Our Valuation Services include Comparative Market Analysis Reports (CMAs), and Qualified Certified Residential Appraisal Reports as well as general real estate consulting and referrals.
CMA's are not appraisal reports, but are often confused with them by brokers and consumers. CMAs are generally used by listing brokers to provide homeowners with an analysis of the market within which their property will compete, and a range within which one can expect a reasonable listing price to be. For buyers, it can be a tool which allows their agent to provide a reasonable range within which they will be competing against other buyers, and a price range within which a reasonable offer would likely lie. They can also be used as a simply general tool to familiarize buyers and sellers with current market conditions, and are usually free.
We are brokers as well as appraisers (About Us), but, unlike brokers, we do not generally list or sell real estate, and so provide CMAs for a fee. For many, it is a smart and inexpensive way to enter the market armed with independent information that you can use to give you realistic expectations of the market, potentially making your overall experience whether buying or selling more satisfying. If you'd like more information about CMAs, please email us.
Residential Appraisal Reports are different from CMAs. Appraisals are an opinion of value, and are used for a variety of purposes. Some of those uses include estate planning, gifting of real estate interest, value opinions for lending institutions and the IRS (exatate tax purposes), as well as value opinions for conservation restrictions, or other complicated ownership or historical matters, and for simple fair market value purposes.
We have decades of experience as brokers, appraisers, and data collectors for the Nantucket real estate market, our data runs back to 1985, and we have expertise in private and public residential real estate work, have acted as expert witnesses in court and have often worked with attorneys and the IRS on behalf of clients.
We are also USPAP compliant, meaning that we are bound by The Uniform Standards of Professional Appraisal Practice (USPAP) which dictates the requirements for the ethical and professional behavior of real estate appraisers, including the rules for objectivity in taking on appraisal assignments, rules about to whom we have a professional responsibility and to whom we owe confidentiality, as well as rules about how we must conduct ourselves to maintain the integrity of our profession.
The results of an appraisal report are owned by the client. The appraisal team at Denby Real Estate are members of the Appraisal Foundation, the Appraisal Institute and the Massachusetts Board of Real Estate Appraisers. We are also members of the Nantucket Association of Real Estate Brokers (NAREB) and members of LINK Nantucket, the local MLS service, and MLS PIN.
We are licensed and certified by the Commonwealth and are required every two years to complete continuing education for both real estate brokerage and real estate appraisal services.
Brokerage License No. 4508
Broker's License No. 103284
MACREA License No. 76560
If interested in ordering an appraisal or finding out more about our services, please contact us.