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What's a home worth?
I meet people all the time who ask me the question, "What's my home worth?" My favorite answer is, "It depends."
We all know the definitions: market value is the estimated price at which an informed buyer will buy in an arm's length transaction; assessed value is the value upon which taxes are assessed as determined by either a contract appraisal firm or a government official; appraised value is the value that an appraiser given directions as to the purpose of the appraisal (because the purpose matters!) reaches; replacement cost is the cost to replace the existing structure should the need
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