How Value is Determined Through The Eyes Of.....
Not very long ago, I wrote an article about how sometimes we have difficulties determining the market value for a property that would satisfy the current owners - since the owners always think that their house is worth more. However, We the Realtors need to be able to balance the owners needs, the salability of the house and recognize that the mortgage lenders need to assess the house before the mortgage is issued.
Here is how it works...
The sellers view their house like this:
The buyers always think that there's better homes than yours out there or they think that your house needs a lot of repairs and updates so they view your house like this:
The mortgage lenders have their own fears of lending too much money on the property that is not worth as much as you think and they view your house like this:
The lenders usually hire an appraiser and they see your house like this:
Then we have a view of the Tax assessors and they choose to view your house this way for their own reasons. By now you may understand their reasons.
Recently I was helping a client determine the market value of her home and she asked, “But Tibor why do you say that my house is only worth $548,000 if my tax assessment that I just got in the mail says that my house is worth $573,000?”
The difference between my price and your tax assessors is that the assessor does not have to deliver on his promise and he does not need to help you to accomplish your dreams of selling your home.
Your Realtor For Life