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by Real Estate Guy on September 9th, 2003
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.
by rby421 on October 22nd, 2009
appraised value is really just for lenders. Of course there is some connection between appraised and market value, but the market is what it is.
Just because something appraises at a certain number, that does not mean it will sell for that price. Market value is what buyer's are willing to pay for property in the current market.
For instance, I just sold a building that appraised at $825,000. Market value for this property was closer to $600,000, and ended up selling in the mid 500s. This property was not in pre-forclosure, or in danger of default.
What place has seen land values reach records over the last 20 years?
by Answerbag Staff on August 4th, 2010
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Comments
Good answer, although the internet is leveling the playing field and a lot of the same information that was propriatary to real estate agents is now readily available to all
by StraightArrow on January 3rd, 2007
A lot perhaps? We still have the critical info and training. Just as you can do your own law, but you don't have the resources to do it well.
by Abbyguy on January 6th, 2007
Market does drive up appraisal values but when it comes to buying a home, the appraisal is what banks will rely on strickly for the loan. That's the true deal maker or breaker based on the buyer's earned income and debt ratio. Am I right RE Guy?
by Pete Parker on August 15th, 2008