Here’s my advice for determining your home’s value in today’s market.
A lot of people are misinformed about their home’s value. They’ll say things like, “Isn’t the appraised value from my refinance the true value of my home?” or “The assessed value of my home is x—isn’t that the true value?” Today I’m here to answer the overarching question: What is the true value of my home?
Let’s break down your home’s three different values because they each serve a purpose:
1. Refinance/appraisal value. This value may be higher or lower than what you could actually sell your home for. Appraisals are used as third-party verification of value based on comparable properties that have sold in the area. Generally speaking, appraisals tend to be lower than the home’s actual market value.
2. County assessed value. This value is established by the county assessor for tax purposes. It rarely matches the value you’d use to sell your home.
3. Current market value. This is the value that most people use when selling their homes. A Realtor will do a broker price opinion of value based on the market conditions, comparable properties, the condition and saleability of the home, and whether or not the market is moving up or down.
If you have any questions for me about your home’s value or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.