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The market value is what an appraisal calculates, without paying for one, you can get an idea from a realtor inspecting it...
Yes. As I understand it, an appraiser will give you an estimate independent of any conflict of interest. A real estate agent... well, there's some conflict there. Sure, an agent wants to make the most from the sale of a property, too. But a reduction of, say, $50,000 for a Seller is only a reduction of $1,500 for the agent. An appraiser will be unconcerned about how quickly a property may or may not sell, given a particular estimate. I believe that is a consideration for real estate agents, especially if they are making monthly ad buys or have other monthly expenses.
Yes. As I understand it, an appraiser will give you an estimate independent of any conflict of interest. A real estate agent... well, there's some conflict there. Sure, an agent wants to make the most from the sale of a property, too. But a reduction of, say, $50,000 for a Seller is only a reduction of $1,500 for the agent. An appraiser will be unconcerned about how quickly a property may or may not sell, given a particular estimate. I believe that is a consideration for real estate agents, especially if they are making monthly ad buys or have other monthly expenses.
RE the bolded... What is the measurement, if not an estimate of the price a property would likely sell at fairly readily? How long should a home sit on the market before that price is shown to be too high? Value is always subjective, and dependent on the predictability and unpredictability of the particular buyers looking at that point in time. I always give price quotes in a predicted range.
Sellers have their own time tables and goals, and the choice is always whether the goal is a fast sale or the best price. Agents can advise what we think the right price is to meet those goals, but making an actual buyer appear is never certain until it's actually ON the market, being looked alongside the current competition, by real potential buyers.
RE the bolded... What is the measurement, if not an estimate of the price a property would likely sell at fairly readily?
Well, I'm not a licensed appraiser, but whether a property will sell fairly quickly should not be a determining factor in the appraiser's estimate. If he or she does the job appropriately, taking into account all the things an appraiser is taught to account for -- condition, comparables, etc., etc. -- then it should turn out such that the property will sell fairly readily because the valuation is accurate and fair.
I guess what I'm saying is, the horse pulls the cart, not the other way around.
Keep in mind improvements, upgrades, and curb appeal add zero value to your home.
Adding square footage is the only thing that adds value to your home. Your updated kitchen will not add $25,000 in value to the exact same house down the street.
You REALLY need to call a realtor.
Good luck!
Um, not really true.
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