In real estate, market value means "the most probable price of the actual a property should bring in a competitive, open market under conditions requisite to a fair sale."
A "real estate appraisal" is an indication of the market value of a property. Only a certified appraiser can carry out a real estate appraisal. Real estate appraisals are used as guarantees on a loan or mortgage at the time of the initial purchase of a property, but also in the event of refinancing the property. It can also be used in the event of division of property due to a divorce or an inheritance. An appraisal report can be obtained, for a fee.
An appraiser will review several aspects of your property including the dwelling types, the improvements made, the age and depreciation, the location, the size, and the overall condition of the property.
An "opinion of value", "evaluation" or "estimate" can be made by a local real estate agent. An estimate of the value of a property is often carried out before the sale or the purchase of said property, to prepare for a transaction. This is a quick, but valid estimate of the value of the property in question.
A Realtor(R) will conduct a Comparative Market Analysis to obtain the amount as indicated on the opinion of value of the property. The Realtor(R) will review the recent sales of similar properties and the current inventory to project the most accurate sale price for your property. Of course, the condition of the property will be taken into account, as well as any features which may affect the sale price.
A "property assessment" is designated by a local government. This assessment serves as the basis on which the amount of tax payable is declared. The amount on the property assessment often varies from the amount indicated on an appraisal or on an estimate.
For an evaluation and a Comparative Market Analysis of your market, contact Cindy Grenier at 204-330-2567. Find us on Facebook: @cindygrenierrealtor!