All a CMA does is generate a “ball park figure.”

An appraisal delivers a carefully documented opinion of value.

But the largest difference is who’s creating the report.

Real estate agents produce CMA’s, and they don’t always know the whole market or have specific competence when it comes to home valuation.

A certified, licensed professional who made their livelihood on valuing properties is behind the appraisal. Likewise, the agent has something at stake since they get a commission based on the property’s selling price whereas the appraiser is bound by a code of ethics to collect only a previously agreed upon fee for assignments, regardless of their outcome.