First Time Homebuyer Real Estate Word is Assessed Value
So many real estate terms can be confusing to home buyers and sellers alike whether it is an acronym like FSBO or an often used word like equity or foreclosure. As a REALTOR® I am not surprised when that look of confusion comes over a buyer’s eyes when I mentioned escrow or earnest money. These terms sound so much alike when being bombarded with new terminology like, mortgage, deed, easement, appraisal, and association dues, etc. It is understandable that homebuyers that are more interested in room sizes and kitchen counters to be confused with the everyday real estate jargon like down payment or cash to close. This confusion is very understandable because for most people, buying a home is a once in a lifetime experience.
This REALTOR® jargon is so prevalent, I thought a First Time Homebuyer glossary of real estate terms might be helpful. From time to time I have been adding to this list of terms used often by REALTORS® in a series of posts. This way you can skip buying that big “how to buy a house” book or attending that First Time Homebuyer Class and have a quick resource at your fingertips. I am continuing the series with Today’s Real Estate Term:
Assessed Value (or Tax Value) Every home has a value assigned to it by the county assessor which is the assessed value. This value is updated on regular basis (usually once a year) and it is used for determining your property tax. This value should not be confused with an appraised value (value determined by an appraiser) or market value (value determined when listed on the market), since it is often a year or two out of date. Usually the assessor will determine a separate value for the land and the structures. This value does not add for landscaping which would be included in a values determined by appraisers and homebuyers.
Additional Terms in the Real Estate Glossary:
- APPRAISAL
- BUYER’S AGENT
- DEEDED ACCESS
- DUAL AGENT
- EQUITY
- ESCROW
- EARNEST MONEY
- EASEMENT
- ENCROACHMENT
- FIDUCIARY
- TITLE INSURANCE
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