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Property Appraiser questions, answered by experts

The differences between market value and appraised value depend on the local market, so they can match, or either one can be higher than the other. In a “seller’s market,” where there is an abundance of buyers, market value will likely sit higher than the appraised value because there’s more demand for the low inventory of homes. In a “buyer’s market,” where there are more homes than there are buyers, the market value is more likely to sit below the appraised value to entice buyers.

Yes, appraisals are often used for property tax appeals, estate planning, and determining market value.

You can be present during a home appraisal, but it’s best to stay out of the appraiser’s way. Make yourself available, but don’t engage or interrupt, and don’t discuss value or your target sales price. If possible, have your agent present in the house instead of being present yourself.

Ideally, you’d never pay more than the appraised value for a home, but there are some instances where it makes sense to do so. For example, if your current living arrangements are no longer viable and you need a place to move into quickly, paying more than the appraised value might be in your best interest to secure a new home. Additionally, if you’re buying in a hot market, overpaying for the home might be necessary to overcome the competition.

A property valuation, sometimes called a comparative market analysis or CMA, provides a real estate expert’s opinion on how much your property will sell for. It takes many things into consideration, like the condition and location of the home, but ultimately, all that matters for a property valuation is what a buyer might be willing to pay for the property. An appraisal is more concerned with determining the value. A valuation is to estimate what you’ll get for a property, while an appraisal helps a lender establish loan-to-value ratios and loan amounts.

The Ennice, NC homeowners’ guide to property appraisals

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