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