What is the difference between appraisal value and market value?
An example of an AI chatbot conversation about appraisal value vs market value.
What is the difference between appraisal value and market value?
Appraisal value is the estimated worth of a property determined by a professional appraiser, while market value is the price a buyer is willing to pay in the current market.
Which one is more important when selling a house?
Market value is generally more important for selling, as it reflects what buyers are willing to pay, while appraisal value is used for financing.
Can the appraisal value be higher than the market value?
Yes, it can happen, especially in a declining market where buyers are hesitant to pay the appraised value.
How often should I get my property appraised?
It's advisable to get an appraisal every few years or when significant changes occur, like renovations or market shifts.
What factors influence the appraisal value?
Factors include location, property condition, size, comparable sales, and market trends.
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