People who buy and sell real estate in the open market establish market values. Our North Carolina State-certified in-house appraisers diligently and carefully research and analyze those sales in our local market to determine an estimate of market value for all properties, as we are required to do by law.
Depending upon the data available and the type of property being appraised, there are several methods an appraiser may use to determine value:
- Sales Comparison Approach - This is the method most commonly used and it compares your property with a similar one, plus or minus any adjustments.
- Cost Approach - This method determines how much it would cost to replace your property with a similar one, less any depreciation.
- Income Approach - This method determines the value of income-producing properties, such as apartments, based upon the amount of income the property generates.