WHAT IS MARKET VALUE ?
This maybe your most expensive exercise in purchasing real estate, so be it your family home or an investment property.
As mentioned in previous blogs we have spoken and touched on due diligence, utilising the services of local professionals and buyer beware.
Never mistake an Appraisal from a real estate agent as Market Value, even worst a Bank Valuation. As a title they may sound like they are accurate or even an official authority if its from a bank, this is far from the truth.
Steps to take in assisting you with a current value would be to have at least three (3) appraisers value the property, the ranges you will receive may astonish you. It is common to see three (3) valuers come up with three (3) different values, these people are deemed as experts within the industry and they can still get it wrong.
So how do we arrive at a Market Value ?
What a willing and able buyer is prepared to pay and what a willing seller is prepared to accept at arms length.
Realistically, the rest is history.