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Tuesday, March 1, 2011

A Homes Value

A home has three values.

APPRAISED VALUE:

Whenever a lending institution is asked to be part of the purchase of a home, a qualified real- estate appraiser will be employed to conduct a formal appraisal of the home's value.  The appraisal is called "certified" because it is done by an individual who has met the prescribed education and experience of the Appraisal Institute. 

ASSESSED VALUE:

When the state or local government uses a property tax as a source of revenue, the people who determine the value of property are from a city or county office, and are usually called assessors.  Assessors have the same data available to them that an appraiser has but do not physically inspect and estimate the value of every house every year.  The may make an adjustment when a major improvement is made to the house or when a decision is made the state capital that more revenue is needed for the operation of state and/or local government.  In spite of what the tax assessor says your home is worth, Buyers may think otherwise.

MARKET VALUE:

When it comes to dealing with the real-estate market, it makes no difference what tax assessors or real-estate appraisers think the value of a house should be.  The market value of a home is the price that a Buyer is willing to accept.  That price is not necessarily either the appraised or the assessed value.  When doing a CMA or writing a contract, we must always refer to what the market is telling us.


Posted By Amy Preister At 4:15 PM • Comments (0) Trackbacks (0)
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