Difference Between Assessed Value And What You Say Your House is Worth

Assessed value is not the same as market value or appraised value. There are many homes that could be sold for significantly more than an assessed value and others that maybe sold for significantly less. The assessed value of a home is used for the purpose of taxes in your local area. The assessed value of a home is multiplied by the local tax rate to determine what your yearly taxes are. The assessed value has no impact on how much your home is worth to a potential buyer in the marketplace.

Unfortunately, there are many home buyers who believe that a home that is listed higher than the assessed value is overpriced. This is the furthest from the truth. Home buyer’s also question if something is wrong with a home if the list price is much less than the assessed value. There are homeowners who don’t pay attention to their assessed value, just to find out their municipality has been slowly raising it, year after year, even though the market value hasn’t been increasing.

There are a handful of methods that Realtors use to determine the value of a home due to its condition. The most common method to determining the value of a home is by completing a comparative market analysis. A professionally completed “CMA” will consider many features of not only a home, but also the local area and neighborhood. Considerations that a professionally completed “CMA” include:

1. Square footage
2. Number of bedrooms
3. Number of bathrooms
4. Upgrades to kitchen
5. Window quality
6. Roof age
7. Lot features
8. Location primary or neighborhood street
9. Style of residence
10. Flooring type

If you don't want to sell your house through a Realtor and would interested have the process go faster give as a call 920-215-4201

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