Why Does an Appraisal Use Market Value?

Market value of a property can change over time, sometimes quite quickly, so it is important to buyers, sellers, and lenders to have an objective, accurate, and recent estimate done by a professional.

Sellers need to know what their property is worth so that they can put it on the market at a list price that will appeal to informed buyers and yet maximize their profit.

Buyers want to be sure that they are getting a fair value for their money in comparison to other properties available on the market.

Lenders need to know that their investment is secured.

The designated Appraiser is trained and qualified to determine what the market value of a property is at a specific date.