Did you know that home prices are expected to increase by 5.7% this year? The real estate market is still hot even after a wild couple of years that saw a lot of competition for homes. It makes it even more challenging to figure out what is a property’s worth and what buyers should pay for it.
You may have heard of market value, but there is another value, too: the house assessment value. If you are thinking of buying or selling a home, it’s important to know the difference. Get the details about what house value assessment is and more here.
What Is a House Value Assessment?
If you are unfamiliar with what a property value assessment is, it is a measure used to establish the worth of a property. An assessor uses a few different approaches to figure out the assessed value. This is then used to determine how much you will pay in your annual property tax.
House Value Assessment vs. Market Appraisal
The main difference between a house value assessment and a market appraisal is the purpose. While the former is to determine a tax rate, the latter is for real estate, since it helps calculate the price that a home should be listed for sale. These two are not interchangeable, since the actual market value could be higher.
There are a few key things that are used when assessing the value of a home. An assessor will consider the square footage and number of bedrooms in a home, and they will also look at the architectural style, condition, and any upgrades or recent renovations. They will look at other home sales in the area, too.
What To Expect
When an assessor comes to visit your home you can expect that they will tour the inside and outside of your property. They will make sure that the HVAC system is working along with all other essential components.
Find a Real Estate Agent
If you are thinking about putting your home on the market, it’s always a good idea to enlist the help of a real estate professional. They can help you understand what the real fair market value is and help you sell your house here. Do your research and visit sites online to find the best match for your property.
Learn More About Your Home’s Value
Now that you know what a house value assessment is, you can be proactive and learn more about the worth of your home or a property that you would like to buy. It’s important to note that the actual market value might be much more than the house value assessment, or in some cases, less. Do your research and get the help of a real estate agent if you want assistance in understanding the market in your area.
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