What Information Is Needed for a CMA and an Appraisal?

A Comparative Market Analysis (CMA) provides an agent’s property value, reflecting market conditions and recent sales. An appraisal offers a formal, unbiased value estimate by a licensed appraiser, often required for mortgage lending or legal proceedings. Both require specific property information, though detail varies. This article outlines information professionals gather.

Core Property Information Required for Both

Property characteristics form the valuation baseline. Professionals identify property by address and legal description. Property type (single-family, condo, townhouse) establishes comparative context.

Structural details are collected. Bedrooms, bathrooms, and living area square footage influence market value and are comparison points. Lot size and year built provide context for age, maintenance, and architectural styles. These metrics allow direct comparison.

Key features and amenities determine value. Garage type (attached/detached) and capacity contribute to functionality and appeal. Finished/unfinished basements impact living space and utility. Features like pools, outbuildings, central air, and heating systems influence desirability and value.

Property condition (good, fair, poor) indicates upkeep and deferred maintenance. Major renovations/updates are noted. Improvements like new roofs, updated kitchens/baths, or new windows, with completion dates, are included. Such updates enhance value by improving functionality, aesthetics, and energy efficiency.

Ownership information confirms legal status and valuation context. Owner details ensure correct party interaction and facilitate communication. This data is sought by agents and appraisers, forming the valuation framework.

Additional Information Specific to a Comparative Market Analysis

A CMA relies on insights beyond core property data, focusing on marketability and pricing strategy. Agents consider seller motivation and timeline, providing context for CMA recommendations. A seller needing a quick transaction might prioritize a competitive price for a faster sale; one with ample time might aim to maximize return. This allows tailoring pricing and marketing strategies.

Personal property inclusions are considered. Items like appliances, window treatments, or decorative fixtures the seller intends to include enhance perceived value and buyer appeal. While not typically contributing to appraised value, they can be a CMA selling point to attract offers. The CMA focuses on property attractiveness to buyers, beyond real estate.

Neighborhood features are emphasized. Proximity to amenities (schools, parks, shopping, public transport) is highlighted. Community amenities (shared recreational facilities, private natural access) also contribute to market appeal. These features position the property competitively and draw specific buyer demographics.

Minor updates and cosmetic improvements are noted. Cosmetic changes (fresh paint, updated fixtures, enhanced landscaping) improve presentation. While less impactful on formal appraisal value, they enhance marketability and attract higher offers. Agents use these details to showcase the property to prospective buyers.

Unique selling points homeowners wish to emphasize are incorporated into CMA presentation. This includes architectural details or energy-efficient upgrades. A CMA is a less formal assessment combining public data with agent expertise, focusing on marketability and pricing strategy, not legally binding valuation.

Additional Information Specific to a Property Appraisal

Property appraisal requires rigorous, legally oriented information, emphasizing verifiable documentation and physical inspection. Appraisers require full interior and exterior access for comprehensive inspection. This detailed examination allows assessment of property condition, features, and quality for unbiased valuation. Appraisers note deferred maintenance, functional obsolescence, or external factors impacting value.

Legal documents define boundaries, rights, and encumbrances. Deed confirms ownership and title history. Plat maps or surveys illustrate dimensions, boundaries, and any easements or encroachments. Easements grant others the right to use property for specific purposes (e.g., utility access), affecting value. Encroachments (structure extending onto neighboring property) also impact marketability and value.

Zoning dictates legal property use. Classification (residential, commercial, multi-family) directly influences highest and best use. Regulations specify setbacks, heights, and density allowances, affecting development potential and market value. Understanding regulations ensures current use compliance and considers future development.

Permit history and building plans verify legality and quality of major renovations, additions, or structural changes. Building permits ensure improvements meet local building codes, protecting value and safety. Unpermitted work complicates sale and negatively impacts appraisal. This information confirms improvements legitimately contribute to property value.

Property tax records provide insight into assessed value and tax burden, influencing buyer interest and affordability. For HOA properties, documents like bylaws, covenants, conditions, and restrictions (CC&Rs) are reviewed. These outline rules for property use and maintenance. Financial statements reveal HOA fiscal health and potential assessments, affecting property value and marketability.

Environmental factors are considered. Appraisers assess if property is in a designated flood zone, which can necessitate flood insurance and impact value. Reports on radon levels, lead-based paint, or private well/septic system conditions are reviewed. These environmental considerations can pose health risks or incur remediation costs, influencing market appeal and valuation.

While appraisers independently identify comparable sales, verified recent sales or active listings homeowners are aware of can be provided as a starting point. This might include sale date, price, and specific features of comparable properties. The appraiser conducts independent verification and analysis of market data to ensure accuracy and impartiality. This detailed, independently verified approach produces a legally defensible appraisal report, often used for lending or legal purposes.