Every piece of property in Victoria has a market value that is constantly changing. Assessing the value of any piece of real estate or other real property requires knowledge of market conditions that fluctuate from day to day. In real estate, the value of a piece of property can be affected by the development of a nearby area; a shopping center for example, might raise or lower the value based on its local appeal.
When in the process of readying your home for sale, the services of an appraisal service are useful in determining a price range that will be similarly evaluated by interested buyers. Getting an appraisal is not like putting a firm price tag on whatever it is that you're selling, it's the determination of the current market value of that property. If that property were being sold at a competitive auction attended by informed, interested buyers, its estimated selling price is referred to as its market value.
A proper appraisal gives you knowledge of how much you could expect your property to sell for at such an auction, but generally you'll be selling at a discount from that price. Appraisers can give less accurate estimations of realistic selling prices on an open market, but waiting for the right buyer to come along can take time. Most buyers pay market value or higher only if interested specifically in what you're selling and are willing to forego the wheeling and dealing, but knowing the ideal price gives you a range at which you can fairly settle.
If you're looking to get something appraised, or are looking for more information about Victoria BC's appraisal services, start by checking out our member offers below.