How is an appraisal different from a real estate agents Comparative Market Analysis (CMA)?
Appraisers factor in general condition, location and construction quality into their appraised value. They use well documented data from reliable sources to analyze the property and calculate an accurate value, and they will include supporting documents in their appraisal report. A CMA is often an estimate loosely based on trends and more often on active listings than recent actual sales, even though sales prices are often different from the listing price. In addition the CMA value is intended for listing purposes and the listing value varies by real estate agent depending on how they intend to market your home, whereas the appraised value is what the appraiser feels the home would actually sell for in the current market. Keep in mind as well that the average real estate agent will sell 10 – 15 homes per year whereas we appraise 10 – 15 homes per week. The appraisal is created by a qualified professional who has made a career out of valuing properties.
