Home Appraisal

Getting an Accurate Home Appraisal is Important

One of real estate agent’s first tasks to estimate your property value. To do that, they will conduct what is known as a CMA.  This is not the same as a home appraisal.  A comparative market analysis is an estimate of your home’s value. The agent will do lookups in the brokers database to establish selling prices in the neighbourhood. Considerations are the lot size, size of house, number of bathrooms and bedrooms, type of flooring, age of house, along with the type of heating and air conditioning.

A CMA is to help you establish a realistic asking price when selling your home.  A home appraisal is conducted by an independent home appraiser, usually for a bank or mortgage company.  The bank or mortgage company will investigate the home’s value in a much more detailed manner, because they are being asked to lend hundreds of thousands of dollars with the home as collateral.

A home evaluation or CMA estimate is built using the selling prices of similar homes in your area.  The CMA estimate which buyers agents and real estate agents acting for the seller will use as a guide for a realistic price can diminish the price for a home that may actually be worth more.  When a home in a neighbourhood sells quickly for a very low price, it may have a depressing effect on the values of other homes in that neighbourhood.  In today’s market, resale homes sold in foreclosures and bankruptcies may sell at a low price. This means your selling agent will have to work hard to help you build up a case for asking for a better price. You may want to see our home selling tips page as an example of what needs to be done.

Home Appraisers Mississauga

A property appraisal builds an estimated value of your property via different methodologies and subtracts the depreciation on the property. You can read about the different appraisal methods here.

You can find a home appraiser via the Ontario Association of the Appraisal Institute of Canada. The Ontario Association of the Appraisal Institute of Canada (OA-AIC), is the largest and best-known organization of real estate appraisers, valuators and property consultants in Ontario. A report contains information relevant to independent property valuation, including the purpose of the appraisal, other qualifying conditions, neighbourhood conditions, property identification, data analysis, the value estimate and the effective date of the appraisal. All reports are also signed and may contain support material such as maps, charts, or photographs. They can create a property appraisal value 3 different ways.

Contact us now about a CMA home evaluation of your home in Mississauga. Don’t accept an inflated estimate of your home such as one offered online. An experienced real estate agent knows how to price a home for sale.