What is my home worth?

In the course of my real estate career, I’ve been asked many times about the differences between market value, appraised value, tax assessed value and the value as reflected on a homeowner’s insurance policy. All of these values attached to a property can vary widely.

Fair market value is basically the amount of money a buyer is willing to pay for a property at the time of purchase. The fair market value changes based on supply and demand. For instance, a home that has a current fair market value of $250,000 may increase in value because a new school is built nearby. This could attract more buyers with school-aged children.

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What is my home worth?

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