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Assessed Value vs Market Value | How To Calculate Market Value of Property | Houston Texas - YouTube
Channel: Jennifer Yoingco, Houston Suburb Real Estate
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Hi Jennifer Yoingco of Texas home Group
today we will talk about the difference
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between the assessed value versus market
value and how to calculate market value
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of property after all the value of a
home is assigned by its town or County
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and the one it's given when it's listed
are often dramatically different from
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one another which one is accurate and
what does it all mean let's start right
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now
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Understanding homes truth market value
is about more than pictures, software
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assessments and price per square foot
whether you're a current home owner
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thinking of selling or our house hunting
it's crucial you understand what factors
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affect home valuation by partnering with
a local market expert you will avoid
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pricing your house out of the market
which is the kiss of death in real
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estate and buyers will ensure they get a
good deal on their next home so how do
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you accurately calculate a home's value
after all the value of the home is
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assigned by its town or County and the
one it's given when it's listed are
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often dramatically different from one
another
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which one is accurate and what does it
all mean
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assessed value vs. market value what's
the difference and what comes to home
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value you'll often hear two terms
assessed value and market value by the
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way watch till the end of the video as I
will provide you my free gift my free
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home assessment checklist is now
available for download and it's all
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yours for free now, on to our topic
a home assessed value this often the
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lower number of the two and it's the
value given by your municipality or a
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county. Investopedia defines assessed
value as a dollar value assigned to a
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property
to measure applicable taxes although
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property tax laws vary; assessors
commonly arrive at this number by taking
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into consideration the following what
comparables or similar homes are selling
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for in the area, the value of recent
improvements, income from renting a room
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or space in the property how much it
would cost to rebuild on the property a
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home's market value or fair market value
is the price a buyer is willing to pay
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or a seller is willing to accept for a
property. A skilled real estate
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professional will arrive at a value
using a variety of metrics including
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external characteristics such as lot
size home style and the condition of the
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home and the curb appeal internal
characteristics such as the number of
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rooms their size the type condition the
heating or HVAC system the quality and
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condition of construction and the flow
of the home etc the sales price of
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comparable homes that have sold in your
area and the supply and demand that is
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how many buyers and sellers are in the
area location that is the quality and
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desirability of your neighborhood and
other community amenities why are these
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often so different an Assessor usually
estimates your property's market value
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during reassessment or if you make a
physical change or improvement to it as
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a result a property may not be
reassessed for many years while your
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home's market value may fluctuate with
the market your home's assessed value is
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more likely to remain steady what
determines a home's value you'll likely
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heard the motor of real estate location
location location
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this means a home's value relies on its
location while the home and structures
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on the property will likely depreciate
over time the land beneath
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it tends to appreciate. Why? Land is in
limited supply and a growing population
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puts increased demand on the housing
supply as a result value increases other
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factors that affect your home's value
include the function and appearance of
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the property how well the home and other
structures are maintained and whether
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the home is a lifestyle property such as
a ranch style and with mountain views or
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a beach bungalow ultimately the best
indication of a home's value is the
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overall supply and demand of the market
this is why we recommend you to partner
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with a real estate professional who
takes all of this into consideration the
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assessed value local market conditions
home features and us physically walk
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through and experience your home put
into consideration to determine the most
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accurate market value how to determine
if a property is comparable to yours
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both assessed value and market value are
partially determined by the sales price
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or similar or comparable homes in the
area to determine if a home is
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comparable to yours look for the
following characteristics lot size
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square footage home style or similar
structure age location while you may not
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find a home with the same exact
characteristics as yours you'll likely
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find a few that are close to your house
to account for any disparity adjust the
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sales price of the comparable property
look at the differences between your
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property and the one in question and
determine if the differences increase or
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decrease the sales price and by how much
for example if your home has two
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bathrooms and a similar home only has
three estimate how much that extra
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bathroom increased the sales price of
the similar home the just a sales price
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is the estimation of what the property
would sell for
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the properties for exactly the same
where can you find comparable sales
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fortunately you can find comparable home
sales in a variety of places your local
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assessor's office is able to provide a
list of recent sales you can browse and
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compare or a sales history of a
particular house home style or
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neighborhood your municipality many city
cities keep local sales information in
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their offices or posted online online
databases such as real estate database
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your local newspapers may offer some
real estate information in the form of
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quarterly sales report in particularly
in the business and real estate sections
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our office we regularly do comparable
market analysis of homes in our local
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area how to calculate your home's value
by answering a few questions about your
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home property and the local market you
can begin to estimate your property's
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value we've also included a worksheet as
I've said in my free gift for the home
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value questions when was your home last
assess what was it cma assessment what
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is your areas average sales price and
what is your areas average price per
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square foot for the structure is the
architecture and exterior structure of
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the home consistent superior or or
inferior to the homes in the area
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does the era or genre modern Victorian
ranch cottage add a premium base in
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design trends how is the floor plan and
room size proportions of the home
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compared to other homes in the market
for the interior structure how does the
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kitchen compared to others in the market
is it updated or outdated how about the
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floorplan and appliance packages how
does the master suite compare to others
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in the market the size first & second
floor is it updated or outdated
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two master bath how does the master bath
compare to others in the market is it
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updated or outdated does it have a
shower and bath and what's the flooring
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outside areas are their views outdoor
living areas or recreational areas such
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as pools ponds and patios how does the
landscaping and hardscaping compare to
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other market example built elements such
as walkways patios decks overall
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conditions of home what is the level of
repair needed to compete with other
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homes does the home needs to be staged
how does it show what curb appeal
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projects are necessary to be consistent
with others the market if you want to
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accurately assess a home's value it's
crucial to know the market activity of
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your local area we can help don't forget
to click the link below for my free gift
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my home assessment checklist is now
available for download if you have
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learned something today don't forget to
subscribe to my channel to be part of my
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insider real estate tips and secret hit
the like and notification bell to receive
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up-to-the-minute videos every Tuesday. If
you have any topics you want me to cover
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add it in the comments line below again
this is Jennifer Yoingco, You are my
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priority for anything real estate!
Serving Houston Tomball, Spring and the
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surrounding cities I'll see you in the
next video bye
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