Understanding Market Value



 

How to Understand the Different Values on Your Home

 

1.       Assessed value also know as tax value

 

2.       Cost or purchase price ? what you paid

 

3.       Insurance value is what your insurance representative says it should be insured for

 

4.       Buyers valuation ? what a buyer is willing to pay

 

5.       Salvage value is what a property is worth sold in pieces

 

6.       Use value ? sometimes a property only has a high value for one type of use

 

7.       Pricing value ? what a seller may want

 

8.       Replacement value ? what it may cost to replace the property with a comparable one, if available

 

9.       Reproduction value ? what it would cost to duplicate from scratch

 

10.     Sentimental value comes from the heart rather than the mind

 

11.     Market value is the value I formulate.  It occurs when a ready, willing, and able buyer purchases a home from a motivated but realistic seller.  It is what I specialize in making happen.