Assessing Your Home’s Value

Posted: November 2nd, 2011 by Just Real Seattle

We recently received numerous questions from clients regarding postcard information the county tax assessor’s office sends to local homeowners around this time each year. The county’s system for assessing values is quite different than actual market value. Let’s start by ruling out what does not determine a home’s fair market value:

  • What was initially paid for or how much is owed on a home.
  • What Zillow or similar websites state a home is worth (hence why it is referred to as an “estimate”)
  • What your home is worth to the county tax assessor (the higher they value your home, the more tax you will be assessed).

The following are reasonable determiners of value:

  • Comparable home sales in the same neighborhood market area during a recent time period no more than six months in the past.
  • Purchase value a buyer and seller mutually agree to in writing.
  • A knowledgeable Realtor® providing an educated estimate of value through the compilation of a comparative market analysis.
  • Ultimately a residential home appraiser is considered by all in the real estate industry as the one and only expert on this subject.

If you have questions about the value of your home or a home you plan to purchase, a Realtor® can help provide you with a fair market estimate. For buyers using mortgage financing to purchase a home, your lender will require a third party valuation through an approved residential home appraiser. If the value falls short of the purchase contract, a buyer can:

  • Leave the contract without penalty
  • Renegotiate the value of the contract with the seller
  • Pay the difference between the appraised value and the contract value

 

Posted In: Finance

2 Responses to “Assessing Your Home’s Value”

  1. July 26, 2011 at 1:06 pm, cardaddy said:

    Cool blog! I’ve just added it to vavorites.

    Reply

    • November 07, 2011 at 5:39 pm, Brad said:

      Thanks for following us! As you might have noticed, we’ve not officially launched yet, hence some incomplete content and a couple broken links. So consider yourself a bit of an insider at this point. Any feedback you’d like to impart will be taken to heart and be greatly appreciated. All the best, Brad

      Reply

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