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What is a Market Appraisal?

A market appraisal is an estimate of a property's current market value, carried out by a real estate agent or property professional. It’s based on factors such as:

• Recent sales of similar properties in the area
• Current market conditions
• Location and amenities
• Property size and condition
• Demand and supply in the local market

When is a market appraisal used?

• When selling a home (to set an asking price)
• When buying, to check if the price is fair
• For refinancing or property investment decisions
• Sometimes for legal purposes, like divorce settlements or probate

Key Point:

A market appraisal is not a formal valuation—it’s free and informal, and gives a ballpark figure.