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What is the difference between a homes appraised value and market value?

April 26, 2017appraised difference Home market value

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What is the difference between a homes appraised value and market value?

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Appraised value is a certified appraiser’s opinion of a home’s worth at a given point in time. Market value is what price the house will actually bring at a given point in time. A comparative market analysis, which is performed by a real estate agent or broker, is an informal estimate of market value based on sales of nearby comparable properties. Lenders require appraisals as part of the loan application process; fees generally range from $200 to $400.