You might be surprised to learn that your Meridian Idaho home has many different values, including:
What You Think Your Home Is Worth
All of us, including me, think we have the nicest home in our respective neighborhoods.
Your home is special and valuable to you because you’ve made it what it is.
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.
What The Appraiser Thinks Your Home Is Worth
The appraiser will value your home using factual data from comparable closed sales of other Meridian 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.
The appraiser is 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 true market value.
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 with the assessor’s unique formula.
In my experience, assessed values are usually lower than market value in rising markets and above market value in declining markets.
What The Internet Thinks Your Home Is Worth
Various internet real estate portals claim they can figure out the value of your home using a computer that has never seen your neighborhood or your home.
That process is an AVM (automated valuation method) that often generates inaccurate estimates of market value in Idaho.
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.
They display enticing, limited listing information, then capture your contact information when you register to view listings.
Then, you become a “lead” and your contact information is sold to real estate agents.
What Your Neighbor, Bob, Thinks Your Home Is Worth
Your neighbor, Bob, thinks he knows everything about real estate and what your home is worth.
Bob 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.
And, Bob is probably also certain that his home is worth even more than yours.
Finally, Bob probably isn’t a skilled, experienced Realtor® who knows the true value of your home.
Don’t listen to Bob when you’re preparing to sell your home.
What A Listing Agent Thinks Your Home Is Worth
Some listing agents will tell you what you want to hear to get your listing.
In real estate, we call that “buying the 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.
Thinking of selling?
Ready for some no-BS straight talk vs. the usual sales talk?
Give me a call at (208)938-5533 and let’s talk!
During his 45 years of full-time real estate experience, Phil has helped thousands of past clients buy and sell quality properties in the Western U.S.
Phil is one of only ten local Realtors® (of nearly 5,600) honored with the coveted “Realtor® Emeritus” award from the National Association of Realtors®, recognizing 40 years in real estate.