To begin the process of selling your home you need to know what the value is. There are two good ways to find the value of your home. The first is a Comparative Market Analysis (CMA) done by a local real estate agent and the second is to have an appraisal done by a licensed appraiser.

Comparative Market Analysis (CMA) – A CMA is a report given to you by a local real estate professional. It is an opinion of the value of your home based on recent sales, pending sales and properties currently on the market. The value of the comparable properties will be adjusted for differences and the amount of time since the sale. This is usually a very good way of getting the value of your home from those people who are in the market on a day to day basis, working with buyers and seller. CMA’s are usually done as a free service.

Appraisal – An appraisal is a report, done by a licensed appraiser, who does nothing but report on the value of the property. It is a more thorough report of the value of the property than will be obtained with a CMA.
-Advantages of an appraisal – You have a more thorough report that will provide you with a value as opposed to a value range for your property. It is particularly good for unusual properties that do not have a lot of comparable properties to pull from.

-Disadvantages of an appraisal –

1. Appraisals usually cost between $300 and $400 dollars.
2. Appraisals will sometimes come in with a lower value done for the seller than if they were done for a buyer with a contract price in place.
3. Appraisals done by the seller will rarely be accepted by the buyers’ mortgage company; they will want to order their own.

Never assume that the assessed value for tax purposes is the true value of your property!!!