A market valuation report, also called a house valuation report, is prepared by a professional appraiser and is an estimate of a property’s value in based on the real estate market at the time it is produced. These reports are based on strict guidelines so that an accurate value can be determined across different property types and locations.
These reports involve an inspection of the home and detail the property’s overall condition, its size and location. It can also include factors such as its age and any significant defects it has, its proximity to schools and public transport, the quality of its fixtures and finishes and the size of the land it is situated on. These valuations are used to determine whether a seller is asking a fair market price, to negotiate a better price or when determining the size of a mortgage that a financial institution is willing to provide.