Market value is the most critical factor in any avenue of real estate; everything is tied to market value and market values are constantly fluctuating. Understanding real estate equates to knowing how to calculate market value, basically understand how to do your own appraisal. The irony is that appraisal is not widely known even among real estate experts. Appraisal is not difficult, it is not complex and the crucial element to all things in real estate. Whether you are purchasing a property, refinancing, reducing your property taxes, investing, etc. everything correlates to market value and the funny thing is that real estate market values are constantly changing. Real Estate values are constantly changing so the key is: knowing appraisal and how market values are established. When you understand appraisal and how market values are determined you will have the tools necessary to work with your banks on loans and your Assessor on property taxes. The California Little Black Book and the National Little Black Book walk you through the appraisal process step-by-step so that you understand how to determine your market value and this is a tool you can use over and over again. Once you have the tool, the Little Black Book, you can appraise an infinite number of homes.