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Understanding your true property value

Understanding Your True Property Value

What’s your property worth?  If you think that grabbing your last city assessment is going to provide you with an accurate idea of your home’s worth, you are mistaken. Determining the actual market value of the home is far more complex than the formulas used by the local assessor’s office.

For one thing it requires a comprehensive market analysis report that takes into consideration such things as local housing trends and conditions, the economic characteristics of the region and neighborhood, the overall demographics of the area, and the general housing inventory for the district too.

Just consider the impact on a home’s value when it is located in a building that is full of excellent amenities, that is centered in an upscale neighborhood, and that is built and designed according to the finest standards and methods available. This is the sort of data that is needed to give someone a completely accurate valuation on their property.

It is also imperative that current market pricing be ignored where home values are concerned. For example, someone who owns a Sunny Isles Beach, FL condominium might be easily misled by the current market prices on luxury condominiums. Why? A single glance at sale prices over the past five years would reveal that they experienced a dramatic spike around the middle of 2006, but after that they have declined. In fact, even as sales are beginning to climb significantly, the prices have continued to fall. The average sale price on a luxury condominium in this area around April of 2009 was roughly $400k, but a year later that had actually dipped to $205k.

Does this mean that someone who paid the four hundred thousand only a year earlier now has a home that dropped in value by almost half? No, it means that a lack of consumer confidence or a staggering economy must never be used to put any sort of realistic valuation on a home.

The best way to really get a good idea of a condominium or home’s worth is to use a knowledgeable real estate service that can provide a fully-informed and comprehensive market analysis report on the structure. This is the only way to get all of the necessary factors taken into consideration and then used properly to make a reasonable assessment on the true market value of the property. Remember too that it is usually realtors who understand when a home is listed at a “bargain” price and this is because they tend to recognize the real value of a home instead of the current market rates.

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