What is Home Value?
Home Value means different things to different people depending on how they are involved in a real estate transaction.
Assessed Value is the dollar value assigned to a property for purposes of measuring applicable taxes. Assessed valuation is used to determine the value of a residence for tax purposes and takes comparable home sales and inspections into consideration. It is the price placed on a home by the corresponding government municipality to calculate property taxes. In general, this value tends to be lower than the appraisal fair market value of a property. “Assessed” value is rarely accurate.
Appraised Value is an estimate of the value of the property conducted for the purpose of mortgage lending by a certified appraiser. It is typically based upon historic sales date. In Pennsylvania appraisers must be certified Real Estate agents are not usually qualified to provide appraisals.
Market Value is based on what a knowledgeable, willing and unpressured buyer would probably pay to a knowledgeable, willing and unpressured seller in the real estate market. It is a negotiated value which changes based on market conditions, supply and demand. Buyers and sellers, together, determine market value.
Wolfe & Company’s EXPERIENCED agents will provide you with a comparative market analysis and assist in determining the best list price for selling your home.
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