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What's the difference between an appraisal and a comparative market analysis? An appraisal is a certified appraiser's calculation of the value of your home at a given point in time. It takes into consideration such things as:
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* Your home's square footage
* Construction quality
* Home design
* Your home's floor plan
* The neighborhood your home is located in
* Availability of transportation, shopping and schools
* Lot size, topography, view and landscaping

A comparative market analysis is more of an informal estimate of your home's market value. A real estate agent makes an analysis based primarily on sales of comparable homes in the neighborhood. Compared to home appraisals, which typically cost between $200 and $300, a comparative market analysis may be obtained at no cost.
What's the difference between a home's “estimated value” and its “worth”?

While a home's “estimated value” is most commonly determined by either an appraisal or a comparative market analysis, its “worth” is ultimately established by what prospective buyers are willing to pay for it.
Can I find the value of my home through the Internet?

Use our Home Value Calculator. There are also a number of other Websites and services that can crunch the numbers and calculate your home's estimated value.

While these calculators rely on recent home sales and refinance transactions in your area to produce a value estimate, an appraisal or comparative market analysis may still provide you with the most accurate assessment.
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Terms Used in this Refinance Article
Appraisal

An appraisal is a written analysis of the estimated value of your home. A qualified appraiser who has knowledge, experience and insight into the marketplace prepares the document. It demonstrates your home's approximate fair market value based on recent sales in your neighborhood and is required to purchase or refinance your new home or property.
Comparables

An abbreviation for “comparable properties” used for comparative purposes in the home appraisal process. Comparables are home's like the home under consideration; they have reasonably the same size, location, and amenities and have recently been sold. Comparables help the appraiser determine the approximate fair market value of the subject property.
Comparative Market Analysis

An informal estimate of a home's market value that a real estate agent or broker calculates based on sales of comparable properties. An appraisal or a comparative market analysis are the most accurate ways to determine what your home is worth.