How an Appraiser Values a Home and How a Realtor Works to Determine Your Home's Value. What is the Role of a CDRE in This Mix?
Appraisal: An appraisal is a professional assessment of a property's value conducted by a certified appraiser. Appraisers use a systematic approach to evaluate various factors that contribute to a property's value. These factors typically include the property's size, location, condition, features, recent comparable sales in the area, and market trends. Appraisers follow established guidelines and methodologies to arrive at an unbiased and well-supported value estimate.
Realtor's Comparative Market Analysis (CMA): A Realtor uses a Comparative Market Analysis (CMA) to estimate a property's value. A CMA involves evaluating recent sales of similar properties in the local market. Realtors consider properties that are similar in terms of size, location, condition, and features to the subject property. By comparing recent sales prices of these comparable properties, a Realtor can arrive at an estimated value for the subject property.
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