How should a licensee determine market value for pricing a property in NS?

• A. Conduct CMA using recent comps, adjust for differences, consider market conditions, and verify with an appraiser if needed
• B. Guess based on gut feel
• C. Use the list price
• D. Only rely on current market value; no comps

Answer: (A)

Pricing a property in Nova Scotia should be based on a careful, data-driven assessment of what buyers are willing to pay. The main approach is a comparative market analysis using recent sales of similar properties in the area (comps). You adjust those comps for differences in size, condition, features, age, lot, and any renovations, and you also account for how the current market is behaving—inventory levels, days on market, price trends, and financing conditions. This combination helps you pinpoint a realistic market value rather than an arbitrary number.

If there's any complexity or if a lender requires formal confirmation, you can verify the CMA with a licensed appraiser. This adds credibility and aligns with professional valuation standards, while still starting from the solid, data-backed CMA.

Relying on gut feel isn’t reliable because pricing should be anchored in actual market data. Using the list price as value is also problematic, since asking price is not the same as what buyers have recently paid. And looking only at current market conditions without comparing to recent, similar sold properties can miss how the market values specific features and property types.