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Georgetown Real Estate: The Difference between an Appraisal and a CMA?

When selling your Georgetown real estate, you want to be sure that you – and potential buyers – understand the value of your home. Two ways used to determine home value are usually a comparative market analysis (CMA) and a professional appraisal.

A CMA is:

  • conducted by your Realtor, with information from MLS.
  • used to determine the market value so that you can choose an appropriate listing price for your Georgetown real estate.
  • includes information on recently sold homes and homes for sale in your immediate neighborhood that are most similar to your home in appearance, features, and general price range.

An appraisal is:

  • performed by a licensed appraiser who is hired by the buyer’s mortgage lender; however, the appraiser is supposed to remain impartial.
  • designed to protect the bank, so that it doesn't loan too much money for a single property.
  • completed after the appraiser visits your home. The appraiser compares your Georgetown real estate to other similar homes using square footage, finishes, age, condition, location, property tax records, MLS, and recent sales.

If both the CMA and the appraisal are done appropriately, they will be similar. If the appraisal comes in lower than the asking price of your Georgetown real estate, and the bank will not make the loan, and the seller will likely have to reduce the price for the buyer.

For more information on CMAs and appraisals, please contact Georgetown real estate expert, Michelle Buckman, with Buckman Realtor. Michelle Buckman is an expert Washington DC Realtor showing the best Washington DC Real Estate. Michelle Buckman represents W.C. & A.N. Miller, REALTORS®, A Long & Foster Company, properties in Georgetown, Chevy Chase, Northwest Washington DC, Capitol Hill, and the up and coming Trinidad DC neighborhood. Michelle is a licensed realtor in Washington DC, Maryland, and Virginia, and is ready to help you buy or sell your home.

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Michelle Buckman Real Estate

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