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What is your home's value?

Have you ever wondered why the market value of your home differs from what your bank appraisal? And what value is being used to set your property tax bill? It's easy to be confused about the different valuations being used in the home buying and selling process, but knowing a home's value or worth in the real estate market will help you get a fair price.

There are generally three ways to determine the value of a home:

1. A Comparative Market Analysis (CMA) is a professional evaluation of current Market Value. It will determine a reasonable listing price for your home. When we prepare a CMA, we consider a number of factors including the home's size, age, location, and amenities. We also research the list prices of properties that are currently for sale or have recently sold in your neighborhood. The  goal of the CMA is to determine a price that someone will pay for your home.

2. An appraiser (used by a lender) determines the Appraised Value of your home by looking at the supply and demand of like properties in the area, comparing your property with others that have recently sold, determining the amount of money it would take to replace your home at current material and labor costs and/or determining how much income a property would produce (this last approach is used more often for rental property, apartments and commercial property). Lenders frequently require a professional appraisal upon which to base your loan amount.

3. Local governments also perform independent evaluations to determine your home's Assessed Value, available on public record, so that your property is taxed fairly. When comparing the CMA and the Assessed values, don't be surprised if they do not match. There are a number of reasons that these differences occur. Government assessors and bank appraisers have different goals. Government assessors make recent sales comparisons over an entire city or county area so that their evaluations are as consistent as possible.

Together, we can help you determine the value of your home by performing a Competitive Market Analysis. We will convey to you the range of the CMA results, discuss with you the market conditions, and allow you to make an informed decision for the list price. Please email or call Billie Jean or Heather to discuss the current real estate conditions that affect the market price of your home.