Appraising in Today's Market
In these challenging economic times, appraising residential properties is best left to professionals with experience. Most clients are interested in knowing the market value of their property.  Market value is determined by using market sales and not distressed properties. In some neighborhoods, market value and liquidation value are interchangeable. This occurs when listing prices are reduced to liquidation value. Distressed sales may have eroded market value.  In such cases, distressed sales may be appropriate for use in an appraisal. In our area, there is still a significant difference between market value and liquidation value. It is always preferable to use market value sales in an appraisal.