What is my home’s value?  Well, it depends on who you ask, and WHY you are asking! I know right, I thought my home’s value was just it’s value. WHAT do you mean it depends on why I ask and who I ask. OKAY, okay let me explain.

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MARKET VALUE  Market value is the  price most likely to sell the home, the price an informed, willing and able buyer is likely to pay for the home and seller accept for the home.  This is the price the home will get  in a competitive market, assuming no undue influence on either party.

ASSESSED VALUE  The assessed  value is the amount used by a tax assessor on which they calculate taxes. This is  a value just used to determine the taxes by your local municipality. IF you feel your house is appraised to high or unfairly compared to others in your neighborhood, you can contact the local tax assessor or an attorney to help you have it reassessed and possibly lower your taxes.

APPRAISED VALUE This is a really important number! The appraised value is an opinion of the homes fair market value….. based upon an appraisal done by a qualified, knowledgeable appraiser.  What an appraiser bases that on is recently SOLD properties of similar style, square footage, and location. This number is important to  the buyer, as a buyer will not want to pay more for the home than it is valued at, and a mortgage company will not lend more on the home than what it appraises for. Appraised values will also vary depending on why it is being done, for instance an appraisal for a home equity loan or even an estate, may be a bit different than when selling/buying the home.

Replacement value This is an amount it would cost to replace the home, or asset, at this time according to its current worth – MINUS depreciation.Then there is a list price. This is a numerical amount, give to the home by the homeowner/seller …. at which the home is listed, and if in line with current market conditions, also the amount at which it will sell.Wondering about the value of your home? Give us a call or shoot us an email, we will be happy to discuss this with you, no obligation. Whether you are thinking of moving this year, or next…..or just curious – we can helpTHE LISA PECORA TEAM @ Keller Williams Real Estate,  Media PA  610-565-1995  484-614-1918