Understanding the Types of Property Valuations

Market Valuation

Market valuation, also commonly referred to as "market appraisal" in the real estate industry. Is an estimate of what a property might sell to for in the current market. Roal estate agents use their knowledge of recent sales, current demand, and market trends to provide this valuation. It's typically done at no cost and is a useful toot for sellers consider) listing their property.

Appraisal

An appraisal is a more formal and detailed assessment conducted by a licensed property valuer. This valuation provides an unbiased opinion of a property's value based on a thorough inspection, market research, and analysis of comparable sales. Appraisals are usually required for legal matters, taxation purposes, or when buying or selling through a bank.

Bank Valuation

A bank valuation is cnducted by a valuer on behalf of a financial institution to determine the value of a property for lending purpposes.