What is the difference between list and sales prices?
The list price is how much a house is advertised for and is usually only an estimate of what a seller will get for the property. The sales price is the amount a property actually sells for. It may be the same as the listing price or higher or lower, depending on how accurately the property was originally priced and on market conditions. If you are a seller, you may need to adjust the listing price if there have been no offers within the first few weeks or months of the property’s listing period.
What is the difference between market value and appraised value?
The appraised value of a house is a certified appraiser’s opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $500 to $1,000. Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.