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What is Appraised Value? 

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The Real Estate Savvy by Myra Spano

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  • 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.
All my best,
Myra Spano, REALTOR®
 
About the Author:
 
Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra is recognized as a top producing agent in her office in Virginia Beach and…

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