What is a CMA vs. Appraisal?

A CMA is a market analysis performed by a real estate agent to help determine the estimated market value of a property. This analysis typically takes into account recent sales of similar properties in the same area, as well as other factors such as location, size, and condition of the property. The purpose of a CMA is to help a seller determine a reasonable asking price for their property or to help a buyer determine what they should offer for a property.

An appraisal, on the other hand, is a more formal and comprehensive evaluation of a property's value, performed by a licensed appraiser. Appraisals are often required by lenders in order to provide a reliable estimate of a property's value for loan purposes, but can also be ordered for other reasons such as settling an estate or determining the value of a property for tax purposes. An appraisal takes into account many of the same factors as a CMA, but also includes a detailed inspection of the property, as well as an analysis of market trends and other economic factors that may affect the value of the property.

In summary, a CMA is a general estimate of a property's value that is performed by a real estate agent, while an appraisal is a more formal and in-depth evaluation of a property's value that is performed by a licensed appraiser.