What is an appraised value? What's the difference between an appraised value vs assessed value vs market value on a home?

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The appraised value is the specific dollar value placed on a property by a licensed appraiser.

Cambridge and Somerville assess each property each year for tax purposes - that is the assessed value.

As a Realtor, I frequently complete a valuation analysis for a property to arrive at a market range of value.

It is a Licensed Appraiser who completes an appraisal and comes up with an appraised value - a specific dollar value for a specific property on a specific date. Typically, an appraisal happens in the following circumstances:

1) A property owner wishes to refinance or to establish a home equity line of credit or to establish the value of the residence for some other purpose such as estate planning or a divorce proceeding

2) A buyer with an accepted offer is getting a loan to purchase the property.

When I meet with a prospective seller, I often learn that the seller has recently had an appraisal of their property completed by an appraiser. For whatever reason, the appraised value is often quite high. My role as a Realtor is to complete a valuation analysis and arrive at a market range of value for a property.

The appraised value arrived at by the appraiser can mean a lot in a real estate transaction. I explain why in detail in my video, enjoy!

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I am so grateful for all you subscribers, both clients and Realtors®, thank you for watching! If you want to talk to me about Cambridge & Somerville real estate feel free to email me at cc@compass.com or call (617) 733-8937

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