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George Chiriboga

CDPE, CIPS, CNE, CRS
Chiriboga Realty LLC
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How does the appraised value of my home affect it's listing price?

July 10th, 2011


Certainly you can look to the tax records for the appraised value placed on your home but it should only be used as a reference not as a true value for sales purposes. Establish a market value before determining how to price your home for sale.

 

While appraised values are assigned for taxation purposes, actual market values are established by a licensed Appraiser. When you obtain a mortgage, the lender sends an appraiser to obtain a true value by visiting the property to check the condition and upgrades against similar homes sold in the area in the last 12 months.


There is almost always a discrepancy between the actual market value of a home and the tax appraised value because the tax assessor cannot perform in-person appraisals. Secondly, many homeowners leave appraisal increases undisputed which can create an overvaluation. Some homeowners protest these increases, or hire a company to do so, based upon the lowest sales in the area. This can create an undervaluation.


Ask your Realtor to help properly determine a listing price by providing the sales data not available to the general public. Or, you can hire an independent Appraisal of your property.


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Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

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Chiriboga Realty LLC
5555 W Loop South, Ste 420-C, Bellaire, TX 77401   Get Directions
Phone: (713) 589-3234
Fax: (281) 761-6553
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