- Appraisals provide an objective opinion of value, but it's not an exact science so appraisals may differ.
- For buying and selling purposes, appraisals are usually based on market value - what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
- Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.
- Appraised value doesn't take into account special considerations, like the need to sell rapidly.
- Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.
Used with permission from Kim Daugherty, Real Estate Checklists and Systems, www.realestatechecklists.com
For the most current and accurate "fair market value" of your home or property contact a local Traverse City Real Estate Agent .
Local agents are versed in the currrent local market at any given time and can advise you also on what is typical for the area for a "quick sale", what is the normal / average days on market for your area etc.
For a FREE Comparative Market Analysis on your home or property contact:
Jon Becker - Century 21 Northland
Traverse City Real Estate
231-342-5401
Published Monday, April 19, 2010 3:41 PM by Jon Becker Filed under: Real Estate, Market Conditions, Finances, Seller Information
Jon Becker - Century 21 Northland
ABR, Green, SFR, Quality Service Award
231-342-5401
www.c21jb.com for all Traverse City area real estate listings & information
