What is the difference between market value and appraised value?
If you are planning to sell your home in the near future, you might be curious about the difference between a market value and an appraised value.
An appraised value is the home value (or the estimated dollar amount your home is worth) in its current state at a given point in time, and its value is estimated by a certified appraiser. The appraised value is required by lenders as part of the loan application process. The fee to have your home appraised ranges between $200 to $300.
A market value is the price your home is estimated to sell for based on the current market. The analysis of the market or estimation of your home’s market value is comprised from sales of comparable properties and is usually performed by a real estate agent or broker.
Both values are accurate ways to determine the worth of your property.