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KNOW THE THE DIFFERENCE
By Staff Reporters
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As doctors, nurses and medical professionals try to get an idea of what their home is worth, please go into the process with the knowledge that the concept of “value” can carry a different definition depending on who’s assigning it.
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For example:
- Appraised value – The appraised value of your home is the number assigned to it by a professional appraiser. This value is especially important when a home buyer is getting a mortgage. The lender will typically require a professional appraisal to verify that the borrower hasn’t agreed to an unrealistic valuation.
- Assessed value – The assessed value of your home is the figure assigned to it by the county where it’s located for property tax purposes. While an appraisal involves someone inspecting the interior and exterior of your home, assessments are often conducted in a mass approach by using pricing trends.
- Fair market value – The fair market value of your home doesn’t involve a professional. Instead, it involves other people just like you who might be willing to pay more because they love a home or a certain neighborhood. So, for example, an appraised value might be $300,000, but a recent surge in buying activity and limited supply might motivate a buyer to go above that price. On the flip side, keep in mind that those buyers might be willing to pay less than what you believe it’s worth, too.
- CITE: https://www.r2library.com/Resource/Title/082610254
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MORTGAGES: https://medicalexecutivepost.com/2022/01/23/manual-mortgage-underwriting-what-is-it-really/
RENT v. BUY: https://medicalexecutivepost.com/2017/03/14/the-apartment-rent-vs-home-buy-decision/
MORTGAGE CALCULATOR: https://www.msn.com/en-us/money/personalfinance/use-this-calculator-to-find-out-how-much-house-you-really-can-afford/ar-AATkoSK?li=BBnb7Kz
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Filed under: Funding Basics, Alternative Investments, Glossary Terms, LifeStyle | Tagged: fair market value, FMV, home mortgages, home value, assessed value, appraised value |
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ZILLOW
When Michael Maxson found his dream home in Clark County, Nevada, it was not owned by a person but by a tech company. Zillow, the US’s largest real estate listings site, started buying up homes in 2018, predicting it could create a “one-click nirvana” for purchasing real estate. The big idea was to use data to price houses and investor cash to buy them before fixing them up and selling them.
When he went to take a look at the property, however, he discovered a huge water leak had eroded walls and flooded the neighbors’ yard. Despite offering to handle the costly repairs himself, Maxson discovered that the house had already been sold to another family, at the same price he had offered.
During this time, Zillow lost more than $420 million in three months of erratic house buying and unprofitable sales, leading analysts to question whether the entire tech-driven model is really viable. For the rest of us, a bigger question remains: Does the arrival of Silicon Valley tech point to a better future for housing or an industry disruption to fear? Read the full story.
via—Matthew Ponsford
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