The normal price is the price you would get if you sold the same or similar property or provided the same (similar) service. It takes into account all the circumstances that affect the price, but does not take into account the effects of exceptional market circumstances, special popularity or the personal relationship of the seller or buyer.
The normal price expresses the value of an item and is determined by comparison; in the past it was referred to as the general price.
How is the property valuation done?
An appraiser may use different methods to determine the price of a property, but the comparative method is the most common. In this case, he compares the price of the selected property with the prices of similar properties located in the same area. Another way of valuing a property is the income method, which is mainly used for future leases.
