Market Value Versus Appraised Value
When discussing the value of a home, you'll hear the terms market value and appraised value – so, what's the difference?
Market value is the price a buyer is willing to pay for a property, and the appraised value is the professional opinion of an appraiser.
Once your home is under contract, an appraisal will most likely need to be done. Mortgage companies require an appraisal because they need to verify that the home is worth the purchase price.
Does all of this talk about home value have you curious what your home is worth? Shoot me a message, I'd love to help!