The list price. The list price is a seller’s advertised price, or asking price, for a home. This price is a rough estimate of what the seller wants to complete a home sale. A seller can price high, low – which does not happen very often – or very close to what they hope to get. A good way to determine if the list price is a fair one is to look at the sales prices of similar homes that have recently sold in the area.
The sales price. The sales price is the actual amount a home sells for. This number is reached after the buyer and seller negotiate, and therefore, it can differ from the original listing price.
Appraised value. A certified appraiser who is trained to provide the estimated value of a home determines its appraised value. The appraised value is based on comparable sales, the condition of the property, and several other factors. It is rare that a home will sell for more than it’s appraised value, and so the home is typically appraised before a listing price is set.
Market value. Market value is the price the house will bring at a given point in time, once the buyer and seller establish a “meeting of the minds” on price.
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