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List Price vs Sales Price vs Appraised Value

List Price, Sales Price or Appraised Value what are the differences?

The list price is the amount of money the home seller wants for his or her property. This figure may be close to the appraised value and ultimate final sales price or may be too high or too low, depending on how accurate the seller is in listing the property. A home seller can price his or her property high for the market, low for the market, or right on the mark.

The sales price is the amount of money you, the home buyer, pay for the home. This number depends on a host of factors including the negotiations between buyer and seller, what size loan you are approved for and how much you can afford to spend, and the condition of the property, and whether the market is a buyers or sellers market.

Finally, there is the appraisal. This is a dollar value for the house that's determined by an independent third party investigator, know as an appraiser. The appraisal is theoretically the most objective measure of how much the house and property is worth.