Know Your Home’s Worth!
Selling a home isn’t easy. There are many things to consider and so many moving parts. A part of understanding the home selling process is understanding the different types of values associated with a home. Here are some common terms used in the home selling process
Market Value: The price a willing and reasonable buyer would pay for a property to a willing and reasonable seller.
Appraisal Value – An evaluation of the property’s worth. This is done by a professional appraiser and used in the underwriting process by the lender.
Assessed Value – Set by local and state government. Used as a basis for property tax assessment.
Comparative Market Analysis – Also known as “Comps” or “CMA.” An analysis performed to understand the prices of homes sold in the surrounding area. This is done by a licensed RE Broker and used when determining a home’s listing price.
Source: My Secret Wealth of Information for Any Seller | By: Vanessa Kee | Published by Authorify Publishing | Copyright 2022 Authorify Publishing