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What is my property’s value?
Before we start to discuss what is your home’s property value, let us stop and examine some other important types of “values” used in determining your property worth. The following is a non-exhaustive list of “Type Values” common in Real Estate: Insurance Value, Assessed Value, and Investment Value. You may realize there is more than one type of value an appraiser can use to estimate. Yet, the most relevant to you is Market Value or fair market value.
There are many definitions used to describe Market Value. These differ by states and sometimes they are a bit wordy. This is due in part because these definitions are basically derived from court cases. The Florida Department of Revenue defines Market Value as:
"that 'fair market value' and 'just valuation' should be declared 'legally synonymous'...in turn, may be established the classic formula that this is the amount a 'purchaser willing but not obliged to buy, would pay to one willing but not obliged to sell.'"
Knowing your home’s Market Value is an essential component in your quest to sell your home. Once you know your potential Home Market value you are now better equipped to negotiate the selling price of your home. The recommended method by which you can determine your home’s Market Value in Florida is by contacting a State License Appraiser. For additional information about appraisers please visit http://www.appraisalfoundation.org/Consumers
