{"id":111838,"date":"2025-02-26T19:48:13","date_gmt":"2025-02-26T19:48:13","guid":{"rendered":"https:\/\/peraltafinancing.com\/alabama\/understanding-the-three-types-of-home-values\/"},"modified":"2025-02-26T19:48:13","modified_gmt":"2025-02-26T19:48:13","slug":"understanding-the-three-types-of-home-values","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=111838","title":{"rendered":"Understanding the Three Types of Home Values"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><span style=\"font-size:12pt;\"><span style=\"font-family:arial,helvetica,sans-serif;\">Whether you are selling a home or buying one, you are going to want to know the value of the home so that you can determine the selling price or if the sale price is appropriate. But what you may not be aware of is that there are <strong>3 different types of home values<\/strong>. It may be confusing to you when trying to determine what the true value of the home is.<\/span><\/span><\/p>\n<p><span style=\"font-size:12pt;\"><span style=\"font-family:arial,helvetica,sans-serif;\"><em><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.homesforsaleinmontgomeryalabama.com\/agent_files\/sandra%20blog%202_26%202.jpg\" style=\"width: 350px; height: 294px;\" \/><br \/>&#13;<br \/>\nLet us break it down for you so that you will understand the 3 types of home values and what they mean.<\/em><\/span><\/span><\/p>\n<p><span style=\"font-size:12pt;\"><span style=\"font-family:arial,helvetica,sans-serif;\"><strong>ASSESSED VALUE<\/strong><\/span><\/span><\/p>\n<p>The assessed value is the assigned dollar value of your home used by local tax assessors to determine property taxes. Tax assessors calculate assessed value based on various factors, which may include the appraised value and the fair market value, as well as any home improvements, whether you generate income from the property, and any tax exemptions. The assessor will give you a figure that is commonly a percentage of what they perceive the value to be. Because property taxes are based upon assessed value, ideally, this figure will be lower. It should be close to your actual market value, but frequently it is not.<\/p>\n<p><span style=\"font-size:12pt;\"><span style=\"font-family:arial,helvetica,sans-serif;\"><strong>APPRAISED VALUE<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-size:12pt;\"><span style=\"font-family:arial,helvetica,sans-serif;\">When you are refinancing or purchasing a house, an appraiser will be hired to determine the value of the house in question.\u00a0They will use the same process that real estate professionals use to determine the fair market value. A licensed appraiser will consider the location, size and condition of the home along with any renovations that have been completed. They will walk through the home and compare it to others with similar amenities and improvements in the area that have sold. Most appraisals will include a construction or replacement cost that is used for insurance purposes.<\/span><\/span><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.homesforsaleinmontgomeryalabama.com\/agent_files\/sandra%20blog%202_26%201.jpg\" style=\"width: 350px; height: 294px;\" \/><\/p>\n<p><span style=\"font-size:12pt;\"><span style=\"font-family:arial,helvetica,sans-serif;\"><strong>FAIR MARKET VALUE<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-size:12pt;\"><span style=\"font-family:arial,helvetica,sans-serif;\"><strong>Fair market value is what a home is worth based on the current market climate<\/strong><strong>.<\/strong> It encompasses how a home looks to prospective buyers compared to other homes in the area. It takes into consideration the sale prices of homes that are similar (same number of bedrooms, square footage etc.) A real estate agent will start by looking at \u201ccomps\u201d to figure out what buyers have been willing to pay for properties comparable to yours. Other things that help determine fair market value are whether it is a seller\u2019s or buyer\u2019s market and how much inventory is available.<\/span><\/span><\/p>\n<p><span style=\"font-size:12pt;\"><span style=\"font-family:arial,helvetica,sans-serif;\">Because these different types of values can be subjective, it is vital to make sure you are looking at a comprehensive overview when trying to determine the value of the home you are selling or buying. An experienced Realtor like <a href=\"https:\/\/www.homesforsaleinmontgomeryalabama.com\/About\" target=\"_blank\">Sandra Nickel<\/a> can assist you with this process by providing a comparative market analysis. <\/span><\/span><\/p>\n<p><span style=\"font-size:12pt;\"><span style=\"font-family:arial,helvetica,sans-serif;\"><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.homesforsaleinmontgomeryalabama.com\/agent_files\/sandra%20blog%202_26%203.jpg\" style=\"width: 350px; height: 294px;\" \/><br \/>&#13;<br \/>\nIf you are in the market to buy or sell a home (or both), let me, <a href=\"https:\/\/www.homesforsaleinmontgomeryalabama.com\/About\" target=\"_blank\">Sandra Nickel<\/a>, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out <a href=\"https:\/\/www.homesforsaleinmontgomeryalabama.com\/\" target=\"_blank\">https:\/\/www.homesforsaleinmontgomeryalabama.com<\/a> for more information.<\/span><\/span><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Whether you are selling a home or buying one, you are going to want to know the value of the home so that you can determine the selling price or if the sale price is appropriate. But what you may not be aware of is that there are 3 different types of home values. It [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":111843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11763],"tags":[1159,14149,5715,11238],"dealstore":[],"offerexpiration":[],"class_list":["post-111838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alabama","tag-home","tag-types","tag-understanding","tag-values"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding the Three Types of Home Values - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=111838\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding the Three Types of Home Values - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Whether you are selling a home or buying one, you are going to want to know the value of the home so that you can determine the selling price or if the sale price is appropriate. 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