market value vs. appraised value

What is the difference between market value and appraised value?

The appraised value of a Knoxville TN 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 $200 to $300.
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.

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David Hamilton, CDPE, REALTOR®
FERGUSON REALTORS
8085 Kingston Pike
Knoxville, TN 37919
Cell 865-310-0636
Office 865-690-1300
Toll-Free 800-747-0713
Toll-Free Private Fax 888-600-5128

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