Why Does My Home’s Assessed Value Differ Compared to the Market Value?
Assessed value is the value that a local municipality uses to calculate property taxes, while market value is the price at which the property would sell under normal market conditions. The market value is what buyers are willing to pay when putting in an offer and is based upon comparable properties within the area in a specific timeframe.
What is an Agent’s Commission Fee?
In a real estate transaction, an agent’s commission fee is the fee for the service and expertise provided by the agent. Typically, a real estate commission fee is 5-6% of the home’s sale price, and the buyer’s agent and seller’s agent split the fee.