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There is a difference between Appraised Value and Fair Market Value (FMV). A professional appraisal is one opinion of what the value is based on historical data such as comps. It is typically used by lenders in order to establish what loan amount is appropriate for the property.
The FMV is determined by the opinion of many potential buyers who will place value on the property using a different method than an appraiser. For example, a potential buyer will use the proximity to their work or their kids school as a factor where an appraiser will not. Thus, the FMV will tend to be a little higher than an appraised value.
So, when trying to determine what price to list the home for sale an appraisal is usually not a great indicator of what potential buyers will be willing to pay. It is a good indicator of what a lender will be willing to lend. A realtor works with buyers and hears feedback and ultimately knows what buyers want and what they ...
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Many current and potential San Diego residents use our website SDLookup.com, to search for properties, find out what their home is worth, or to simply get information about the San Diego real estate market. We are usually contacted to discuss properties and or their real estate goals. Toward the end of last year we began to notice several common themes, so we thought it would be helpful to share some of these.
"We want to list our home for sale, but we “scared” because we don't see anything on the market that we like” This is very common right now. There are many homeowners who have equity and want to upgrade to larger homes, but are afraid to put their home up for sale because they don't see anything to upgrade into.
"We want to buy, but we became frustrated and gave up looking because there is nothing available" This is a common scenario right now and has to do with the large numbe ...
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