The Real Value of your Home

The Real Value of your Home - Every real estate agent is always asked, “What is my house really worth?” Most clients already have an idea about the value of their home. Before we get excited about it, we have to make sure that the accuracy of the source of this information. And many times, we may even have different values depending on the source. So we listed done three common home values from three sources, so we can determine what is the real value of your home.

Value from Zillow

Zillow (or Trulia or HomeValue.com) are websites that has access to the property's tax record description, like the original square footage, numbers of beds and baths. With this information, the websites will compare the said property to other sales in the neighborhood. Sometimes, these websites' tax records are not updated, not considering recent additions or upgrades made to the home. So, it is not a very reliable source especially if your property has undergone recent home improvements.

Tax Assessed Value

Just like Zillow, the Tax Assessed value is much like the Zillow value which determines home values from recent neighborhood sales and the property's original tax records. And just like Zillow, this value does not consider recent improvements or additions. Tax assessed valuation may happen in different intervals depending on which state and county. And there is an appeal process if you think your tax assessed value is wrong and you want to correct it.

The Appraised Value

The Appraised Value is probably the most accurate of all three sources. When getting a mortgage or a mortgage refinance, the lender will request a home appraisal and fill out how much the home value needs to be. In return, the appraiser will make sure the home value is within the price the lender filled out. The appraisers have a very precise method of getting home values, but still not completely accurate.

The Verdict

Knowing all these three sources, we can conclude that the true value of your home can not be completely established from an appraisal, a website, or a tax assessment. The real value of your home is the price a buyer is willing to pay at any given time for your home.

Real estate is a tricky market, it is best to contact a real estate professional with expertise in your area to find out what homes have recently sold, the current housing market trends, etc. Let statistics speak for themselves. A real estate agent can help you determine the most accurate price according to what has actually sold recently, not by some dream price you attempt to get. 

If you have any questions about home values, or would like assistance in determining the value of your home,  please call Lora Reynolds, Broker/Owner of Indy Homes Realty Group, LLC at 317-496-6291 or visit her website at www.lora.indyhomesforyou.com.