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| Real estate appraisal, property valuation or land valuation
is the practice of developing an opinion of the value of real property,
usually its Market Value. The need for appraisals arises from the heterogeneous
nature of property as an investment class: no two properties are identical,
and all properties differ from each other in their location - which is one
of the most important determinants of their value.
Although some areas require no license or certification at all, a real estate appraisal is generally performed by a licensed or certified appraiser. If the appraiser’s opinion is based on Market Value, then it must also be based on the Highest and Best Use of the real property. For an appraisal on your property, give James Foster a call today! |
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