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From the analysis of the group of adjusted sales prices of the comparable sales, the appraiser selects an indicator of value that is representative of the subject property. It is possible for various appraisers to choose a different indicator of value which ultimately will provide different property value.
When completing the report, value is chosen for 30 day quicksale, and 60–90 day values, and a suggested list price for each is calculated based on market conditions and list to sale ratio for that market. The repaired fair market value is then reduced by itemized repair costs to find the as-is value. [5] [11]
Market value or OMV (open market valuation) is the price at which an asset would trade in a competitive auction setting.Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.
An appraisal is a process used to determine the value of a home. Usually, if the homebuyer is seeking financing for the purchase, the bank or mortgage lender will require the property be appraised.
The sales comparison approach (SCA) is a real estate appraisal valuation method that relies on the assumption that a matrix of attributes or significant features of a property drive its value. For examples, in the case of a single family residence, such attributes might be floor area, views, location, number of bathrooms, lot size, age of the ...
Comparables (or comps) is a real estate appraisal term referring to properties with characteristics that are similar to a subject property whose value is being sought. This can be accomplished either by a real estate agent who attempts to establish the value of a potential client's home or property through market analysis or, by a licensed or certified appraiser or surveyor using more defined ...
Home prices by county (2021) <$100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000+ Cost of housing by State. This article contains a list of U.S. states and the District of Columbia by median home price, according to data from Zillow.
Either value assumes that the sale is consummated by a seller who is compelled to sell and assumes an exposure period which is less than market normal. The most common definition used by real estate appraisers is as follows [2] The most probable price that a specified interest in real property is likely to bring under all of the following ...
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