What's the difference between "appraisal" and "market value"?

Answer by  Savyy (13)

An "appraisal" is an estimated price based on other sales, features, locations, etc. While "market value" is the actual dollar amount something is bought or sold for. In today's economy the market value is likely to be less than something is appraised for, because we're in a recession which brings market values down.

Answer by  brett29 (467)

Market value is what other object like yours are selling for. Appraisal is what yours looks like its worth. An appraisal will probably be less but maybe more accurate.