Determining the Value of a Home

The value of your home is what the tax assessor’s office said it is. If the tax assessment and the true value of your home match it is purely coincidental. The assessment is usually lower.
The value is what a re-finance or home equity appraisal says it is. Those appraisals are done for the purpose of doing other business with you, not selling your home. They are usually higher than the market value.
The value is what the neighbors told you they sold their home for. Have you ever met anyone who told you that they didn’t get what they were asking or expecting? Case closed unless they are really close personal friends.
The value is what the people across the street are asking for theirs. The operative word here is ASKING. Foolishness at it’s best.
The new development across the road has greatly increased the appreciation of our home. Your home doesn’t compare.

What a house just like yours, in your subdivision sold for in the last 6 months. You can add value for the improvements your home has over theirs. If there are 2 comps, you’re in heaven.
In new developments where the builder is still building homes, the value is what the builder is presently asking for the same model you had built plus your add-ons. New fencing and landscaping, fencing and decks done later don’t count.
If it’s a custom home, outside of the mainstream or a unique home sitting somewhere by itself get an appraisal done.
Take what you bought the home for, if it’s 10 or fewer years and add 6% appreciation and theirs a ballpark figure if your home is in a standard residential area.

The Hall Realty Group, LLC.

Team Strengths, Individual Concerns