When it comes to assessing the value of your home 🏠, two common methods are used: a residential appraisal 📋 and a comparative market analysis (CMA). 📊

A residential appraisal is a detailed evaluation conducted by a certified appraiser and is typically ordered by the mortgage lender. It involves an on-site inspection of the property 🔍, analyzing its condition, size, features, and comparable sales 📈.

Appraisals are typically a mandatory requirement for mortgage financing, estate settlements, or legal purposes ⚖️. They provide a professional opinion of value and carry significant weight in real estate transactions and loan amounts.

On the other hand, a comparative market analysis (CMA) is commonly used by real estate agents to help sellers set an appropriate listing price or by buyers to assess the market value of a property’s asking price 💰.

An appraisal requires a physical inspection of the property 🔍, while a CMA relies on available MLS data and market trends 📈.

Question: Why would a homeowner request an appraisal be done before listing their home? 🤔