Part art and science, determining your home’s market value includes taking into account the tax value. The value assigned by the tax assessor includes the value of the land alone, plus any improvements, including the house and any other structures, pool, shed, garage, etc.. Replacement cost and depreciation are also factored in, which includes the age of the house and condition. Appraisers look at recent selling prices of similar homes in the neighborhood. Factoring all these things together, there may be an adjustment in value, either up or down. Generally, the tax value of a home is about 15-20% below the market value. Ask your real estate agent to provide a market analysis of your home periodically to make sure you are not being taxed too high when market conditions change.
In the simplest sense, “the market” is one willing seller and one willing buyer for a single property. Both are in a position to gain from the transaction. In the real world however, buyers and sellers typically have different opinions on a home’s value. The strength of their position as a buyer or seller will impact the negotiation.
Ultimately, the key to a quick sale for maximum market value is pricing and staging your home to appeal to the broadest possible audience, which is the sweet spot between supply and demand. In a sellers market, this could result in multiple offers at or above your asking price.
Choosing to work with a qualified REALTOR will make sure you are armed with the knowledge to make an informed decision.
Whether you are looking to sell, buy or just curious about your home’s current estimated market value, call or email me, Tony Di Giosia, or visit my website, KendallBexarHomes.com for more information.
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