of the property’s features, including “size, type of construction, location, condition, and recent sales of comparable property in the vicinity.” The appraisal value is especially important in determining how much money could be borrowed (by the buyer), and under what terms and conditions. Assessed Value: Refers to the amount that a local government has designated for individual properties, such as public records, and is often different from market value and appraisal value. Property tax, when it’s levied, is based on the assessed value of a home. This assessment doesn’t reflect what the property will sell for.
WHAT IS YOUR HOME REALL ME REALLY WORTH?
Before pricing your home with an agent, you should know the difference between value, worth, and price. The descriptions below will help. Online Home Valuation: You can get a rough estimate of your home’s current market value online. If you're not a tech-savvy, and you’re not familiar with online real estate research, your agent can help you, as can friends or family members who are somewhat tech-savvy. Many free online tools are available to help provide this estimation. However, they aren’t always accurate because they’re based on current public data, which change regularly. They also don’t consider all relevant factors. Professional Appraisal: Real estate appraisal involves the development of an opinion of value for a property. In other words, it’s the “market value,” or what a willing reasonable buyer would pay for the property to a willing reasonable seller. Generally, the most important factors involved in a professional property appraisal are: • dwelling type (single family, townhome, one-story, two- story, split-level, etc.)
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