UNDERSTANDING DIFFERENT HOME VALUES

Assessed Value (aka tax value). The last purchase price or appraised value.

Cost (purchase price). . . . . . . . . What you paid.

Insured Value. . . . . . . . . . . . . . . The amount of insurance your agent recommends.

Salvage Value. . . . . . . . . . . . . .  What the property is worth sold in pieces.

Use Value . . . . . . . . . . . . . . . . .  Sometimes properties hold high values for a particular type of
                                                     use (commercial, industrial, etc.)

Replacement Value. . . . . . . . . .  The cost to replace the property with a comparable one, if available

Reproduction Value. . . . . . . . . .  The cost to rebuild from scratch.

Sentimental Value. . . . . . . . . . .   A value coming from the heart rather than the mind.

Pricing Value. . . . . . . . . . . . . . .   What a seller may want.

Market Value . . . . . . . . . . . . . .    THE VALUE I FORMULATE.  This occurs when a ready, willing and
                                                      able buyer purchases a home from a motivated but realistic seller. 
                                                      THIS IS WHAT I SPECIALIZE IN MAKING HAPPEN.

ACTUAL VALUE. . . . . . . . . . .     The amount a buyer is willing to pay.