Here’s Why Your Eagle Idaho Home Has Seven Values
You might be surprised to learn that your Eagle Idaho home has seven different values, including:
1) What You Think Your Home Is Worth
Just about every homeowner believes they have the nicest home in their respective neighborhood.
Your home is special and valuable to you because you’ve made it what it is.
Most sellers have a good idea of their home’s value.
2) What Buyers Think Your Home Is Worth
Buyers view your home differently than you do.
Buyers usually evaluate your home using (often questionable) information they’ve seen on the internet.
They may, or may not, know the market value of your home.
3) What The Appraiser Thinks Your Home Is Worth
An appraiser will value your home using factual data from comparable closed sales of other Eagle Idaho homes.
It’s important to realize that an appraisal is a subjective “opinion of value” based upon the appraiser’s interpretation of comparable sales data.
Appraisers are hired by the buyer’s lender to determine if your home’s value is adequate for the intended financing.
That appraised value is not necessarily market value.
4) What The Tax Assessor Thinks Your Home Is Worth
The tax assessor determines the assessed value of your home using entirely different methods than those used for lending appraisals.
Idaho assessed values are determined once a year using the assessor’s unique formula.
Idaho assessed values are often below market value in rising markets and above market value in declining markets.
5) What The Internet Thinks Your Home Is Worth
Various internet real estate portals calculate your home’s value using a computer algorithm and assessor’s tax data.
That process is an AVM (automated valuation method) that often generates inaccurate estimates of market value; especially in Idaho where assessor’s tax data can be up to a year old.
Those computers have no idea if your home is in model home condition, or if it’s a dump.
They also don’t know if your neighborhood is pristine, or full of neglected rentals with abandoned furniture sitting in driveways.
Those real estate portals are in the “lead” business; not the real estate business.
When visitors to those sites request more information about listings, they become “leads” and their contact information is sold to real estate agents willing to pay for those leads.
6) What Your Neighbor Wants Your Home To Be Worth
Your neighbor, Fred, thinks he knows everything about real estate and what your home is worth.
Fred has a vested interest in seeing your home sell for more than it’s worth because he thinks that will increase the value of his home.
Don’t be surprised if Fred thinks his home is worth even more than yours.
Finally, Fred probably isn’t a skilled, experienced Realtor® who knows the true market value of your home.
Plainly stated, Fred doesn’t have a clue what he’s talking about in most instances.
Don’t listen to Fred when you’re preparing to sell your home.
(sorry Fred!)
7) What A Listing Agent Thinks Your Home Is Worth
Many listing agents will tell you what you want to hear to get your listing.
The problem with that concept is that your listing agent isn’t going to buy your home.
Your home is worth what a willing, qualified buyer will pay for it – period!
Don’t list your home with a listing agent who promises you an unrealistic asking price!
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Thinking of selling?
Ready for some no-BS straight talk vs. sales talk?
Give me a call at (208)938-5533 or e-mail me and let’s talk!
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