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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.
Chicago real estate is booming and pre-construction condos are selling out before the construction phase even starts. Many of these condos are high-end residences with between 1200 and 5200 square feet of living space.
The Real Estate Marketing Blog team woke up this morning on the 13th floor of the Chicago Hilton, but it doesn’t look to be an unlucky day so far as we’ve cracked the wifi access network (they gave everyone the wrong password) and can send you live updates from the Search Engine Strategies conference as...
The Real Estate Marketing Blog Team has landed in chilly Chicago to make an appearance at the ever popular Search Engine Strategies conference from December 3-7. Looking forward to speakers like Seth Godin, we are ready with laptops warmed up to bring away all of the juiciest pieces of information that SES Chicago...
Real Estate Agent Chicago
Reported by: Chicago Tribune - United States. I'll send the mayor to take the Tommy D. cure, in Florida, at Tommy D.'s gorgeous penthouses on Marco Island. According to Florida real estate records