A CMA (Comparative Market Analysis) is basically a view of your properties value from the standpoint of the current market (recently sold properties as well as current active property listings). This will be given typically as a price range as opposed to an appraisal which is a specific property value at a specific moment in time. An appraisal requires the services of a licensed appraiser.
Always remember that you have a heart number and a head number. The two seldom line up. But a potential buyer has absolutely no emotional attachment to your property. Neither does the appraiser. The ability of a potential buyer to aquire a loan to purchase your property will greatly depend on the appraised value (the buyers loan officer will order the appraisal). If your home does not appraise at or below the contracted price then the sale will not go through unless the buyer can make up the difference in cash (even then the bank may not agree to fiinance).
So, the short answer to market value is the amount of money that the market is willing to pay for your home. It has very little to do with how you feel about your home on an emotional level. So don't take anything personally!
