This property has 97 feet of gorgeous lakeshore, a perfect dock, professional landscaping, great entertaining spaces and more! There are large, picturesque windows overlooking the lake, a nice deck and lush garden space – and this is just the outside! You’ll love the luxurious kitchen, spacious living areas, rustic charm and phenomenal design, décor and finish. Come see the full tour on the video blog. You will LOVE this property.
As many of us are receiving our tax assessments in the mail in anticipation for the next property tax installment, we are seeing assessed values that may not make sense. The truth is that the tax value of a property is not always accurate. It can sometimes be too high and it can sometimes be too low. In many areas, county tax assessors reassess tax values every certain number of years. The value is also reassessed upon the conveyance of the property.
If homeowners feel their home’s assessed value seems too high and they want to challenge the amount of taxes they pay based on the seemingly inaccurate tax value, they can appeal to the county board of review for a re-evaluation. The appeals process involves submitting an application explaining the reasons for requesting a review – along with sufficient documentation demonstrating a closer depiction of the perceived value.
How is Actual Value of a Home Determined?
Since in many cases the assessed value of a property appears to be less than the purchase price when a home is sold, some people are misinformed in thinking that an assessed value is exactly half of the purchase price.
The actual value of a home is not based at all on the assessed value. Neither is a property’s worth valued based on a recent appraisal. Though it may seem ideal, actual property values (in other words, what buyers would likely be willing to pay) are not determined by the seller’s needs or wants. Equally, a property cannot be valued simply based on someone’s opinion of what it should be valued.
A home’s value will largely be based on the sold prices of other like kind properties in the same neighborhood or vicinity – and those that were sold in the same (current) market. Most tax appeals require documentation showing sales figures from recently sold properties of only in the past 6 months or so. Anything further out than that is construed as being in different market conditions.
~
If you want to find out exactly what your home’s value is and how much a buyer would be willing to pay for it today – contact us today. We will put our over 30 years of experience to use and conduct an analysis of comparable sales. Looking at other homes that have sold in your area, we should be able to pretty closely determine your home’s worth today.
One of the most frequently asked questions I receive is about the state of our current real estate market. That’s why I am reporting our newest real estate market update today on the blog. The news is good! In fact, we are seeing improvements in almost every area of real estate and it indicates a strong future ahead for us.
Sales Up More Than a Third Over Previous Year
Looking at the previous year’s numbers, the number of homes sold in our greater metro area this May has risen a very significant 35% over the same time last year! This indicates stronger consumer confidence and of course it points to buyers realizing that the opportunity to lock in current low interest rates is a good one.
Sellers Enjoying Less Competition
With fewer homes on the market, for the first time in a long time we are seeing inventory levels dropping. What this means to sellers is decreased competition that leads to multiple offers in some situations and even bidding wars for some highly desired properties. Last year we reported over 11,000 active listings on the market at this time. This year the number of listings on the market is about 9,500.
Average Days On Market Hovers Regionally
Though it is still taking some time for homes to sell, the number of days on average for the Mike Roth Team is lower than the regional average of 124 days. We are currently reporting about 68 days to sell a property, nearly two months faster than most other agents. Furthermore, our sellers are achieving over 95% of their asking price.
~
In addition to all these fantastic improvements going on in our market we are still seeing phenomenally low interest rates with rates as low as 4% on fixed rate mortgages. To find out how we stand out in the selling market and what our secrets are to getting your home sold faster, better and more efficiently – contact us today!
