What is the difference between market value and appraised value?

The difference between market value and appraised value can be confusing when it comes to residential real estate in New York. Market value is determined by the cost to purchase a home on the open market, and it is the amount that one could expect to pay if they were to purchase a similar property in the same area. Appraised value, on the other hand, is an estimate of the fair market value of the home, given by a professional appraiser. Appraised value takes into account things like the condition of the home, the local market, and any amenities that would increase the value of the home. Appraised value is typically used in lending and financing, and it is the value that banks are willing to lend against. Therefore, it is possible for appraised value to be higher or lower than the actual market value, depending on the unique factors of the property.

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What is the difference between market value and appraised value?

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