What is home value?

Home value means different things to different people, depending on how they are involved in a real estate transaction. The home Buyer may have stars in their eyes, seeing "the castle of their dreams" when they look at the property they are purchasing.

Assessed Value

The tax assessor will see a very different picture. The assessor wants to create assessed value equality among the town or city's citizens in order to fairly assess taxes and share the tax burden in an equitable manner amongst all property owners. Towns periodically undertake re-evaluations to update their market assessed value for all properties. While based upon historical sales data, it does not always represent current market data. It is a useful tool in comparing the values of similar real estate properties.

Appraisal Value

Appraisers must protect the interest of the lender and therefore must be more conservative in the appraisal value they place on a real estate property. The appraisal value is more typically based upon historic sales data and may or may not agree with market value.

Market Value

Market value is what a ready, willing, and able home buyer pays to a ready, willing and able seller in a transaction with no undue influences. It is a negotiated value which changes relative to market conditions, supply of homes, demand, and seasonality in some cases. Market value is created by the home buyer and seller. Too often, buyers and sellers have a notion some other factor determines market value, when in reality; those two parties determine market value.  

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0Broker Focus: Patrick Wood by HELPUSELL pats pr pics 003 300x225 Broker Focus: Patrick Wood Patrick Wood Anyone who has driven through Chino Hills, Calif., probably recognizes Patrick Wood’s name. He’s known for his ubiquitous signage. “The technique that brought me huge success in my core market was to start branding my name with the Help-U-Sell Office,” says Wood, who has owned Help-U-Sell Prestige Properties since 2003. All of his staff members have magnets on their cars that have his name and the Help-U-Sell Real Estate name, and his main work vehicle has a wrap that stands out. “The real estate signs and open house signs [also] have resulted in huge recognition, and the community has responded amazingly well,” he adds. “I constantly hear how people see my signs everywhere.” Of course, there is more to his success than signage. Wood, whose office has closed 54 sides so far this year, emphasizes the importance of offering full service and commission savings in attracting clients. “I found this to be necessary as other agents were trying to compete with my office by suggesting the clients would have to do all the work,” he says. “The full service leaves the client satisfied, which results in referrals, so it has been beneficial.” For new Help-U-Sell Brokers, he recommends continuing the full-service concept through to the office setup. “[In our office] a team concept has been put in place, and it provides clients with access to licensed assistants seven days a week,” he says. “Service is big, constant contact is big, working together is huge. This is a crazy, intense field and having the support of a team makes it much easier and productive.”