Novi Michigan Roller Coaster Home Value Reports
We have been receiving numerous inquiries asking why do so many different values come in on our home? Basically the inquiry's are something along the lines of this-- if we call three real estate appraisers or real estate agents they seem to come in with three different home value amounts--sometimes with a wide price gap? We will go into the way home values are determined and why we could see different values in such a short period or by who may have performed the service.
Feel free to use this fantastic Novi Michigan Home Search--this is a non track-able home search which can also show home sold information as well--www.RealEstate007.com
Determining Novi Michigan Home Values
In determining a homes value many real estate agents, bank appraisers and computer programs use recent comparable home sold data. The interesting aspect of this is that many times the comparable homes used are different from report to report. This can be partly due to the fact that there are so many to choose from and opinions can vary in which ones are the most similar. In many home value computer programs they may just blend them all together as the program would have no way to differentiate one homes conditions versus the other. As you may now ask yourself, if there has been 30-60 recently sold properties close to yours in the past few months which ones will be used by a bank appraiser to determine your home's value? This is where it really helps to have done your homework on the homes value. The advantage of a real estate agent is they typically go in many of the homes in the area's they provide service. A bank appraiser would typically only go in the home they are appraising not any of the comparable properties. Make sure to use the MOST SIMILAR, MOST RECENT, CLOSEST IN PROXIMITY SALES WHEN DETERMINING YOUR NOVI HOMES VALUE.
In a nutshell-which comparable properties used will help determine the homes value. If a unusually high or low sale (s) recently takes place in the area could create a ripple in a homes value--such as a bank owned, short sale or other type of distressed property sale. Using comparable properties that were not comparable can also throw the value range out of the area it should be.
If you are looking for a great Novi Michigan Real Estate Agent please feel free to visit www.NoviRealEstateOnline.com or www.BobandTeena.com anytime. We would love the opportunity to assist you with all of your future real estate needs. Thank You