The third and most important person who determines the value of a home is a potential buyer. A buyer decides exactly what he/she is willing to pay at a specific time in a given market. Assessors and appraisers will use the purchase price to help determine the value of that specific home, as well as other like homes in the area. Thus, your real estate market is constantly changing as interest rates rise and fall and supply and demand for housing continues to change. In short, there’s only one real value of your home – what somebody else is willing to pay when you want to sell it.

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