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Josie Morrison ABR, CRS, SRES

Broker Associate

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.