Medfield real estate Blog

Charming Franklin Colonial

2007-12-02T04:49:48Z

To View the listing click here:

http://www.weichertrm.com/detail.asp?listingid=70459790&agentid=BB902923

Charming village colonial near Franklin center. 8 rooms, 4 bedrooms, 2.5 bath beautiful details, large rooms, huge yard, giant wrap around 3 season porch. Walk to center, train. A great home at a great price. $364,000

chris@weichertrm.com

508.572.9691

115 Summer St. at King

Assessed value vs Market Value - The double edged sword

2007-12-02T04:37:19Z

Home owners in our area whether they are selling or not should be aware of the widening gap between the assessed value of their homes and the market value of their homes. In order to understand the problem we must first understand the difference between the two values. It also helps to define a context for what real estate value is.

Real Estate Value: A subjective opinion based on empirical evidence created for a specific purpose. There are really 3 basic types of values to define; Assessed value, Appraised value and Market value.

Assessed Value: Value placed upon a home by the town assessor for tax purposes. These numbers are created and used to raise the tax revenue used by a town to operate.

Appraised Value: The value assigned to a home by a licensed appraiser, usually done when a mortgage is being created and the property is being pledged as security for a loan. May also be done electively by a homeowner for a fee.

Market value: The price a ready willing and able buyer will pay for a home at any particular moment in time.

The problem that we are seeing now is that the assessed value of homes in the area, in general, is higher than the market value of the home. The result of this is twofold; first homeowner are paying more in taxes than they should be and secondly, homeowners may believe that their homes are worth more than the market value, making them difficult if not impossible to sell.

In my next post I will examine the ramifications and solutions to this vexing issue.....

To see what is on the market or request an opinion on the market value of your home visit:

http://www.weichertrm.com

Elegant Medfield Colonial

2007-11-28T10:06:35Z

Custom built 9 room colonial in popular Hawthorne Estates. This home is loaded with detail and amenities to please the most discriminating buyer; from the gourmet kitchen complete with Viking cook top with 4 burners, grill & griddle, SubZero, 2 sinks, Corian counters, cherry cabinets etc, to the family room with vaulted ceilings & fireplace to the formal dining room with built in china cabinet to name a few. This home offer 4 bedrooms, 3.5 baths, all maple floors on first floor, office, screen porch, deck. A finished basement adds a large playroom, media room, workshop and another room which could possibly be a bedroom. $930K

http://www.wechertrm.com

Sellers are wondering about homes value.

2007-11-28T06:31:14Z

What’s Wrong With The Price I Want To List At? This question is being asked more today by home owners looking to sell their homes. Sellers are surprised to find that their home value is lower than expected and wonder why. Within this muse, there are two sides to the issue; the seller’s and the buyer’s. On the seller’s side, many sellers look at what their neighbor’s home sold for. Sellers may have also put money into their homes updating or repairing them and they expect to get those costs back plus some. Lastly, sellers may feel their homes unique features, which they love, will make it as desirable to others. These opinions however are flawed. Buyers have a strong sense that a home purchase today could be worth less tomorrow due to a declining housing market. Combine this with the fact that borrowing money has become more difficult, buyers naturally feel that they must make a careful investment. Buyers need to see a competitively priced home in order to ignite an offer. This does not mean that the seller has to give the house away. What it does mean is that a house is worth only what a buyer is willing to pay for it. The consumer is the true determinate of a homes market value. To view homes for sale in your area or request an opinion of value emailed to you, go to: www.weichertrm.com