Many terms you see to explain the worth of your home are:
*Home market analysis
*Comparative market analysis or CMA
*What is my home worth?
*Appraisal Tax Value
So what is your home really valued at in the market? The answer is that it is worth what other homes have sold for in the past 6 months and Homes that are of equal size and amenities. Its value is what someone is willing to pay at this time and date. It is not usually the tax value.
In order to determine the amount that a buyer is willing to pay for your home we need to figure the type of sale.
♦ Is it for Cash?
♦ Is it for Owner Carry?
♦ Is it going to be financed by a bank or other lender?
If you are a Seller and wish to sell to someone that is paying cash, then market value is only a guideline, but has no bearing on the sale in the end.
Selling to a Buyer that has been to a lender and has qualified for a pre-determined amount will need to buy at market value and appraise at market value for the benefit of the bank or lender.
The short answer to what's my home worth?
Your home is worth what homes are selling for now in your area and are of equal or close to equal amenities. It is a snapshot in time.