 Real Estate Appraisers Directory
A real estate appraisal is a service performed, by an appraiser, that develops an opinion of value based upon the highest and best use of real property. There are three usual approaches to determining the fair market value of a property, cost approach, sales comparison approach, and income approach. The Cost Approach is sometimes called the summation approach. The theory is that the value of a property can be estimated by summing the land value and the depreciated value of any improvements. The sales comparison approach looks at the price or price per unit area of similar properties being sold in the marketplace. The income approach capitalizes an income stream into a present value. This can be done using revenue multipliers or single-year capitalization rates of the net operating income.
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