Spencer Realty, LLC

Free Home Valuation

Spencer Realty, LLC Property Evaluation – 4 Key Factors

Are you really getting a thorough evaluation of your property? Thank you for coming here to consider the four key factors to receiving a proper and thorough property evaluation.

The first factor is one that many of you are already familiar with. Public data. And what I mean by that, is that there are algorithms out there that can spit out an instant valuation which is essentially a guesstimate of the value of your property based on public data. This data could include and most specifically includes things such as your assessed value.

While assessed value is not market value, it is a measure of value. In the financial world it’s called a lagging indicator. Your assessed value is typically below or above the market value depending on where you’re at. When assessed value lags a market that’s increasing, you’ll see that the assessed values are typically lower. As the market is decreasing the assessed values are typically higher. Assessed values can be anywhere from 12 to 18 months behind depending on the local municipality. Assessed value is the primary piece of an algorithmic estimate of value. However, because all of the other major factors in a proper valuation are not being considered, the variance on a public algorithm instant valuation can be as great as 20 percent.

And that’s just not good enough when it comes to understanding your true and thorough property value. So, the second factor that you want to account for, is the neighborhood location. Yes, state the obvious. Location, location, location. But oftentimes we overestimate or underestimate the value of the location. Now one of the greatest things any realtor could do for you when considering this, is to get into the neighborhood effect very specifically. We call it the echo effect. So, wherever the property is located, the sold properties around it are going to immediately affect value. The greater marketplace will affect it as well. but the more specific you consider the neighborhood location the better you can adjust against the public data.

Factor number three is to be realistic about your current market condition or the current condition of your property if you were to bring it to the market. In other words, looking at your property through a buyer lense and what they believe the condition of your property is. Is it at or above or below average condition versus the competition? It’s very important to be realistic about the current condition of your property. And again, an in-house home assessment or property assessment is the best way to determine this and really refine it.

The last factor is understanding local market trends. Oftentimes you’ll hear of great variances from one market to the next. Local markets can be dramatically different. Even when they are only an hour apart. So, all of the local market trends by the city, town and even the neighborhood should be considered.

So, when you opt in here what you’ll be receiving is a thorough Property Evaluation which considers all four of these factors. The public data, the neighborhood location, the current condition, and the local market trends. Make sure to fill our form out thoroughly so that we may assist you. Our FREE report is for any serious property owner who wants to maintain value, whether or not you’re going to sell in the near future. Knowing your true property value is critical as your property is an asset that should be protected with knowledge. Thanks for opting in. We look forward to providing you with this FREE and No Obligation report.

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