What is the difference between market value and appraisal value?

Well, there are two major valuations you’ll need to know: the home’s market value and the home’s appraised value. The main difference between a home’s market value and appraisal value is who determines it: market values are decided by buyers and sellers, while appraisal values are calculated by licensed appraisers.

What is appraised value?

Appraised value is the result of an independent assessment of a property by a licensed, third-party appraiser. Compared to fair market value, appraised value is a more personalized, objective estimate of what your home is worth.

What is fair market value vs appraised value?

There are two main ways to express your home’s value: fair market value vs. appraised value. Fair market value is how much your home would sell for on the open market right now, while the appraised value is your home’s objective value as assessed by a certified and licensed home appraiser.