Property values and housing prices change with the market. If you don't get a home evaluation before you list your home you might try to sell it for the wrong price. Setting the price too low means you'll get less money for your home; setting it too high means it might not sell at all.
There are two options of home evaluation to consider when establishing a price to list your home for sale: a Comparative Market Analysis (CMA), and an Appraisal.
CMA VS. APPRAISAL
A CMA is an estimate of your home’s value done by your real estate agent to establish an opinion of value in order to sell your property for the most money possible. This service is offered free of charge and without obligation. A CMA should only be used as a reference for deciding at what price you should list or buy your home for.
A real estate appraisal is a comprehensive evaluation performed by an independent licensed appraiser. A real estate appraisal follows strict licensing and industry guidelines and is most often used by lenders when issuing mortgages for refinancing or buying/selling a home. Appraisals can also be used when a comprehensive determination of value is needed or wanted. More about Bahamas Realty Appraisal Services.
WHY REQUEST A CMA?
A Comparative Market Analysis (CMA) is free of charge and is aimed at helping you find a competitive price that will generate the most competition and the highest possible final sales price. Your Bahamas Realty agent will evaluate the supply and demand of comparable properties in your area to provide a report that best outlines your home's current market value.
THE BENEFIT OF A HOME APPRAISAL
An appraisal determines the current market value of your home by sending a licensed professional appraiser to check your home's physical properties. The appraiser uses the physical assessment as well as several other factors to provide the most accurate picture of your home’s value. Bahamas Realty is the recognized leader in the appraisal profession in the Bahamas. Our valuations are accepted by every bank, insurance company, and lending institution in The Bahamas. While your agent will be able to give a professional opinion of your home value, comparable sales may not be readily available, particularly in The Bahamas where comprehensive data is not publicly available for all properties. Obtaining a valuation report from a reputable appraiser will ensure your home is listed at a price that is true to the market value.
The buyer will require an independent appraisal to be done in order to obtain financing.