What’s your home worth? Terms can be confusing – Irvine Real Estate – Irvine Homes for Sale

When discussing real estate values, I often find that I need to explain the subtle differences in terminology. Many people confuse and frequently interchange the terms market, appraisal, and assessed value, but the differences make for a black and white comparison.

Market value is simply the most probable price a particular property should sell for in a competitive and open market with all conditions for that market being met by the property, with the buyer and seller acting on their own accord. In determining value, an analysis is performed, usually by a Realtor. The analysis includes looking at similar properties that have sold recently, as well as looking at similar properties currently on the market and those that were put on the market, but did not sell.

Appraisal value is defined as the opinion of a qualified appraiser, based on knowledge, experience and analysis of the property being appraised, usually for a sale. An appraisal is an unbiased value of the property and is typically ordered by a lender in order to confirm that the value of the property is in line with the value on the mortgage application.

Great post to learn the differences between Market Value, Appraised Value, and assessed value! Take a look and make sure to check out www.IrvineRealEstateLink.com to learn what your Irvine and surrounding area home is worth in todays market, in terms of Market Value!