Dec 15, 2022
Determining the value of real estate can be a complex process that involves a number of different factors. Some of the most important things to consider when trying to determine the value of a property include its location, condition, and amenities. Additionally, the overall real estate market and the condition of the economy can also play a role in determining the value of a piece of property.
One of the first things to consider when trying to determine the value of a property is its location. Properties located in desirable neighborhoods with good schools and access to amenities tend to be worth more than those in less desirable areas. Additionally, properties with a view of a park, lake, or other natural feature can also be worth more.
The condition of the property is also an important factor to consider when determining its value. A property that is well-maintained and in good condition is likely to be worth more than one that is in need of significant repairs. Additionally, properties with modern amenities like updated appliances and energy-efficient windows can also be worth more.
Another factor to consider is the overall real estate market. If the market is hot and there is a high demand for properties, then the value of a property is likely to be higher. On the other hand, if the market is slow and there is a low demand for properties, then the value of a property may be lower.
Finally, the condition of the economy can also affect the value of a property. During times of economic growth and prosperity, the value of real estate tends to increase. However, during times of economic downturn, the value of real estate may decrease.
Overall, determining the value of real estate involves considering a number of different factors, including location, condition, amenities, and the overall real estate market and economy. By carefully evaluating these factors, it is possible to determine the value of a property and make informed decisions about buying or selling real estate.
Since 1988, Larry Colorito has provided valuation and consultancy services. He specializes in expert witness assistance and testimony, appraisal review, consultancy, and all facets of real estate value, including those for lending and other transactions. In Virginia, North Carolina, the District of Columbia, and Maryland, Larry is a Certified General Real Estate Appraiser. BS is his degree. an M.S. in Finance from Penn State University. a degree from the University of Denver in Real Estate and Construction Management.
0:00 Introducing Larry Colorito
1:18 What is valuation and why is it important?
6:45 Three approaches to how valuations are made
13:22 Talking about the variety of proporties in the commercial
world
16:51 Some hot trends in real estate today
21:30 Talking about green buildings in real estate: How they impact
ROI
24:33 Larry's funny stories from the business
Connect with Paul
Website: https://vantagepointresidential.com/
LinkedIn: https://www.linkedin.com/in/paul-neal-47b8478/
Connect with Larry
Linkedin: https://www.linkedin.com/in/lawrencecolorito/
Website: https://www.valbridge.com/locations/hampton-roads/
Email: lcolorito@valbridge.com
Phone: (757) 410-1222