarios, they are not universally required for both CMA and appraisals in the same way that sale prices for comparable properties are. Therefore, the sale prices of comparable properties stand out as the essential shared data point in both processes.