What's the difference between market value and appraised value?

Appraised value is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300 or more, check with your local appraiser. Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Q: How is the price set? A: It's very important to price your home according to current market conditions. Because the real estate market is continually changing, and market fluctuations have an effect on property values, it's imperative to select your list price based on the most recent comparable sales in your neighborhood. A so-called comparative market analysis provides the background data upon which to base your list-price decision. Watch out for an agent whose opinion of value is considerably higher than the others. Q: ...  more

An appraisal is a tool used to determine a property's value. There are several different appraisal methods that appraise value based on cost, income potential, or market value, and result in highly different values. Appraised value is not market value. A recent appraisal is not a good estimate of what you can sell your home for. Homes often appraise at levels much higher than their market value. When you buy a home in Cache Valley you will most likely need an appraisal done. Your lender requires that the property appraise at a value that can support the purchase price before they will loan you the money. Your lender will help arrange the appraisal, and you pay for the appraisal as part of closing. If you wan't to find an appraiser now. Visit this website.  more

Appraised value is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300. Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker.  more