real property valuation

Real property valuation is the process of determining the market value of a piece of land or building. It considers factors like location, size, condition, and recent sales of similar properties. Valuations help buyers, sellers, lenders, and insurers understand the property's worth for transactions, financing, or taxation. Professionals called appraisers perform this assessment using established methods to provide an objective estimate. The goal is to create an accurate, fair value that reflects current market conditions and the property's specific features.