Richardson and Wrench

7 0.1 What is Market Appraisal? What is My Property Worth? That is the question most often asked of an agent and the one that often dominates the discussion during a listing presentation, or more so, a market appraisal. How do you predict what someone else is willing to pay to buy or rent land or property? To accurately provide an appraisal, you need to research and evaluate market trends that affect the recent sales of properties relevant to the subject property. Definition of Market Value The price that a ready, willing and able purchaser is prepared to pay and a ready, willing and able seller is prepared to accept without duress or exceptional circumstances, in an arm’s length transaction on any given day. Both buyer and seller must have knowledge of the land or property including the highest and best land use. Statutory Value The value placed by government to determine land rates, other government rates, taxes or redemption or acquisition of land.