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What’s the Difference Between an Appraisal and a Market Analysis?

What your home is assessed for on your property taxes isn’t necessarily what it’s worth. The best way to find out is with a market analysis.

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Do you know the difference between an appraisal and a market analysis? If not, you’re in luck, because we’re breaking down the differences today.

Appraisers and real estate agents pull their information from the exact same database. While an appraisal is a more methodical way of assessing value, it’s the same information.

In some ways, a market analysis is better at determining the current market condition. Appraisals go by history, but market analyses go by what’s happening now.

There are places like Zillow where you can get an instant valuation for your home, but they’re a running joke in the industry when it comes to accuracy. Inherently, their algorithm isn’t very accurate in practice.

A lot of people come to us with an assessed value that their property taxes are in, but we don’t put any weight on that value. It simply is a tax assessment, and not a fair representation of value. It’s all based on information that may be outdated or inaccurate.

If you’re curious about what your home is worth, we’d love to help you with a no-obligation, free market analysis for your home. Reach out via phone or email today to get in touch or to ask any questions. We’re always here to help.