It is very important to sellers, purchasers, real estate investors and lender to value a property correctly. In order to make good financial decisions, by the lenders, buyers and sellers it is very important to calculate the price of the real estate. The process by which the economic value of real estate is determined. Valuation of property aims to calculate the fair market value. It should be the price at which a knowledgeable seller is willing to sell his or her property and a knowledgeable buyer is willing to purchase it. It is assumed that both the parties have the required information and neither of them are forced to buy or sell. Fair market value is not always equal to the sales price. For example, a short sale of real estate may not bring fair market value as the seller is distressed and must sell the property right away. Probable buyers know this so they have a bargaining advantage and ultimately gets the property for less than market value.
Valuation of property stands upon four foundation pillars. First is the demand. Demand is the magnitude of interest and the purchasing power in the market for buying the property. Second is the utility. Utility is the ability of the real estate to satisfy the use or need of prospective purchasers. Third is the scarcity. Scarcity is the limitation of supply of real estate. Fourth is the transferability. It refers to the ease at which a real estate can be legally transferred to a new owner.
The principles of property value:
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