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Old appraisal > new CMA, which is accurate?

in the spring of 2012 I refinanced for a lower interest rate on my home. Since the refinance, I remodeled a lot of the house to include refinishing hardwood floors, adding closet space, and replacing much of the trim along with new paint all around the interior.
My appraiser asked me how much I need the home to appraise for which I found odd. I told him at least $190k and that was the exact number he calculated it to be in the end.

My question here is: I had a sellers agent complete a CMA on the house this week (over a year later) and she estimated $228,700. I would like to know if this could be possible, or too far fetched. Any advice anyone could provide would be hugely appreciated. I don't want to get overexcited about the addition of so much new equity.
Thanks

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September 05 2013 - South Hooksett
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Answers (7)

Since year ago the housing market value increased again in most areas but not all. The CMA, which your agent has completed is / should be based on the last 90 days similar homes sales prices, which are in your sub-division or within one mile of your home to reflect the true value of your home.

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September 19 2013
Since the appraiser gave you the number you wanted I doubt the appraisal is accurate.  A refinance is a different appraisal then one done for an arms length sale.

The CMA is the most accurate.
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September 19 2013
The new CMA is the best way to get a good gauge of what your home is worth in the eyes of a buyer.

Last year and this year the prices have gone up.

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September 16 2013
Those were smart remodeling choices, and since your home is more updated than in 2012 when you had an appraisal done I'd recommend getting a handful of CMAs to determine an accurate value. If you can get another 2-3 CMAs(including your existing 228,700) to compare, you'll be able to come up with an average price. Typically, local agents will complete a CMA free of charge so call a few different offices to see if that's the case, gather the info, and average out the numbers...good luck! 
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September 12 2013
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Ask the agent who gave you the CMA to provide some statistics on the accuracy of her CMAs.   I'd specifically ask for CMAs she did for houses just before they went on the market and actual selling price.  I'd like to see at least 10 in the last year or two.   Some agents do an excellent job, most agents are within 10 to 20%, some are even wilder.

Once upon a time, we had a corporate relocation and the company offered to buy the house out.  The range of the 3 CMAs was 30%.  We decided to sell it with our agent of choice and it sold for 5% more than the highest CMA.   Hence, I don't have the same impression of accuracy of CMAs as that expressed by Maria.

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September 05 2013
I'm surprised the appraiser asked you what you wanted your home to appraise for. That's what they used to do during the boom, and they've since put in much stricter rules surrounding appraisals. Either way, if last week's listing agent says your home is worth $228K, that's probably a very close estimate of your home's current market value based on recent sales activity. Good job on the remodeling! Sounds like you made some great choices.
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September 05 2013
New CMA as new properties have come and gone since that appraisal i.e. recently sold, pending, active, etc
Thus gives you a current snapshot of the local market within one mile of your house.
Or, get a new appraisal for $400 if in dought as most lenders might a new appraisal even if one was done two months ago--but usually need a new after six months.
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September 05 2013
 
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Old appraisal > new CMA, which is accurate?
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September 19 2013 | 7 answers
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