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CMA vs. Appraisal

Only a Florida licensed, trained appraiser, with no interest in a property, can do a legitimate appraisal in Florida. 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, because market conditions in Florida are declining so fast. To be similar it should have very similar square feet, same acreage, same age, same school district, and be in a similar neighborhood.

Comparative Market Analysis(CMA)

A comparative market analysis, or CMA, is an informal assessment of a property’s market value, usually done by a licensed Florida real estate agent, like, Ron Rosen.  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.

What’s Your Home Worth In Todays Market?

When selling a home in today’s marketplace there is nothing more important than pricing your home properly when you first come on the market. Statistics over the years have shown that you will always get more money by being priced “right” at the start of the listing versus reducing the price later.
Click Here to See What Your Home is Worth?
Sometimes in Florida it is hard to find an exact match, so the comparable properties are adjusted to more closely match the subject property.  Adjustments take the form of placing a value on square feet, bedrooms, baths, and acreage, and then adding or subtracting value so that a more exact comparison can be made. In addition, the appraiser looks at the current condition of the subject property and will adjust its value to reflect its depreciation. Because there is judgement involved in making these adjustments, even appraisals using the same properties for comparison can vary in their result.

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