3 Types of Value and How They Matter to Your Listing

Rochester Minnesota Real Estate Podcast with Andy Mulholland

Buying a Rochester home? Click here to perform a full home search

Selling your Rochester home? Get a free Home Price Evaluation

Today we’re going to be discussing the difference between assessed value, appraised value, and market value.
Each of these three types of values is different, so I want to clear up what separates them.
First, let’s start with the assessed value. The assessed value is what the government will tax you on. You will get a statement in the mail telling you what portion of that value you will be taxed upon.
Next, there is the subject of appraised value. The appraised value has to do with what the appraiser thinks your home is worth. It’s important to remember that the appraiser isn’t buying your home, though. Every appraiser will give different values and place different levels of worth on the features in your home.

“

Market value is ultimately the most important type of value.

”

The appraiser’s opinion of your home’s value is just that: an opinion. The view, location, or finishes within the home are all taken into consideration. This still isn’t market value, though.
The market value is the amount buyers will actually be willing to pay given current market conditions. This is ultimately the most important type of value. Market value will be determined by supply and demand.
The more demand and less supply there is, the higher the market value. An agent will help you determine a pricing strategy based on all of this information.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.