Realistic View on Property Market and Market Value

Challenges in Determining Property Values

Abstract

Value of a commodity is often mentioned in a market context. In our everyday life, we feel inquisitive of value of many commodities every now and then. In fact, whenever we make an attempt to purchase a commodity, we try to be judicious as regards the price to be paid for it and look back to the market as regards information on its value. As we collect information for different parts of the market we get the same answer or nearly the same answer in most cases. But this is not always true with the property market. Answers from the market is only rarely directly available. And even when answers are obtained they attract further questions for clarification.