Have you ever thought that the appraised value of your home is the same as its market value?
Let's debunk this common misconception!
Appraised value: This is determined by a professional appraiser who evaluates various factors such as the condition of your home, comparable sales in the area, and other market conditions. It's an expert's opinion of what your home is worth at a specific point in time, often used during the mortgage process.
Market value: This is what buyers are willing to pay for your home in the current market. It's influenced by factors such as supply and demand, economic conditions, and the overall appeal of your property. Market value can fluctuate over time.
While the appraised value provides valuable insight, it's essential to recognize that market value can differ based on factors beyond the scope of an appraisal.
So, why does this matter? Understanding the distinction between appraised value and market value can help you make informed decisions, whether you're buying, selling, or refinancing your home.
Defining Contingencies