Discover What Buyers Will Pay in Today’s Market
If you’re a seller, it’s important to have a clear understanding of the value of your home before putting it up for sale. Determining the dollar value of a property can be trickier than checking your savings account balance or stock investments, but it’s essential for setting the right price for your home. Overpricing could result in a longer time on the market, while underpricing could mean losing out on potential earnings.
As a seller, you want to make sure you’re getting the best value for your home. That’s why it’s important to have a clear understanding of your home’s worth. A trained real estate agent can help you determine the true market value of your property, taking into account the nuances of your particular neighborhood. And the best part is, it won’t cost you a dime!
By knowing the value of your home, you can set a fair and competitive price that attracts potential buyers and helps you achieve your desired outcome. So, why not take advantage of a real estate agent’s expertise and get a clearer picture of your home’s worth today?
THE THREE TYPES OF HOME VALUES
When you embark on the journey of buying or selling a home, you’ll often come across the terms appraised value, assessed value, and true market value. Understanding the difference between these values is crucial in helping you make informed and confident decisions. Knowing these differences can give you a clearer picture of a property’s worth, and help you make the right decisions in the buying or selling process.
Appraised Value: An appraised value is a professional estimation of the worth of a property, usually performed by a licensed appraiser. It is usually done for lending purposes, such as when a homeowner wants to refinance their mortgage or when a buyer needs to secure a loan to purchase a property. Appraisals take into account factors such as the location, size, age, and condition of the property, as well as recent sales of comparable properties in the area. Appraised values are used by lenders to determine the maximum loan amount they are willing to offer.
Assessed Value: An assessed value is a value assigned to a property for the purpose of calculating property taxes. This value is determined by the local government or a designated assessor and is typically lower than the market value of a property. Assessed values are used to determine the amount of property tax that a homeowner must pay annually.
True Market Value: The true market value of a property is the most accurate reflection of what a property is worth. It is determined by the current conditions of the real estate market and takes into account factors such as recent sales of comparable properties, the location, size, age, and condition of the property, and the demand for properties in the area. True market value is usually determined by a local REALTOR who has a deep understanding of the local real estate market.
It’s important to note that while appraised and assessed values can be useful, they often do not accurately reflect the true market value of a property. True market value is typically the most accurate reflection of a property’s worth and is useful for sellers, buyers, and homeowners looking to get a clear understanding of their property’s value.
YOUR AGENT IS YOUR TRUSTED GUIDE
Knowing a home’s true market value is my specialty. If you’re selling your home, I can assist you in determining its market value to ensure you list it at the right price.
If you’re a buyer, I can also help you determine the value so you can make a competitive offer. I’ll even set up a custom home search for you on the Multiple Listing Service (MLS) and send you updates on listings that match your requirements. This will give you an idea of what’s available in your area and how properties are priced.
Get a Free Report of Your Home’s True Market Value
Interested in finding out your home’s true market value? Contact me to request a complimentary Comparative Market Analysis and find out how much your home is worth with no obligation!
