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Ambassador
5,758,879
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

An opinion or a fact.

 

Feb 24, 2017 08:53 PM
Rainmaker
4,496,664
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I suggest you ask your instructor and read your text book. I know the answer was in my textbooks 25 years ago.

Feb 25, 2017 04:33 AM
Ambassador
4,745,029
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Market value is determined by the market...the successful buyer-seller contract, while appraised value comes from an appraiser

Feb 24, 2017 11:09 PM
Ambassador
4,316,215
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

abby tiscareno - Market Value is the agreement with the buyer and seller. Appraised value is what town wants the owner to 'tax' on.

Feb 24, 2017 11:01 PM
Rainmaker
5,767,876
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Abby,

I think Bob Crane gave you a good answer.

Feb 24, 2017 10:15 PM
Rainmaker
2,691,924
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

One is an opinion and one is a reality

Feb 25, 2017 07:42 AM
Rainmaker
2,054,999
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

What is the difference between Markey value and Market Price ?

Feb 25, 2017 05:28 AM
Rainmaker
916,198
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

More context needed.

For example, was the PURPOSE of the ordered appraisal for 'refinance' proposes, HELOC or buyout? One could think they end with the same result, but the reality is, the bank imposes their rules on the appraiser.

Market value, a speculation based on optimism, urgency or profit with a data set that is curated with a outcome in mind OR equal to SOLD PRICE, but that number is hindsight.

Feb 25, 2017 05:24 AM
Rainmaker
4,356,086
Richard Weeks
Dallas, TX
REALTOR®, Broker

Apprsaised value is the value a professional appraiser says the house is worth.  Market value is what the buyer is willing to pay and the seller is willing to accept.

Feb 25, 2017 05:12 AM
Rainmaker
3,070,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Bob Crane nailed this one!

Feb 25, 2017 03:32 AM
Rainmaker
982,538
Peter Mohylsky
PMI. Destin - Miramar Beach, FL

A world of beliefs and knowledge.

Feb 25, 2017 03:22 AM
Rainer
274,009
Curtis Evans
Cabin Realty LLC/ USA, Licensed in Louisiana - Golden Meadow, LA

I agree with Bob Crane !!

Feb 25, 2017 03:17 AM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Others have answered.

Feb 25, 2017 03:14 AM
Rainmaker
1,157,535
FN LN
Toronto, ON

There are numerous definitions of both terms.  What is the context that you are using these terms?

Feb 24, 2017 10:56 PM
Ambassador
3,987,414
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Usually profit...

Feb 24, 2017 10:08 PM
Rainmaker
598,824
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

An appraised value is what they give you after looking at your contract to purchase and then bumping the value up a few thousand.

Feb 24, 2017 09:18 PM
Rainmaker
2,157,613
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

And here it is, class of 2017. 

Feb 25, 2017 10:33 AM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

This is easier for your instructor to show you in class

Feb 25, 2017 09:57 AM
Rainmaker
4,391,875
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

I'm with Bob Crane's answer on this one Abby. Hope it helpds.

Feb 25, 2017 09:36 AM
Rainmaker
808,903
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Market Value is the value arrived by what price a buyer is willing to pay and a seller is willing to sell.  An Appraised Value is arrived by a licensed appraiser doing their job. -Kasey

Feb 25, 2017 09:07 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

In a perfect world, they would be the same.

Feb 25, 2017 08:10 AM
Rainmaker
1,672,615
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

Please write a blog and tell us

Feb 25, 2017 08:03 AM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I know that regardless of what my real estate school / instructor was advising me to do ... I would not be asking questions in this forum knowing X number of other students are doing the same thing.  I wish you all the best.  I hope that once you pass the exam and become an agent that you learn how to think for yourself.  Independent thinking versus being a Sheeple will take you a very long way in life and in real estate.  

Feb 25, 2017 08:02 AM
Ambassador
2,609,088
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  IDK about Utah.

Feb 25, 2017 07:31 AM
Rainmaker
1,525,405
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Appraised value: A bank will lend based on this amount.

Market value: The price  property will sell for in current market.

Feb 25, 2017 07:26 AM
Ambassador
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Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

market value what you sell the property at

Feb 25, 2017 07:02 AM
Rainmaker
1,466,027
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

abby tiscareno Market value is the value determined between a ready, willing and able buyer and seller. Appraised value is is the opinion of an appraiser to support a loan.

Feb 25, 2017 06:26 AM
Rainmaker
1,358,959
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Comparison Based "Professional" Opinions vs. the Market's emotional opinions & reactions.

Feb 25, 2017 06:17 AM
Rainmaker
1,708,245
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

You have been asking questions for a long time so asking this one either means you didn't study in class or you have nothing better to do with your time. Try asking something useful.

Feb 25, 2017 05:22 AM
Rainmaker
3,385,252
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

A great question these days as market value is what a buyer is willing to pay for it. The appraised value SHOULD be the value based on adjusted sold comps, HOWEVER appraisers are making a royal mess injecting their opinion instead of fact. Using bad comps, being from out of the area and not knowing values that can be specific to an area, complex, neighborhood or town/city

Feb 25, 2017 04:54 AM
Rainmaker
4,266,188
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Bob Crane is a busy guy and I'm not sure he is available(or wants to) for private tutoring but you will not go wrong following his advice.  

Abby, it does appear that your real estate education is on the slow track compared to other students who have "visited" the Q&A section.   Good luck.   

Feb 25, 2017 04:38 AM
Ambassador
4,555,822
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Bob Crane hit the nail on the head!

Feb 25, 2017 09:37 PM
Ambassador
3,987,010
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

An appraisal is generally based on most recent sold values of similar properties. Market value is what a buyer is willing to pay now.

Feb 25, 2017 06:54 PM
Rainmaker
1,045,215
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

Both are opinions until a property has actually been sold at which point you have a reasonably good idea of MARKET VALUE

Feb 27, 2018 07:20 PM
Rainer
55,453
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

In then mortgage world we only lend on the Appraised Value. In the lending process, you can agree with the Appraised value or not, but your loan is determined only on appraised value. Market value is an arbitrary number with little or no (excuse the pun) value. Unless you have a "Cash Buyer" and is not concerned with the value of comparable recent sales in his neighborhood. I always say that you can set whatever market value you want, but the Appraiser will confirm or reject that number. Do your home work before you set what your feel the value in your neighborhood.

Feb 27, 2017 11:13 AM
Rainmaker
849,792
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Appraisal is an estimate; market value is determined by actual sales.

Feb 25, 2017 06:53 PM
Rainmaker
1,430,961
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

App: What the bank is willing to lend

MV: What the buyer is willing to pay.

Feb 25, 2017 01:28 PM
Rainmaker
7,041,763
Roy Kelley
Retired - Gaithersburg, MD

They have different sources.

Feb 25, 2017 11:47 AM
Rainmaker
609,550
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Market value is what someone would pay for the home. Appraised value is what you are taxed on.

Feb 25, 2017 11:35 AM