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Today we are going to talk about the different ways you can get a valuation for your home, and which are the most accurate and trustworthy.
There are a few different ways you can get the value of your home, with the main three being tax assessed value, market value, and appraisal value. They are each done in different regards and have different meanings. Let's go through them now.
Tax assessed value is where the local tax assessor will assign a value to your home, usually by driving by the property and using comparable sales data available on public record. It is loosely defined as a way to gain value, but no way to figure out data in real time. This is the weakest valuation method in terms of real numbers.
The second value is your appraised value. You get this by having an appraiser from the bank come out and compare your property with other similar properties in the area. Based on what those homes sold for, they will give you an amount that they feel comfortable with lending on the property, and that is your appraised value.
Finally, we have the valuation method that is most common for home sellers, market value. This is associated with a real estate agent, who will take properties that are similar in cost and conditions, and break down the sales data. With market value, it always comes down to the three P's: price, product, and promotion.
If you have any questions for us about how to get an accurate value for your home, please feel free to reach out. We would be more than happy to help you out!
Beverly Hills: 424-239-6519 for a FREE home buying or selling consultation to answer any of your real estate questions.
Today we are going to talk about the different ways you can get a valuation for your home, and which are the most accurate and trustworthy. There are a few different ways you can get the value of your home, with the main three being tax assessed value, market value, and appraisal value. They are each done in different regards and have different meanings. Let's go through them now.
Tax assessed value is where the local tax assessor will assign a value to your home, usually by driving by the property and using comparable sales data available on public record. It is loosely defined as a way to gain value, but no way to figure out data in real time. This is the weakest valuation method in terms of real numbers.
The second value is your appraised value. You get this by having an appraiser from the bank come out and compare your property with other similar properties in the area. Based on what those homes sold for, they will give you an amount that they feel comfortable with lending on the property, and that is your appraised value.
Finally, we have the valuation method that is most common for home sellers, market value. This is associated with a real estate agent, who will take properties that are similar in cost and conditions, and break down the sales data. With market value, it always comes down to the three P's: price, product, and promotion.
If you have any questions for us about how to get an accurate value for your home, please feel free to reach out. We would be more than happy to help you out!
