January 29, 2009

WHAT IS YOUR HOME’S VALUE?

Posted to Beverly Comeau

One of the questions most asked by sellers and buyers is: “What is the percentage of sales price to assessed value?”

Assessed Value- Sets the basis for local real estate taxes. The value is determined by the home’s value as of Jan. 1, 2008.

Appraised Value- Determined by a licensed real estate appraiser by comparing the subject property to the most recent sales (usually within past six months) of comparable homes in the area.

Market Value- What a buyer agrees to pay for the property and what the seller agrees to accept for the property based on the terms of an offer to purchase said property.

In cases where the homeowner made improvements that did not require permits, the assessed value may be lower than market value. When a homeowner does not maintain the property and the condition falls below that of other homes in the area, the market value may be lower than assessed value. In today’s market, appraised value will determine if you get your loan amount. If there is no mortgage, market value is most important.

Ask your questions- knowledge is power- the more knowledge you have when buying or selling a home, the better qualified you are to make an informed decision.

Request a Market Snapshot - all Cape Cod homes for sale and homes sold by neighborhood - at http://www.BeverlyComeau.com. If you have questions regarding Cape Cod real estate values, simply email Beverly at BComeau@jackconway.com.

Posted By: Beverly Comeau

Tagged With: appraised value, beverly comeau, market snapshot and market value

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