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Valuation

Market Value

QuestionAnswer
Active Property property currently for sale.
Amenities features of a property that add value or desirability. amenities can be either tangible such as a skylight or intangible such as an ocean view.
Anticipation future physical, economic, social, or political changes which may affect present value of property.
Appraisal an estimate or opinion of value based on supportable evidence and approved.
Appraiser an independent person trained to provide an unbiased estimate of value for a fee.
Change an appraisal theory that a value placed on a property is good for only one snapshot in time because no physical or economic condition ever remains the same.
Comparable Property a benchmark used in the market data approach to make a property value estimate based on other properties which have recently sold and are similar to the subject property in terms of of location, physical features, price, and date of sale.
Conformity the maximum value of a property that is realized when the other properties in the neighborhood are similar.
Contribution any component to a property is worth only what it adds to the property's value regardless of the cost of the improvement.
Cost the current reproduction cost of a building plus the value of the land tends to set the upper limit of a property's value.
Highest and Best Use the use, which earns the property the most profits.
Increasing and Decreasing Returns are demonstrated when improvements are made to the property and the costs of those improvements are recovered upon sale due to the increased value of the property. Decreasing returns are demonstrated by an over-improved property, when the costs of the improvements are not likely be recoverable upon sale.
Market Analysis (Market Data Approach) a study of a property by a real estate agent or appraiser to establish a likely selling price of the property.
Market Price the price a ready, willing, and able buyer actually pays for a property.
Pending Property a property that has an accepted offer to purchase with all the contingencies removed.
Regression/Progression properties dissimilar in value in a neighborhood affect the value of all properties.
Subject Property a reference to the real property under an appraisal.
Substitution properties tend to be worth what an equally desirable or substitute property sold for.
Supply and demand economic theory of pricing stating that over-supply reduces price.
Expired Property a property that was listed for sale but that did not sell during the term of the listing contract.
Created by: bunkiebaby