Market value is the price a buyer is willing to pay for a home based on current demand, location, condition, and comparable home sales. It reflects real-time market activity and can be influenced by competition, timing, and buyer perception. In a strong market, homes may sell above market value, while in slower conditions, prices may be more negotiable.
Appraised value, on the other hand, is determined by a licensed appraiser and is used by lenders to confirm the home’s worth for financing purposes. The appraiser evaluates comparable sales, property condition, and market data to provide an objective estimate. Lenders rely on this number to ensure the loan amount aligns with the property’s value.
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