What are CMA and Appraisal?

By
Real Estate Agent with J Michael Manley Team SC#39529

CMA and Appraisal – Ways to Know the Value of Your Home

 

If you think about selling your home, one of the first things you will consider is finding the value of your home. But how do you find out the value of your home? There are two ways to know your home’s worth – CMA and Appraisal. Let’s discuss each one.

 

CMA or Comparative Market Analysis is a an evaluation of similar, recently sold homes, active listings, and pending listings that are near a home intended to be sold. These are called comparables. It gives an estimate based on current market activity and can be a guide for home pricing.

 

Your real estate agent prepares this report for you. Listings are pulled from the multiple listing service (MLS) which is only available to agents. Fields of information such as neighborhood or zip code, number of bedrooms, number of baths, age of the home, square footage, price range, days on market, sold dates, and other data are found in the CMA. Though CMA is helpful in determining the price of a property, it has some limitation. One example is it cannot quantify why some homes were sold over or below the market average.

 

Note that your agent will suggest a pricing strategy for you based on the CMA, but the asking price will be your decision. Other factors you should consider in determining your asking price is the condition of your home, the local market trend, and how motivated you are to sell the property.

 

An appraisal is an estimation of your home’s market value by a licensed appraiser, it is based on comparable recent sales of homes close to your property. Home appraisal is used to determine if the value of a property is equal or greater than the purchase price. If a home is appraised below the purchase price it is most likely that the loan financing will fall through. Appraisal protects the bank from getting stuck with property that's worth less than they've invested.

 

To avoid and protect yourself from low appraisals, get an appraisal before you list your home. Look for a qualified local appraiser in your area and use the appraisal to set a realistic price for your home.

 

If you're thinking about selling your home, and you would like to know your Greenville Home Value, we are offering a FREE Comparative Market Analysis, just fill in your information and we will send you an estimated home value report.

 

 

 

 

 

Are you a first time buyer? Looking to downsize or relocate in Greenville? We advise you talk to realtor before you start looking at homes. Please do not hesitate to contact us – no obligation! We can do an online consultation if you can’t make it in person. We’re happy to serve you!

 

 

 

Jmichaelmanley Greenville homes sale

 

 

Keller Williams Realty Greenville 700 Airport Rd Greenville, SC 29607

  Selling your home? Contact us! (864)881-1352

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Topic:
Home Selling
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South Carolina Greenville County
Tags:
cma
appraisal
what is appraisal
what is cma
greenville home value
what is your homes worth

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