MYTHS ABOUT HOME VALUES AND EXCITING LOAN PROGRAMS FOR EVERYONE
The value of your home is a very tricky thing to determine with location and condition being the biggest influences. Many theories abound in the marketplace and I am going to list what I think are the best and worst.
WORST;
6. Houses are going up in value. Homes did not appreciate in value in the year 2006 and so far the results of 2007 are marginal. If your home is not under contract within 2-3 weeks you need to seriously consider a price reduction.
The value of your home is a very tricky thing to determine with location and condition being the biggest influences. Many theories abound in the marketplace and I am going to list what I think are the best and worst.
WORST;
- The value of your home is what the tax assessor’s office say it is. If the tax assessment and the true value of your home match it is purely coincidental. The assessment is usually lower. Recently the assessments have been very high and I would consider contesting the assessment if this is the case. A high tax assessment is of no value when selling your home.
- The value of your home 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. Foolishness at it’s best.
- The new development across the road has greatly increased the appreciation of our home. Your home is not comparable to the new ones but the development does make the area more desirable, possibly leading to a quicker sale.
6. Houses are going up in value. Homes did not appreciate in value in the year 2006 and so far the results of 2007 are marginal. If your home is not under contract within 2-3 weeks you need to seriously consider a price reduction.
The Hall Realty Group, LLC.
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