The Homeowner's Guide to For Sale By Owner: Everything You Need to Know to Sell Your Home Yourself and Save Thousands by Jackie Bondanza & Jim Kim

Author:Jackie Bondanza & Jim Kim
Language: eng
Format: epub
Publisher: Atlantic Publishing Group, Inc.
Published: 2016-11-01T23:02:34+00:00

What determines your house’s value

The status of the national market and the economy will have a major impact on your home’s value; however, your local market will dictate your home’s value more specifically. You may be in an area where prices are on the rise. Or, you may be in an area where home values are starting to cool off just a bit after the post-2008 real estate boom. Remember, the market can vary from one small suburban city to the neighboring city, which further underlines the importance of doing a comparative market analysis.

A common strategy for determining a home’s value is researching your home’s value in your county court house records. The county assessor determines the value for tax purposes, but it often has little to do with what your house can sell for. Typically, taxes are determined by multiplying the tax rate by your property’s assessed value. Property tax rates, how these taxes are determined, and how your house is assessed and valued for tax purposes vary widely not only by state, but by county. For example, Long Island, New York, is divided into two counties: Nassau and Suffolk. Nassau County taxes are significantly higher than taxes in Suffolk County even though the two counties border each other.

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