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What is a Market Value Appraisal?
The market value of a property is the highest price that the buyer would be willing to pay, and the seller would be willing to accept.
Market value appraisal is our traditional appraisal service wherein we physically inspect your property to give a detailed appraisal report. In the Philippines, it refers to the process of determining the fair market value of a property or real estate asset within the Philippine market. This valuation is crucial for various purposes, including property taxation, real estate transactions, mortgage lending, insurance, and legal matters.
An accurate market value appraisal report needs to be completed by an experienced Licensed Real Estate Appraiser (REA) duly licensed by the Professional Regulation Commission (PRC).
While obtaining a market value from a real estate agent/ broker is possible, it’s usually a general estimation and is not legally valid. Only Licensed Real Estate Appraisers (REA), accredited by the Professional Regulation Commission, can offer accurate market value appraisals.
How Do We Perform Market Value Appraisals?
Market value appraisals involve a meticulous process where licensed appraisers assess the fair market value of a property, typically utilizing various approaches such as the sales comparison approach, income approach, and cost approach. This process entails thorough examination of factors like the property’s location, size, condition, amenities, and recent sales data/ listings of comparable properties in the area.
Adhering to ethical standards and professional guidelines, appraisers meticulously analyze these factors to derive an unbiased and accurate valuation. The resulting appraisal report serves as a crucial tool for informing real estate transactions, property taxation, mortgage lending, insurance, and legal matters, ensuring fair and equitable dealings in the real estate market.
Our mission at Ringor Appraisal has always been to help property owners/ stakeholders provide accurate and unbiased property valuations to facilitate fair transactions in the Philippine real estate market.
Knowing the fair market value in the Philippines is crucial for making informed decisions in real estate transactions, ensuring fairness, transparency, and accurate pricing.
When determining market value, we consider various factors including the property's location, size, condition, comparable sales in the area, current market trends, and any unique features that may affect its value.
The appraisal process duration varies depending on the property's complexity and availability of data. Typically, it takes 3 to 5 business days from the date of inspection/ valuation. Steps include property inspection, data analysis, market research, valuation methods application, and appraisal report generation.
Market value is the price a willing buyer and seller would agree upon in an open market, whereas zonal value is the value assigned to a property by the local government for tax purposes specifically by Bureau of Internal Revenue (BIR). While market value is influenced by market dynamics, zonal value is determined by the government based on a fixed formula.
Yes, our appraisal reports adhere to the standards set by the Philippine Valuation Standards (PVS), International Valuation Standards (IVS), Uniform Standards of Professional Appraisal Practice (USPAP) and comply with the guidelines established by the Professional Regulatory Board of Real Estate Service (PRBRES) under Professional Regulation Commission (PRC) to ensure accuracy, reliability, and regulatory compliance.
The validity period of the appraisal report is six (6) months from the date of inspection/valuation.
Yes, upon completion of the appraisal, you will receive a comprehensive appraisal report outlining the property's market value assessment. The report includes detailed information on the property's characteristics, valuation methodologies employed, comparable sales data, and our expert analysis.
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