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Your Real Estate Classified – Buyer's Information – Appraisals

For Buyers - Additional Resources

For the purposes of both buying and selling, appraisals are based on the market value of a property. In other words, what the home can be expected to sell for.

The appraised value of a property can be changed by varying market conditions. In a “seller’s market” when an area is particularly attractive to buyers, or when mortgage interest rates are low, a property may appraise at a higher value. Conversely, in a “buyer’s market” when interest rates go up and there are a lot of homes looking for buyers, the appraised value can go down.

Appraisals are not an exact science since each home is different and no one formula works for all of them. Appraisers will use other homes of like kind that have sold in your area for comparisons.

When looking at an appraisal and a sale price in making determinations on how much to loan, a lender will use the lesser of the two values.

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