The question is usually "What comes first, the chicken or the egg?" but in real estate many times it’s a question of, "What comes first, the buy or the sell?" 

You've decided that you are ready to sell your current home and buy a new home, but you aren't quite sure where to start. Do you buy a new home first and then sell your current home? Do you sell your home first and then buy a new home? Or are you the adventurous type that does both at the same time?

Selling a home involves not only a list of steps, but plenty of industry jargon related to those steps, too. We thought you might be interested in learning the meaning of the real estate related terms that you will inevitably come across while selling your home.

1. Comparative Market Analysis (CMA) - This is an evaluation of similar, recently sold homes in the same area as your home. A CMA provides the current market value of your home and is prepared by your Realtor® when pricing your home.

When buying or selling a home, having an appraisal done is an important part of the process for both the buyer AND the seller. Although the primary and direct benefit is for the buyer, it is still a necessary aspect of the real estate transaction for the seller, too.

First, let's discuss what an appraisal is and why you need one in the first place.

An appraisal is an estimate of a property's value based on factors such as location, amenities and condition in comparison to similar properties that have recently sold in your area. Further, an appraisal is required on all purchases being financed so lenders can ensure the property is worth at least as much as the buyer is borrowing from their lender. This is not only a benefit for the buyer, but is a direct benefit for the lender as it is the only way they get to see the property and know what they are lending their money on.