An appraisal is an unbiased estimate of the nature, quality, value or utility if an interest in, or aspect of, identified real estate. Real estate has been stated to be the foundation for social and economic structures and the derivation of wealth. In economic terms, land is one of the basic agents in production. The appraisal process is a multi-step analysis which entails macro and micro economic studies to accurately estimate value, quality, nature or interest in, real estate. A clear definition of the purpose, assemblage of germane information, knowledge of market trends, and analysis of pertinent data, are necessary in processing an accurate appraisal.
Real estate is said to be unique.
And, certainly, income properties differ in physical qualities and attributes, nature and character, potential to generate revenue and position within the market place. Appraisal reports may be written to reflect the complexity or simplicity of real estate. However, the analytical procedure should not be a diminutive process. Our endeavor is that of providing the client with a precise assessment of the subject real estate, with regards to quality, nature, interest or value, as reflecting the bounds of the market.