It's not a trick question. But it can be tricky to get a realistic answer because whether it is a buyer's market, seller's market or something in between, there is no simple way to come up with an exact market value for the average homeownerMany people think if they pull out the big vinyl envelope from the last time they refinanced they have a document with an accurate home value. After all good money was paid, usually several hundred dollars, for an appraiser to come up with a dollar figure of value for the bank to approve the loan. So is the appraised value what your home is worth?
Some people look to the assessed values that arrive on an annual basis from the Anoka County or Washington County assessor. It seems reasonable that this would be an indication of a property's current value.
Another resource internet savvy people look to for an idea of the value of their home is an interactive real estate website like Zillow or Trulia. Type in the property address and within seconds a slew of interesting information pops up the computer screen. But is a Zestimate value as accurate a resource as Kelly's Blue Book is for an automobile?
In a word, no. But all of these values and resources do provide some clues to the value of a property.
People with no plans to sell their home, will often use these resources to get a ballpark idea and indication of their home's value. But if a homeowner wants to put their home on the market and sell, there is no special real estate Magic 8 Ball for determining the best starting price. A savvy home seller will work with a knowledgeable REALTOR®, who knows their community, to get the best advice on their home's market value.
Many things affect the selling price. For instance a Forest Lake area home located on the west side of 35 in Columbus with quick access to 35, convenient to schools and shopping might be more desirable to buyers than a home on the far eastern side of Forest Lake. But a home in town with public utilities rather than a private well and septic system also affects market value. Value is also dependent upon whether or not the property on a busy road, near power lines or close to parks and playgrounds. And of course the home's ammenities like, square footage, how many updates have been done to the home and do they fit the property and the neighborhood need to be assessed. Considerations like these are only the tip of the iceberg in determining a market value of a home.
As a REALTOR®, I serve the communities in the Forest Lake school district and Anoka County. From Forest Lake to Hugo and Lino Lakes to Blaine and beyond, I keep my ear to the ground to hear what affects the prices of homes in the north and east Twin Cities metro area. Are you planning to move this summer and need to know what your home is worth? Do you want expert advice from someone who knows the Anoka County and Forest Lake District #831 area? Let me help you! Contact me to schedule a FREE market value assessment. I won't bring a magic 8 ball, instead I will bring my real estate pricing expertise and experience!
Copyright 2012 www.terieckholm.com
As a REALTOR®, I serve the communities in the Forest Lake school district and Anoka County. From Forest Lake to Hugo and Lino Lakes to Blaine and beyond, I keep my ear to the ground to hear what affects the prices of homes in the north and east Twin Cities metro area. Are you planning to move this summer and need to know what your home is worth? Do you want expert advice from someone who knows the Anoka County and Forest Lake District #831 area? Let me help you! Contact me to schedule a FREE market value assessment. I won't bring a magic 8 ball, instead I will bring my real estate pricing expertise and experience!
Copyright 2012 www.terieckholm.com
