With a buyer heavy market as we are currently experiencing these terms come up quite frequently. Let us make it simple for you:
👉🏼👉🏼👉🏼An appraised value is: an assigned value to a property by a professional appraiser. Most of the time this is done by the province.
👉🏼👉🏼👉🏼The market value of a property is: decided by buyers, (we) as Realtors can perform a CMA (current market analysis) using systems in place which will give us the amount of money buyers willing to pay for your property.
🔑📊🧮If you’re seeing a ton of interest in your home from multiple buyers, you may find that the market value is higher than the appraisal value (this is the current market).
💰In effect, the appraised value of your home can change significantly over time with the market. To find out more about how much your property is worth message us anytime!