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.

What is the difference between appraised value and market value?

Your home’s appraised value is the value it is assigned by a professional real estate appraiser, with an eye towards ensuring that your financial lender is not extending an overly large loan. Your home’s market value (decided by home buyers) is the amount they believe your property to be worth – and how much they’re willing to pay for it.

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.