Agency
What is a 'comparative market analysis' (CMA) and when should it be updated in Delaware?
AA CMA is prepared once at listing and never needs to be updated
BA CMA analyzes recent comparable sales to suggest pricing — it should be updated if significant time passes without a sale, market conditions change significantly, or new comparable sales emerge that affect the pricing recommendation✓ Correct
CA CMA is only prepared for the buyer's benefit, not the seller's
DCMAs are required only when listing commercial properties in Delaware
Explanation
A CMA helps sellers price their property and buyers evaluate offers. It should be updated when: (1) the listing remains unsold for an extended period and conditions change; (2) significant new comparable sales emerge; (3) Delaware market conditions shift substantially; or (4) the property undergoes material changes. An outdated CMA can mislead clients on appropriate pricing.
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