Misconception #2

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Misconception: My home’s value is whatever the appraiser says it is

The market value of a home is determined by what willing and able buyers and sellers agree on in an open market and arm’s length transaction.

Other than that, a homeowner or would-be seller can only rely on a recent appraisal for a bank refinance.

It’s helpful to understand that a home’s appraised value typically comes in below the market value. Factors such as views, finishes, fixtures or neighborhood specifications can affect your home’s appraisal.

Author Brendon Desimone