A comparative market analysis and an appraisal may both involve recent home sales, but they are different products prepared for different purposes.
What is a CMA?
A comparative market analysis is commonly prepared by a real estate broker or agent to help a seller or buyer understand likely market positioning. It can be very useful for pricing strategy and listing decisions.
What is an appraisal?
An appraisal is an independent valuation assignment completed by a licensed or certified appraiser. The appraiser develops the scope of work required for the assignment, analyzes relevant market evidence, and reports an opinion of value for a specified client, intended use, and effective date.
When might a CMA be enough?
If the primary question is how to position a home for sale in the current market, a strong CMA from an experienced local broker can be helpful.
When might you need an appraisal?
Estate and probate matters, divorce, retrospective value, tax appeals, private transfers, buyouts, litigation, and certain lending or financial decisions often call for an appraisal rather than a marketing analysis.
Epic Appraisal also provides pre-listing appraisals when an independent opinion of value would be useful before a sale.