What's it Really Worth?
The valuation process with Priority One Homes Team is easy. Simply fill out the information below, and be sure to answer as many questions as possible and to the best of your knowledge. After we receive your request someone from our office will reach out to you.
Get Real Property Values
Estimating the value of real property is necessary for a variety of endeavors, including real estate financing, listing real estate for sale, investment analysis, property insurance and the taxation of real estate. For most people, determining the asking or purchase price of a property is the most useful application of real estate valuation. This article will provide an introduction to the basic concepts and methods of real estate valuation, particularly as it pertains to real estate sales.
Basic Valuation Concepts
The main consideration in appraising is to determine a property’s value: the present worth of future benefits arising from the ownership of real property. Unlike many consumer goods that are quickly used, the benefits of real property are generally realized over a long period of time. Therefore, an estimate of a property’s value must take into consideration economic and social trends, as well as governmental controls or regulations and environmental conditions that may influence the four elements of value:
- Demand – the desire or need for ownership supported by the financial means to satisfy the desire;
- Utility – the ability to satisfy future owners’ desires and needs;
- Scarcity – the finite supply of competing properties and
- Transferability – the ease with which ownership rights are transferred.