I was at a listing presentation last week in Winter Park and was asked to explain the difference between the two to my seller. He said it was helpful to him, so I wanted to pass it on to you....
The appraised value of a property is a professional estimate of a property’s market value. It’s based on the recent sales of similar properties, square footage, location, construction quality, and more. An appraisal varies in cost depending on the price and size of the home. Most lenders require appraisals as part of the loan application process.
But don’t confuse the appraisal with market value. The appraised value is a certified appraiser’s opinion of the worth of a home at a given point in time. And it should give you a pretty good idea what your home will sell for. Ultimately, though, your home’s market value is the price a buyer is willing to pay for it. Having your home professionally appraised before putting it on the market is one way to help you and your Realtor determine a fair asking price. There are other methods of determining the value of your home, including a comparative market analysis (CMA) which I can put together for no cost. A CMA compiles information and sales prices from homes similar to yours from your neighborhood that have sold recently. If you are considering putting your home on the market, or if you are interested in knowing what the value is to make a determination of what your next step might be...drop me a line and I can help you. No cost, no obligation.
Whether it be a CMA, an appraisal, or both, we will be able to price your home according to objective measures rather than a gut feeling or a number plucked from the air.
Filed Under
appraisal,
Articles by Michael Gonick,
CMA,
listings,
market value
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