Issue link: https://imageup.uberflip.com/i/1455477
Does the assessed value of my home have any bearing on the market value? Not at all. The assessed value is merely a figure set by a municipality to collect the appropriate amount of taxes. However, it's helpful to compare assessed value to market value in downward trending markets as it is possible to obtain a reassessment of your assessed value to lower your taxes. A real estate professional (like me) can complete a "Declining value reassessment application" on your behalf, and potentially help you save money on taxes! Increasing markets (like the one we are in now) are often followed by a declining market (real estate is cyclical) and it takes counties a while to "catch up" and lower assessment. You can escalate this by submitting an application prior to county's annual reassessment, or in response to a reassessment you don't feel was accurate. Should I price my home high so I have wiggle room to negotiate? In some markets this is an effective tool; but in the current market when most homes are selling for over the list price it can actually cause your home to sell for less. Buyers and agents assume they will have to offer more than the list price to beat competing offers, so you may "price yourself " out of receiving as many offers. Pricing high can extend days on the market and require price reductions to encourage showings and offers. This phenomena can be easily demonstrated through MLS data, and a proficient agent, (like me) will be happy to provide the statistical data that illustrates this. The most excitement your home will generate with buyers happens within the first week or two on the market. By pricing your home in the "mid range" of the comparable sales (instead of matching the highest priced one) you encourage more activity and more offers; through negotiation and good communication, an experienced agent (like me) can help you realize a higher sales price than you were expecting! Real estate can be complex; it is important to lay the groundwork before you list your home. Select an agent who will analyze your needs, offer advice, and ensure the smoothest transaction possible for you. If you have legal questions about real estate, you should contact an attorney. Below are a couple of the common questions I receive from my clients: If you are not currently working with a Realtor and have questions, I am available to consult with you; I may publish your question in next month's issue so that everyone can benefit from the information. Loni Vogler, SRES • (951) 323-0633 • lonivogler@gmail.com Owner/Broker Associate • DRE 01259246 3292 E Florida Ave, Ste A • Hemet, CA 92544 • www.lonivogler.com | Four Seasons Hemet Herald | MARCH 2022 | 17