Real Estate Appraisal Services

Motley's offers a full range of expert appraisal services of both personal and real property. We specialize in providing timely, formal appraisals for estate tax and probate purposes, equitable distributions, insurance and sale of personal property and real estate.

What is an appraisal?

An appraisal is an opinion and an estimate of value. An appraiser can estimate different types of value, however the typical property owner is often concerned with the market value of his/her property. How much would my property sell for? Market value is the most probable price that a property should sell for in an open market situation under all conditions requisite to a fair sale. Both buyer and seller should be well informed, willing and not acting under duress. The property should be exposed to the open market for a reasonable amount of time. Market value is not the highest or lowest price, but the most probable price that a property would sell for.

Three approaches

An appraiser typically uses one or more of the three recognized approaches to value in a real property appraisal. The three approaches to value are:

  • Sales Comparison Approach - The sales comparison approach is most relevant when there are a number of valid, recent sales that are similar to the subject property, and located within the subject's market segment.
  • Depreciated Cost Approach - The depreciated cost approach is most relevant when the building is new or nearly new and has not accrued an unreasonable amount of depreciation. The cost to reproduce or replace the building is estimated in this approach to value, less depreciation plus an estimate of the land value.
  • Income Capitalization Approach - The income approach is most relevant in income producing properties such as office buildings, apartments, retail space, warehouses and others. This approach converts an income stream into an estimate of value for the subject property.

One or more of these approaches may be considered and reconciled into an estimate of value for the subject property as of a particular date (the effective date of the appraisal).

You may also email our Real Estate Division at realestate@motleys.com for further information.