Comparative Market vs Appraisals
A Comparative Market Analysis (CMA) is a comprehensive evaluation of similar properties in the same area that have recently sold or are currently on the market. It helps determine a property's value based on the prices at which similar properties have been bought or listed. A CMA takes into account factors such as location, size, condition, and recent market trends. Real estate agents typically conduct CMAs to provide guidance to their clients.
On the other hand, an Appraisal is a formal assessment of a property's value by a certified appraiser. Appraisals are often required by lenders during the mortgage process to ensure that the property's value aligns with the loan amount. Appraisals involve a more detailed analysis, considering not only recent sales of comparable properties but also factors like the property's condition, amenities, and unique features. Appraisals are conducted by licensed appraisers who follow specific guidelines and standards.
Wanda Lopez
Partnership Realty Inc.
Realtor®
Partnership Realty Inc.
Realtor®
Address
West Palm Beach, FL 33406
Port St Lucie 34986
(Remote Office)
