Market Value, Appraisal Value, Assessed Value….How did they Value my Home?

Undoubtedly, one of, the most important considerations when deciding to sell your home, is its’ value! Home-owners want to know the market value, assessed value and the appraised value. Some questions a home-owner may want to know and these are all relevant questions are: Has my equity increased? Has the neighborhood’s value increased? Is my valuation, in line with industry professionals? How much is my home worth? Ultimately the market value of your home is whatever someone is willing to pay you for it. An appraisal value is a value determined by the study of comparable properties and local market conditions. It is, in reality, an educated guess about what the market value may be. The assessed value of homes in Ontario is done by MPAC and is a (CVA) Current Value Assessment which is a common standard used for property assessment jurisdictions in North America. MPAC uses 3-5 years of open-market sales in the area to determine the current assessed value of surrounding properties. Assessed values often come in at a lower evaluation than market value or an appraised value. It is almost as if MPAC is a year or two behind in their evaluations. Here are the steps I take to appraise the value […]

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