The Importance of Appraisals?

 What is the Importance of Appraisals?

Real estate appraisal, property valuation or land valuation is the process of valuing real property. The value usually sought is the property’s market value. The Importance of Appraisals in a real estate transaction is to determine the Market value of the property for sale.

Definition of  Market Value?

Market value is defined as “the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion. (Wikipedia )


The Importance of an Appraisal

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The Importance of  Appraisals

A property appraisal is a document that provides an estimate of a property’s market value.

What is a Real Estate Appraiser?

A real estate appraiser is an impartial, independent third party who provides an objective report on the estimate of value of real estate. The appraisal is supported by the collection and analysis of data.

What’s My Property Worth?

It is common to ask the appraiser this question as soon as the appraiser has inspected the property. The truth is at that time the appraiser doesn’t yet know. The inspection is the first step of many that the appraiser must complete before a value is determined.

What is the Importance of Appraisals if I am not in the market to sell?

There might be time when you need an appraisal done on your property if you want to refinance your mortgage loan or in the event you want to protest your assessed value concerning real estate taxes. Obtaining an appraisal might save you money in the long run should the County appraisal district agree with the valuation the appraiser has completed for you.

You can see current Home Values and Market Conditions in Chester County PA for your ZIP Code at Check my property’s value


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