Understanding The Valuation Process For Your Real Estate
Posted September 18, 2014 at 5:37 am by Tim Dustrude
Merri Ann Simonson
Merri Ann Simonson of Coldwell Banker San Juan Islands Inc. shares this definition and explanation of Real Estate Market Value and how it is calculated…
Definition: Market Value is the price a property is most likely to command in a competitive and open market, with a willing buyer and a willing seller in an arms-length transaction, wherein the parties have each acted knowledgably, prudently, and without compulsion and in their own best interest.
The definition above is rather boring sounding when you consider that you are addressing one of the highest value assets that a property owner may have or the most expensive item that a buyer may purchase in their lifetime. Emotions run high when it comes to selling and buying real estate. If we all could sell high and buy low, life would be so much more rewarding.
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