With so much information available online, many buyers and sellers feel they can estimate a home’s value themselves. While browsing recent listings can give you a general idea, accurate pricing still requires professional guidance. That’s where home appraisals and current market assessments (CMAs) come in—two tools that sound similar but serve very different purposes.

Home Appraisal

A home appraisal is a formal, unbiased valuation completed by a licensed appraiser. It’s typically required by lenders and costs around $300–$400.

The appraiser inspects the home—its size, age, condition, upgrades, and location—and compares it to recent sales of similar properties. Using standardized valuation methods, they produce a detailed report outlining the property’s market value.

Because lenders rely on this number to approve mortgage financing, an appraisal provides security for both buyers and sellers.

Current Market Assessment (CMA)

A CMA is a complimentary report usually prepared by a real estate agent during the listing process. It analyzes the current housing market by looking at factors such as supply and demand, neighbourhood trends, seasonality, and comparable listings and sales.

While an appraisal focuses on a home’s physical attributes, a CMA reflects what buyers in today’s market are willing to pay and helps determine a strategic asking price.

In Summary

▪ Home Appraisal = formal, lender-required, objective valuation based on the home itself.

▪ CMA = agent-provided, market-driven estimate based on current buyer behaviour and market conditions.

Both tools are valuable, but they serve different purposes.

If you’re thinking about selling and want a clear picture of your home’s market value, please reach out - I would be more than happy to provide you with a complimentary Current Market Assessment - no obligation!