Selling Charlottesville real estate in Central Virginia since 1927
What is the value of your home?
Have you ever wondered why the market value of your home can be different from the value your bank appraises it at? And what value is being used to set and/or increase your property tax bill? It's not difficult to be confused about the various assessments 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: through a Comparative Market Analysis, a professional appraisal or an assessed valuation. A Comparative Market Analysis, performed by an experienced Roy Wheeler Realty Co. Agent, can determine a reasonable listing price for your home. In preparing the Analysis, your Agent will consider a number of factors including the home's size, age, location, acreage and amenities. They will also research the price of other homes currently for sale that have recently sold or expired in your area. They take all of these details into consideration before presenting you with the results of their work, and then take time to explain what this all means to YOU.
An appraiser (most frequently used by a lender) determines the market value of your home by also looking at similar properties in the area and comparing them with others that have recently sold and that are on the market. The appraiser is licensed and will charge a fee for their services. Lenders almost always require a professional appraisal upon which to base your loan amount.
Local governments also perform independent appraisals to determine your home's assessed value, available on public record, so that your property is taxed fairly.
When you compare your Agent's Comparative Market Analysis and the appraised values of your home they may not match. The "market price" as determined by the CMA will consider the supply and demand for homes in your area. The sale price can be much different from the appraised value, especially if the demand is great and there are multiple offers on the home.
Also, the Charlottesville real estate market is constantly changing. A home that was worth $150,000 last year may be worth considerably more this year and possibly more the year after. Meanwhile, all city and county property assessments are assigned an effective date, valid for that particular point in time. The more time that has passed since the appraisal, the greater the possibility for disparity in the values.
Please feel free to call Roy Wheeler Realty Co., without obligation, for a Comparative Market Analysis of your home. You most likely know the value of your other investments, it's probably a good time for knowing the value of the property you own.
