This site was created to give home owner’s a better option to use when determining their home’s current market value. Using this service home owner’s will receive (one of the most accurate) estimated current market value reports available. This estimated value is a recommended listing price used if the home is placed on the market for sale at the time of the evaluation. This is not an appraisal.
Market Values, Appraised Values and Assessments are quite different and often return different values for the same subject property.
Market Value is simply the price that a piece of property sells for at a particular point in time. This value can be higher or lower than an appraised value because the market (consumers), determine the value. It all boils down to what the market will bear or what consumers desire and how much they are willing to pay. This is the best option for home owner’s to use when they are calculating home values, before placing the home on the market for sale.
Appraised Value is an opinion of the value of a property at a given point in time. This evaluation process uses properties that have recently sold within the same market as the subject property and completed by a licensed appraiser. The problem with using this approach when placing a residential property on the market, is the cost of the appraisal and the fact that as soon as it is completed it could become outdated that same day. This is due to currently pended or under contract properties which may close. The appraiser has no way of knowing how much exactly these properties sold for within the market. This approach is more commonly used by lending institutions to ensure that the property is equal to the amount that the institution intends to lend on the subject property.
Assessed Value is a tax assessor’s determination of the value of a property in order to calculate what to charge in real estate taxes. This value could be higher or lower but is often set lower by tax authorities who use a higher mill rate to conclude the overall taxes on the property.
The Market Analysis report you will receive is rich with information to help you in the preparation of selling your home. You will be more than satisfied with the report and its contents. All property value reports will be completed by Kane Company Realty of Mechanicsville Virginia a licensed real estate firm in the State of Virginia. Owner of MyHomeitsvalue.com 804-551-1920