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Before we begin talking about this topic, there are a few different definitions to be aware of.
- Assessed value: This is the value that the county assessor places on your home. They cannot come inside your home and do not account for upgrades.
- Taxable value: This is your assessed value minus any exemptions that you may have, like homestead exemptions. Both of these values are usually lower than what your true market value is.
- Market value: This is subject to change depending on market conditions. The value that you see on Trulia or Zillow is not your market value. Your market value depends on factors like inventory, demand, and how capable your Realtor is in creating artificial demand and raising the sale price of your home. A comparative market analysis is also crucial to pricing your home because your home's value should match those of homes in your area.
- Appraised value: This is the value that the bank's appraiser assigns to your home in order to ensure that it is not overpriced. This value should be close to your market value.
Your true market value is the most important value on your home. It can change depending on the market you're in, and also the type of Realtor that you're using. I run a comparative market analysis to determine an accurate price for your home. I take into account the upgrades that you've done on your home, as well as your location and the condition of your home. This allows me to price your home accurately and draws buyers to your home, thereby getting you top dollar.
If you're looking to buy or sell this summer, please get into contact with me. I'd be happy to examine your property and put together a plan to sell your home for top dollar.
