Why Home Value Estimates Are Confused With Home Appraisals
When looking at property values there are a few things to consider in relation to the meaning of the words ‘value’ and ‘appraisal’.
In English language the term ‘value’ is synonymous with worth, price, cost, and rate - all the words meaning one thing - the actual price that the property would demand if it were sold or bought. ‘Appraisal’ on the other hand is synonymous with assessment, judgment, evaluation, review - and hence it indicates an opinion regarding the property’s value. While the value is a definite factor, the appraisal is relative to the needs and feelings of the appraiser and the market influence.
Is the Expression ‘Home Value Estimate’ a Misnomer?
When you say ‘cost’ and ‘estimate’ in the same breath, it might be confusing. Yet, if you look at it closely, you will be able to get the real meaning of it, i.e. the estimate of how much would the home cost at a particular point of time. This term can be used at present and future tense. For example, you had bought a house for x dollars three years ago and today you want to sell it. A realtor would be able to quote a price for you based on the home value estimate as dictated in the present market situation.
Similarly, if you would want to know how much your home would fetch three years from now, you would again use the market trends to work out the home value estimate in the future. In this way, you would be able to plan any investments or mortgages you would want to avail for whatever reasons.
Why Appraisal are Confused with Value?
When home value estimates are worked out, the appraisals are translated in terms of cash, i.e. value. The actual value of the house would depend on the cost of the house, the market trends, the quality of the construction, size, and location and so on. The appraisal is an assessment of its value only from the market point of view. Therefore, you can say that the value of the house is the most accurate appraisal of its worth.
This would be open for negotiation since the buyer and the seller both want to get the best deal out of the transaction. Home value estimates may be at times inflated slightly (anything from two to10 percent) to give scope for leeway in negotiations. This price would also differ when it is sold by a realtor as compared to selling by the homeowner and this is because the realtor would often include his or her own fee in the deal.
Gerri Stone. Get Free Home Value Estimates to discover local property values and a free real estate value estimate of your home at www.aboutsellingyourhome.com
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