Understanding Appraisals and Market Value

If you're thinking of selling, now is the time to get your home on the market! The summer season is hot and demand for homes is high. Before you decide to make the jump, it's important to understand appraisals and the market value of your home. 

A home appraisal is the first step when putting your home on the market. A certified professional who is trained to provide the estimated value of your home will determine the "appraised value." This value is based on comparable sales, the condition of your home and a few other factors. The difference between the appraisal value and the market value is the price the house will be given at a point when you and the buyer establish an agreed upon price. 

Understanding List Price vs Sale Price

The list price is your advertised price, or asking price, for your home. It is a rough estimate of the amount you want to complete a home sale. To determine if the list price is fair, a good method is to look at the sales prices of similar homes that have recently sold in the area. The sales price is the actual amount for which the home sells.

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