What Is the Difference Between Fair Market Value, Appraised Value, and Assessed Value? Here’s an explanation:
- Fair market value is a subjective estimate of what a willing buyer would pay a willing seller for a property. An estimate of fair market value can be determined by a realtor.
- A home’s appraised value is determined by a licensed professional appraiser. A disinterested third party who makes a thorough investigation of the property, the neighborhood market conditions, and recent comparable sales in the area to determine current value.
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- Assessed value is a dollar value used by your local government to calculate property taxes. The local assessor determines this value after taking comparable sales and property inspections into consideration. In general, the assessed value tends to be lower than both the appraised and fair market value of a property.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.