What is the difference between market value and appraised value?
Appraised value is a certified appraiser’s opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; approximate fees range from $300 to $350. Market value is what price the house will bring at a given point in time. A Competitive market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker.
Hi….I kind of have to disagree with the last answer (sorry). Appraised value IS Market value. The purpose of an appraisal is to give lender, purchaser or current owner a market value of a property at the exact time the appraisal was done. This # is determined by evaluating recently SOLD properties in the area that match the criteria of the one being appraised. Values determined by a municipality to determine tax base is called Assessed Value (which is not a TRUE representation of current market value, although many property owners believe it is).
