An appraisal looks at properties that are comparable which have sold in the last six months. Appraisals are being reviewed by lenders more than ever now, due to current market conditions. To be similar it should have very similar square feet, same acreage, same age, same school district, and be in a similar neighborhood.
A comparative market analysis, or CMA, is an informal assessment of a property’s market value, usually done by a licensed real estate agent, like Jas Sohi and team. The evaluation, is based on local active listings in the market(your competition) and sales data, to determine the probable sale price of a property in the current market. Sellers can use a CMA to help decide on a fair list price. Buyers can use a CMA to help them decide what to offer on a home they want to buy.
The accuracy of the analysis will depend in part on the quality of the data. The more houses a Realtor sells, obviously the better idea they will have on the market value of your home. Until recently the listings used for comparison were ideally to be located in the same neighborhood. Now because of the current market conditions you should compare homes all over your community, because buyers are not stuck on any one particular neighborhood, they are shopping for the best value in every community.