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Value of Property?
I am trying to determine the value of my property. I have 4 different reports/values. #1- I have a home appraisal for $175,000. #2- I have a property tax value this year of $163,000. #3- I have a seller's report with a value of $150,000 but RVM range of $135k - $165k. #4- I have a CMA that shows the average price to be around $159k but a range of 149k-166k. I'm not looking for a realtor, I am just looking for a little advice as to what I should be using if I decide to sell my property. I am trying to figure out when these reports are used to determine value of a property and which would be the best to use as a starting point when selling my property.
3 Answers
- linkus86Lv 77 years agoFavorite Answer
The appraisal is the most credible report of value, but values change and if the appraisal is old, it is not a reliable reference.
A CMA can be a reliable report if done correctly and not done to secure a listing.
When agents do them to secure a listing they can choose bad comps to inflate the value more than market value because if Agent 1 says your house is worth $150k, agent 2 says its is worth $175k and agent 3 says your house is worth 200k, you are going to pick agent 3 every time. But usually if you interview 3 agents, one or more will be honest in the CMA.
Sellers report? Hmm, might want to find a better resource.
- Appraiser guyLv 67 years ago
The appraisal is the only one worth anything. The tax statement has very little to do with current market value and the rest are just a guess. The appraisal is the only one used for lending. The value of your home is $175,000. The AVM and CMI are only a guess, like Zillow they are about as accurate as a blind man in a shooting contest.
Source(s): Certified Appraiser - SlickterpLv 77 years ago
Property tax value does not reflect market value.
The appraisal is what is indicative of the actual market value.
