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Know the Difference Between a Home Appraisal and Current Market Assessment

Starfish The Gray Team Ucluelet Real Estate

In this age of information, there are answers to every question, and solutions to every problem floating around, but how can we know what information is reliable and trustworthy?

Since most home buyers start their home search online, many can make an educated guess on the value of their dream home by searching for homes with similar features, and comparing those numbers with the value of the homes in their ideal neighbourhood to find out what homebuyers would be willing to pay.  However, this can leave homebuyers wondering whether what they are paying for their dream home is actually a fair price.

Fortunately, there are Home Appraisal professionals who can set your mind at ease when you're discovering what is a fair price to pay for the home you are seeking.

What a Home Appraisal provides buyers with is a market value of the home based on several factors including the location of the property, age of the home, current condition and more. A home appraisal generally costs around $350, along with providing peace of mind.

As well, a Home Appraisal is also used to satisfy mortgage requirements. Mortgage financing companies want to know the value of the property they are providing a loan for, should the buyer not be able to pay their mortgage. By getting a home appraisal, all parties can feel secure in the sale with the knowledge that they are making a good investment and receiving a fair arrangement.

The Home Appraisal process should not be confused with the Current Market Assessment (CMA). Typically a CMA is a complimentary service provided by your local real estate agent during the listing process. This report assists with determining the asking price of the home, using current housing market information such as supply and demand, seasonality and home information like location, age, square footage and more.

Although both reports are similar in nature and use relatively the same set of criteria, a CMA is ultimately determined by what current buyers are willing to pay for the home, in a range acceptable to the seller. A Home Appraisal is based strictly on the physical attributes of the home.

If you're looking for your ideal Ucluelet home, please feel free to connect with one of our RE/MAX Agents today to get started and… Start Living in Ukee!

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