What’s a CMA & Why Do I Need One?

home-valueIf you’ve been considering selling or refinancing your Miami home, you may have had a real estate agent offer you a CMA. So what’s a CMA and why do you need one anyway?

A CMA is a Comparative Market Analysis and, if done correctly, should provide you with a good idea of what your home is worth. It usually gives a range, not an exact amount.

A CMA is not an appraisal nor does it take the place of one. There are cases where an appraisal is needed and Realtors are not licensed to appraise a home (unless they are actually also licensed appraisers). My real estate license allows me to provide an approximation of value, but I cannot call it an appraisal, because it isn’t.

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These articles are not intended to give legal or tax advice, and you should consult your attorney or financial advisor for additional information.

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