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The basis of valuation definitely relates to market conditions and current home values. An appraiser has different ways to determine value and their analysis can be used to negotiate with a buyer. A Realtor will present valuation based on MLS sales data. Usually a Realtor will offer a free listing presentation to indicate an asking price in line with similar area homes. In the presentation they will also share what price range homes have sold in the area. An appraiser only uses sold values to determine value and if a mortgage is involved, you need to know the true sold range. http://www.zillow.com/advice-thread/What-is-the-basis-of-valuation/434465
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In the Naples Real Estate market, the new home sales drive the sales. The builders that have been weathering the storm have been lowering their prices. Now that the tides have been turning and pries are increasing, the new homes many times still prove to be the best value. When buyers look at homes with wear, damage or just old features, it must be taken into consideration to justify the price. Resales will pick up here more as the new home prices increase... And they are increasing. http://www.zillow.com/advice-thread/New-Homes-vs-Resales/393022
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As more U.S. housing markets improve, an adage about what matters in real estate is proving true: location, location, location.
While property markets across the country rose together during the housing boom and fell together during the crash, new data analyzed by real-estate firm Zillow Inc. for The Wall Street Journal show that markets are exiting the downturn at different speeds.
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