The price at which a property is anticipated to sell in a competitive and open market, assuming an arms length transaction whereby:

  • The analysis reflects the subject property “as is” and is based on its present use as a residential dwelling.
  • Both parties are well-informed or well-advised and acting in what they consider their best interests.
  • Payment is made in cash or its equivalent. Financing, if any, is on terms generally available in the community and typical for the property type in its locale.
  • A reasonable marketing period, not to exceed 120 days and commencing on the date of appraisal (inspection), is allowed for exposure in the open market. The analysis assumes an adequate effort to market the subject property.
  • Forecasting is applied in making an estimate of a future happening or condition, based on an analysis of trends in the recent past, tempered with analytical judgement concerning the probable extent to which these trends will continue into the future, and reflecting an estimated impact, if any, upon the sales price.