My family hates it when I say, "You're debating about how many angels can dance on the head of a pin." What I mean, and what they hate, is that rather than talking, talking, talking about something, actually get out there and test it. Touch it. Feel it. Do it.
Same problem here. You've got some very good advice but--with the exception of Kenneth who advised actually looking at the comps used by the appraiser--it's all debating how many angels can dance on the head of a pin. "Well, maybe it's this. Maybe it's that." And maybe it is. But you don't know. And neither do we.
Here's what you do. Take a look at the bank appraisal. Actually look at the comps. Are they comparable to your home?
Then check the CMA your Realtor prepared. Look at those comps. Are they truly comparable? In fact, ask for another one. And have him/her run the actives as well. That is, houses that are most similar to yours (geographically, number of beds, number of baths, lot size, age, etc.). Then you go out with your Realtor next Saturday and look at those houses. How DO they compare? Solds are fine--they're a true indication of market value at time of sale. But actives are important, too--they're an indication of what you're competing against. Spend a couple of hours. After all, you're talking about a pricing decision that might be worth $50,000, $100,000, or more.
So, by looking at the bank's appraisal and the CMA with the solds, you should have a reasonably good idea of what your house probably would have sold for a few months ago. But now you go out and actually look, feel, touch, and smell your competition. And that'll help you really refine the number.
I'd also be vary wary of any agent stating that "In NJ" (or anywhere) "the selling price is ALWAYS much lower than the bank appraisal." "Always" is a mighty strong word. It's true that real estate (practices, values, etc.) are local. On the other hand, there's nothing magical about New Jersey. I love the dialog from "My Cousin Vinny":
Vinny Gambini: How could it take you five minutes to cook your grits when it takes the entire grit-eating world 20 minutes?
Mr. Tipton: Um... I'm a fast cook, I guess.
Vinny Gambini: [across beside the jury] What? I'm sorry I was over there. Did you just say you were a fast cook? Are we to believe that boiling water soaks into a grit faster in your kitchen than any place on the face of the earth?
Mr. Tipton: I don't know.
Vinny Gambini: Perhaps the laws of physics cease to exist on your stove. Were these magic grits? Did you buy them from the same guy who sold Jack his beanstalk beans?
I think that one agent may be trying to sell you some magic grits.
Hope that helps.