It is the highest price estimated in terms of money a property will sell for when it is listed in the open market by a willing Seller. The process involves allowing time to find a willing Buyer (where neither Seller nor Buyer is acting under compulsion). Additionally, both Seller and Buyer must have full knowledge of all the uses and purposes to which the property is adapted and capable of being used.
Market value presupposes perfect knowledge on the part of the Seller and Buyer. Because this world rarely exists, estimates are generally indicated as a range.
Your property evaluation is based on a review of the following information: comparable properties, square footage, location, amenities, and property condition. This is the information commonly used by professional appraisers in evaluating properties.
Data comes from reliable sources such as the local Association of Realtors, local real estate firms, and tax records. While a report does not contain every property of comparable value for sale now, it does represent a workable cross-section of competitive real estate inventory. Furthermore, properties are seldom exact in comparison. A comparative market analysis is simply designed to be a good reference source. The price you ultimately receive will depend on many factors (i.e. your motivation, the motivation of the Buyer, specific market condition, etc.).
Once we have tested the market at this price, we will make periodic reviews to ensure the price remains competitive.
*See Condition Description for understanding of price relative to home condition.
“This broker’s price opinion is not an appraisal as defined in chapter 18.140 RCW and has been prepared by a real estate licensee, licensed under chapter 18.85 RCW, who is not state certified as a real estate appraiser under chapter 18.140 RCW.”