What is an outcome of a successful "comparative market analysis"?

A successful comparative market analysis (CMA) plays a crucial role in the real estate process, particularly in determining the fair market value of a property. This analysis involves comparing the subject property to similar properties that have sold recently in the same area. The insights gained from examining these comparable sales—such as location, size, condition, and amenities—help to establish a realistic and competitive price for the property in question.

The outcome of determining a fair market value is important because it ensures that the property is priced appropriately. This not only benefits the seller by attracting potential buyers but also ensures that the property does not languish on the market due to overpricing. Proper pricing based on a robust CMA is key to successful transactions, reflecting current market conditions and buyer demand.

In contrast, the other choices suggest outcomes that do not align with the purpose of a successful CMA. Selling at a price above market value or setting an overpriced asking price can lead to prolonged listings and potential losses for the seller. Immediate sales within a week may be appealing, but they are not guaranteed and depend on various factors including market demand and property presentation. Thus, determining a fair market value through a CMA is the essential and correct outcome for effective real estate practice.