When Buying or Selling ...

Call Joe Frieders


Serving Dekalb, LaSalle & Kendall County areas since 1989

Joe has been selling Real Estate at Swanson Real Estate since 1989 and also the Managing Broker at Swanson Realtor for the last several years. In all those years Joe has sold hundred of homes, building lots and land. Learn more

What is your home worth?

What is the difference between an Appraisal and a Comparative Market Analysis?

What is my home worth is an old question with the same the answer – “It’s worth as much as someone else is willing to pay for it”. Well not exactly … in order for the buyer to secure financing your home should still appraise at or above the selling price.

The difference between a CMA (comparative market analysis) and a real estate appraisal report is that one is done by your real estate broker and one is done by a licensed real estate appraiser.

A CMA is an estimate of your home’s value done by your real estate broker to establish a listing or offer price when you decide that you want to sell or buy a home or property. This service is always offered free of charge and without obligation. A CMA should only be used as a reference for deciding at what price you should list or buy your home for.

We create a CMA by utilizing recent sales data and using our knowledge of the local market. We will also compare your home with homes that are most like yours in your neighborhood, or similar neighborhoods nearby. A comparable home/property is one that is of the same type (single-family, multi-family, commercial, etc.), is in similar condition inside and out, and has the same or close to the same number of units and land/living area size.

Some factors that will be considered are:

  • Comparable properties that have recently sold (3 – 6 Months),
  • Properties that are currently listed in the Multiple Listing Service (MLS)
  • How long similar properties have been on the market
  • Property listings that have expired or have not sold
  • Location (such as corner lot, school district, street traffic, proximity to highways etc.)

A real estate appraisal is done by a licensed real estate appraiser and is most often used by lenders when issuing mortgages for refinancing or buying/selling a home. Appraisals, although, can also used for any other reason a determination of value is needed or wanted.

A real estate appraiser’s only job is to give an unbiased opinion of value of the subject property. An appraiser will use similar methods in coming to a property value as your broker but they must also follow strict licensing and industry guidelines as well as follow the Uniform Standards of Professional Appraisal Practices (USAP). You can find more about USAP here.

If you are buying a home, your lender will always have an appraisal done and you have a right to a copy, but you usually have to ask for it. If you plan on not using financing to obtain a property, a CMA is a good reference but it is highly recommended an appraisal report is still done.


Joe Frieders, Managing Broker 

Swanson Real Estate 

815-786-9418 Sandwich

630-553-3333 Yorkville

815-693-4958 Direct

Areas Served: Dekalb, Lasalle, Kendall counties Illinois including Big Rock, Earlville, Hinckley, Leland,

Naperville, Newark, Oswego, Plano, Sandwich, Sheridan, Somonauk and Yorkville