 Appraised Value versus Market Value |
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The appraised value of a home is determined by a certified appraiser who is trained to provide the estimated value of a home. This value is based on comparable sales, the condition of the property, and several other factors.
Market value is the price the house will bring at a given point in time, once the buyer and seller mutually agree upon the price. |
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| The Value of Your Home against the Market |
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A comparative market analysis and an appraisal are the two most common and reliable ways to determine a home's value. Your real estate agent can provide a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties.
Reviewing comparable homes that have sold within the past year along with the listing, or asking, price on current homes for sale should prevent you from overpricing your home or underestimating its value.
A certified appraiser can also provide an appraisal of a home. After visiting the home to assess such things as the number of rooms, improvements, size and square footage, construction quality, and the condition of the neighborhood, the appraiser then reviews recent comparable sales to determine the estimated value of the home.
You also can check recent sales in public records, through private firms, and on the Internet to help you determine a home's potential worth. |
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