As you venture into the world of real estate, you may hear the terms assessed value and fair market value quite often. Even though they may seem similar, the terms differ greatly, so having a good understanding between the two can give you a better grasp of each concept during the sell of your property.
The assessed value of a home is calculated considering local market data, home characteristics such as square footage and the economic state. This assessment is the most trusted amount when it comes to the worth of a home.
Fair market value is what a buyer is willing to pay with no outside influence. As a homeowner, the best way to determine the fair market value of your home is to examine a comparative market analysis (CMA).
Typically, during a CMA, your real estate agent examines similar recently sold homes in the area to help you determine a fair price to list your home under. This can help to ensure you don’t overprice your home in comparison to the competition.
If you decide to take out a mortgage loan, your lender will most likely require an appraisal to be done on the home to see if it’s worth their investment. They use the appraisal to determine if the home has a value greater than or equal to the purchase price of the property.
Sometimes, homeowners will purchase a home and then later challenge the assessed value of a property for tax purposes. This is often the case when the owner feels the assessed value is vastly different from the fair market value.
If you believe the assessed value is out of sync with the fair market value of your home, leaving you to pay more in taxes, you may need to file what’s called a tax abatement. Once approved, you’ll receive a tax reduction for a set period of time.
Working with your real estate agent, you can get a better understanding of these terms and how they may affect the sell of your home.
My experience dates back to 2002 when I obtained my degree in Economics from Kalamazoo College and then immediately went to work as a sales manager for a 72 unit, new home development in Clarkston. I am in my 22nd year of full time residential real estate sales and real estate is my number one passion!
· I earned the "Top Producer" award at Morgan Milzow & Ford Realtors from 2007-2023
· My career accomplishments to date include over 1,000 homes sold and in excess of $315M in closed transactions
· I've been voted an Hour Magazine All-Star 2013-2023, an honor only given to the top 5% of Metro Detroit Real Estate Agents
· I'm a lifelong Clarkston resident & service all of Oakland County, parts of Genesee, Livingston and Macomb Counties, and my area knowledge, professionalism and real estate expertise is unparalleled
· As a top-producing & seasoned Realtor I have a strong support staff that handles all facets of your transaction and thus creates a concierge-like real estate process that is as seamless and hands on as it can be, delivering the service you deserve! “Stress free, worry free” is our mission & mantra
· We offer an unmatched marketing plan with preferred positioning on all major Internet outlets and social media, the best in professional photography, staging, handyman services, top-notch negotiating skills, excellent communication & much more!
· In 2022 I was awarded the Clarkston Chamber of Commerce Independence Women of the Year award for excellence in business and for my community contributions. In 2019 I received the Clarkston Community Businessperson of the Year Award. I’m also proud to have served my community as the Clarkston Area Chamber of Commerce President in 2018 & 2019. I'm a past recipient of the NOCBOR (North Oakland County Board of Realtors) Distinguished Service Award, nominated by my peers
· I consistently contribute to other, local charitable causes that are close to my heart including Tree of Dreams, benefitting Neighbor for Neighbor, SCAMP and Clarkston Schools
· My resume also includes being an investment property owner, landlord, land developer and home flipper. With my experience and expertise plus my valuable connections I can also offer temporary housing to clients ensuring the most harmonious moving transition possible!
