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Real estate appraisal is the practice of developing an opinion of the value of real property, usually its Market Value. (Real estate appraisal is American usage; many other countries use the terms property valuation or land valuation.) The need for appraisals arises from the heterogenous nature of property as an investment class: no two properties are identical, and all properties differ from each other in their location - which is the most important determinant of their value. So there cannot exist a centralised Walrasian auction setting for the trading of property assets, as there exists for trade in corporate stock. The absence of a market-based pricing mechanism determines the need for an expert appraisal/valuation of real estate/property.
A real estate appraisal is performed by a licensed or certified appraiser (in many countries known as a property valuer or land valuer). If the appraiser's opinion is based on Market Value, then it must also be based on the Highest and Best Use of the real property. For mortgage valuations of improved residential property in the US, the appraisal is most often reported on a standardized form, such as the Uniform Residential Appraisal Report. Appraisals of more complex property (e.g. -- income producing, raw land) are usually reported in a narrative appraisal report.
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Latest real estate market statistics for Des Plaines, Chicago, including average sales price, asking price, days on market, $ per square foot. These numbers represent single family (SFR) homes and condos. The percentage of homes on the market where the asking price has been reduced: 37.8%
Chicago - Homescape, the leading provider of online real estate solutions for 125 local newspapers for nearly a decade, announced the expansion and re-launch of its real estate search and information site. The move extends Homescape’s footprint to provide consumers and advertisers across America easy access to more than two million homes for sale.
Chicago - Homescape, the leading provider of online real estate solutions for 125 local newspapers for nearly a decade, announced the expansion and re-launch of its real estate search and information site. The move extends Homescape’s footprint to provide consumers and advertisers across America easy access to more than two million homes for sale.