|
What is the difference between market value and appraised value? |
|
|
|
The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders (Banks or other financial institutions) 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 Upper Allegany Realty Inc. or other broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.
|
