When selling or buying real estate there are different points of view of what the "price" of the home should be. Naturally, a seller wants to sell their house for as much money as possible. The seller will establish an "ASKING price" but ultimately, the Market (potential interested buyers) will determine the "VALUE". Most buyers want the "best deal" they can get on the home. Let's look at the different price and value determinors:

ASKING PRICE: The price the home seller would like to sell the property at. Typically inflated to some degree to leave room for negotiation with the buyer.

MARKET VALUE: Also known as "fair market value" - the most probable price that willing and informed buyers and sellers can agree upon in a competitive market.

APPRAISED VALUE: An opinion of a property's fair market value based on an appraiser's knowledge, experience and analysis of the property.

ASSESSED VALUE: The valuation placed on the property by a public tax assessor for purposes of taxation.

 

Bill Arey   REALTOR

The Pat Wattam Team

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