Your New Home Partners
If you are being asked to pay for a comparative market analysis to see what your home is worth from a real estate agent STOP!✋
Recently, I have been approached by a number of Seller's asking how much it will cost for a CMA.
First, the difference between a CMA (comparative market analysis) and a real estate appraisal report is simply one is done by your real estate agent and one is done by a licensed real estate appraiser.
In general, a CMA is an estimate of your home's value in order to establish a listing or offer price on a piece of property. This is a reference for the Seller or Buyer to use when deciding pricing strategies. A CMA is created by utilizing recent sales data and by the real estate agents knowledge of the local market. This is a BIG reason why some online valuation tools can be vastly different than a CMA created by a LOCAL agent.
Online tools simply use data from public sources. They do not always incorporate local knowledge of local markets. We will utilize our local market knowledge to compare a home with homes that are most like yours in your neighborhood (or as similar neighborhoods nearby). In essence, a comparable home is one that is of the same type (single family vs multi-family, concrete block vs stick built vs manufactured), similar in condition both inside and out, and has similar land area size.
Additionally some others factors that will be considered are:
It is a process of developing a true market analysis of your property; whereas, an online valuation only considers a limited algorithm.
A real estate appraisal is always done by a licensed real estate appraiser. This is a determination of value usually for mortgages or refinancing purchases. The only job of a real estate appraiser is to given an unbiased opinion of the value of the subject property. While an appraiser will use very similar methods in determining the property value, they must follow strict licensing and industry standard guidelines. Appraisals will vary in pricing based upon location and size of home and land.
So simply put, the CMA (home valuation, comparative market analysis, of Brokers Price Opinion) is an attempt to establish an OPINION of value for either a seller of a property or buyer of a property. An appraisal report is a licensed appraiser's opinion of fair market value and whether or not the property is worth the price being you are trying to sell or buy the property for.
If you have questions about this service, feel free to call us at 813-715-2859 before you pay someone or simply use an online valuation tool!!! Still want a 60 second online evaluation? FREE ONLINE VALUATION TOOL
Carla Goddard👩💕 Realtor®, GRI 💕
New 🏡Construction Specialist
Relocation Specialist to🌴☀️
Berkshire Hathaway HomeServices FLPG
Contact Carla Goddard - a Local Community Expert for your connection to New Home Construction. Call today at 813-716-4498 or email Carla for more information and to schedule your private showing.
Your New Home Partners for all things New Construction in Pasco County. Local Realtor® with Local Knowledge and Local Experience
For New Home Construction Questions Call 813-715-2859