Consider the following concept of price versus value when your home is appraised:
“An orange is a banana that meets the following conditions:
· A fruit that is round; and
· A fruit that is green or orange
There is as much logic in defining an orange as a type of banana as there is in defining value using the term price!
Cost, price, and value are different concepts that stand on their own.”
You can obtain more information on Price vs. Value at AppraisalBuzz.com, Fifth Edition, p. 52-54 by George Mann