Comparative Market Analysis vs. the Zillow Zestimate®
Let’s start with some definitions. A comparative market analysis (CMA) is an evaluation of a home’s value based on similar, recently sold homes (called comparables) in the same neighborhood. A comparative market analysis is not the same as an appraisal, which is performed by a licensed appraiser. A CMA is prepared by a real estate agent.
The Zillow Zestimate® is an algorithm generated valuation of a home based on user and public data and does not necessarily take into consideration condition. Algorithm based valuations can be especially tricky in a market like Cincinnati where the homes are unique from street to street, old mixed with new, etc. Even Zillow recommends to use their Zestimate® as a starting point and to contact a real estate agent for a true valuation of your home’s value.
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