What do you know about your house market value? Is it the similar as to what they call the appraised value? You will understand the difference probing deeper into the world of real estate. It is always mistaken to be one and the same but here is an vital fact that you need to be aware of.

An appraisal is when a certified appraiser determines the value of the property. This happens when the buyer requests their assistance to provide them information when they process their loans and this will be submitted to their loan company.

Instead, the value is determined by a real estate agent or a broker. They will provide you the information you will need based on the facts they collected or the property's worth in comparison to other similar properties in your area. This is called a comparative market analysis, where they get an evaluation from recent sales of similar estate.This is usually done by the involved agent in the possible transaction. The comparables, recent market trend in real estate and other approaches to assessment the whole valuation of the property is the mass appraisal technique used by the agent.

The lending company will require a thorough inspection of the property before they can start or process your loan application. The information provided by your real estate agent to assess the property are basic and there's no accuracy to it so it will not be accepted by your lender. So the certified appraiser will be hired as they are more reliable to give a more detailed and accurate value of the estate. They will look more into the size of the house, its square footage, age, house style or appearance, location and its present condition. This will in fact guarantee the lender that the property is worth the loan request.

It also the same if you are selling your home, you need to have both your agent and the appraiser’s evaluation. It would help resolve a reasonable asking price. Sellers who do not know their house market value, will price it too high or too low which can have a negative financial result. You may also want to make some improvements first, before putting it on the market. Do some repairs and beautify your house to attract buyers as your home's condition will greatly affect your selling price.

Check the state of your doors, windows and roof to see if there's anything you need to fix. A newer or well-maintained mechanical system will also highly affect your property’s market value. If you can get your house repainted, install new carpets, wallpapers, fixtures and all the little details are extra things you can do for your house. Update the other parts of your house including the kitchens and baths as they are also areas that are carefully inspected by prospective buyers. But remember that you should not spend so much if it's not needed.

It is vital that you understand all the facets. You may be a buyer or a seller, it is often advised to resolve your property’s worth by appraisal and house market value.