The first step in selling your home is knowing the difference between market value, appraisal value and assessed value.The most used definition of market value is "the most probable price a property
MARKET VALUE vs APPRAISAL VALUE vs ASSESSED VALUE!
Dated: August 13 2021
The first step in selling your home is knowing the difference between market value, appraisal value and assessed value.
The most used definition of market value is "the most probable price a property should bring in a competitive market. This is a pre-negotiation opinion of what a house should bring in its local market, its geographical area, size, etc. and done by a professional realtor.
Appraisal value is an evaluation of a property's value at a given point in time that is performed by a professional appraiser. Appraised value is a crutial factor in loan underwriting and determines how much money may be borrowed and under what terms.
Assessed value is the amount the local or state government has designated for specific property and frequently differs from market value or appraised value. The assessed value is used as the basis of property tax and when a property tax is levied. The assessed value is not necessarily equal to the property' market value.
Familiarity with real estate terms market value, appraisal value and assessed value can save disappointment and frustration and allow the seller to meaningfully engage in setting a home's listing price.
If you need advice on marketing, pictures, pricing strategies, staging, etc, please request a copy of my Free "Sell For Top Dollar" report and/or consultation.
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Driven to Be Her Best. Personal mission statement to serve the needs of her clients and make a difference in their lives. Sharon started in real estate with a very simple philosophy: 1) Know your mar....