Pricing a home in 78746 can feel confusing, especially when you hear both “CMA” and “appraisal” used as if they mean the same thing. If you are preparing to sell or buy in Westlake, knowing the difference helps you set a smart strategy and avoid surprises. In this guide, you will learn what each report is, when to use it, and what details matter most in 78746. Let’s dive in.
CMA vs appraisal basics
What a CMA is
A Comparative Market Analysis is a market estimate prepared by a licensed real estate agent to help you set a list price or plan an offer. It relies on recent closed sales, active and pending listings, days on market, and key property features. A CMA is not an appraisal and does not follow USPAP standards, which means its scope can vary by agent and brokerage. Guidance on the role of Texas licensees is available from the Texas Real Estate Commission.
What an appraisal is
An appraisal is a professional opinion of market value completed by a state-licensed or certified appraiser who must follow USPAP. Appraisals are commonly required for mortgage lending and are designed to stand up to regulatory and legal scrutiny. For standards and consumer context, see the Appraisal Foundation’s USPAP resources and the Consumer Financial Protection Bureau’s overview of appraisals.
Key regulatory differences in Texas
Licensed appraisers in Texas are overseen by the Texas Appraiser Licensing and Certification Board, and they must follow USPAP. Real estate agents are regulated by TREC and may provide CMAs as part of brokerage services, but those CMAs cannot be presented as appraisals. Lenders typically require an appraisal for underwriting, and a CMA will not satisfy that requirement.
Methods and data differences
Valuation approaches
Both CMAs and appraisals often rely on the Sales Comparison Approach that compares your home to recent similar sales. Appraisers may also consider the Cost Approach for newer or unique properties and the Income Approach for rentals or investments. Appraisers document which approaches they used and why, as outlined by the Appraisal Institute.
Data sources and accuracy
A strong CMA will lean on up-to-date MLS data, public records, and the agent’s on-the-ground knowledge. An appraisal typically layers in public records, building permits, tax data, and photo-documented inspections, and it must explain adjustments and the final conclusion. Both can be accurate, but an appraisal follows a formal standard and provides more documentation.
Adjustments and reconciliation
Both analyses adjust for differences like square footage, lot size, condition, pool, view, and parking. Appraisers are required to explain how they made adjustments and to reconcile the different indicators into one value opinion. In a CMA, adjustment methods can vary by agent, and explanation depth may be lighter.
Inspections and scope
Most lender-ordered appraisals include an interior and exterior inspection, although some desktop or hybrid formats exist for limited cases. A CMA is often prepared without interior access unless your agent has toured the property or you provide detailed photos and disclosures.
When to use each in 78746
Sellers
Start with a CMA from a hyper-local agent to set your pricing and marketing plan. If you need an independent, defensible value for divorce, estate, or pre-sale negotiations, consider ordering a private appraisal. Remember that a buyer’s lender will usually order their own appraisal during the transaction.
Buyers
Use an agent-prepared CMA to shape your offer strategy and understand the current competition. If you finance the purchase, your lender will typically order an appraisal. Private buyer-ordered appraisals are optional and less common unless you need an independent check.
Legal and financial needs
Appraisals are the standard for lending, legal matters, and tax appeals. CMAs are best for pricing, marketing, and negotiation decisions. For consumer protections and process details, review the CFPB’s guidance on appraisals.
Timing and turnaround
A CMA can be ready within hours to a couple of days, depending on data availability and agent workload. A lender-ordered appraisal typically takes about one to two weeks, depending on appraiser availability and property complexity.
78746 factors that affect value
Lots, topography, views
In Westlake, lot size and usable area can vary widely. Hillside and skyline views can carry premiums, while steep lots may reduce usable yard space. Small shifts in elevation or orientation can change buyer demand and comparable selection.
Neighborhood and schools
Neighborhood boundaries and deed restrictions influence value, as do school assignments. Even nearby streets can perform differently, so it is important to vet comparables carefully and confirm they reflect the same micro-neighborhood context. Keep school references factual and verify boundary details before relying on them in pricing.
New construction and inventory
New builds and infill redevelopment can reset price expectations near older homes. When inventory is tight, both CMAs and appraisals may need to use less similar or slightly older comparables, which increases adjustments and uncertainty.
Road access and amenities
Commute routes, noise, and proximity to everyday amenities can impact pricing. In 78746, short distances can create meaningful differences in convenience, so location nuance matters.
Tax values versus market value
Travis Central Appraisal District publishes parcel data and tax appraisals that are helpful references. These are not the same as market value used in negotiations. Learn more at the Travis Central Appraisal District.
How to read reports
CMA checklist
- Confirm the comps are in the same micro-neighborhood when possible. Street and slope differences matter in 78746.
- Check that sales are recent, and that active and pending listings show today’s competition.
- Look for clear adjustments for size, lot, condition, pool, view, and parking.
- Make sure the suggested list price and strategy are explained, not just a number.
Appraisal checklist
- Confirm inspection level. Interior condition often drives value.
- Review comparable locations, dates, and adjustment logic.
- Look for a clear reconciliation that explains how the final value was reached.
- If you find a relevant sale the appraiser did not include, ask your lender how to submit it for reconsideration.
Avoid surprises
Share upgrades and details
Give your agent and, when applicable, the appraiser a full list of improvements with dates, permits, and receipts. High-quality photos help document interior condition for both CMAs and appraisals.
If an appraisal comes in low
You can negotiate price, contribute additional comps and facts for reconsideration, request a lender review, or in some cases order a second appraisal. Procedures vary by lender, so start with your loan officer and the CFPB’s overview.
Work with a local expert
In 78746, small differences in lot, view, and micro-neighborhood can move value significantly. A strong CMA aligns your pricing with current demand, and the lender’s appraisal confirms value for financing. If you want a clear, local plan for your next move in Westlake, reach out to Jenny Walker for a tailored CMA and a data-backed strategy.
FAQs
What is the difference between a CMA and an appraisal in 78746?
- A CMA is an agent-prepared market estimate for pricing and offers, while an appraisal is a licensed appraiser’s USPAP-compliant value opinion often required by lenders.
Who pays for a home appraisal in Texas?
- In most financed purchases and refinances, the lender orders the appraisal and the borrower pays the fee, subject to the lender’s process.
Can I use a CMA for a mortgage?
- No. Lenders generally require a state-licensed appraisal for underwriting, not a CMA, per standard lending practices and consumer guidance from the CFPB.
How long does an appraisal take in 78746?
- Typical turnaround is about one to two weeks from assignment to delivery, depending on appraiser availability and property complexity.
Do property tax values equal market value in Travis County?
- No. TCAD tax appraisals serve a different purpose and are not the same as market value used in buyer and seller negotiations.
What if the appraisal is lower than my offer?
- Options include negotiating the price, providing additional comparable sales for reconsideration, requesting a lender review, or paying the difference in cash.
