What Is Market Value vs Assessed Value In Fort Washington MD

What Is Market Value vs Assessed Value In Fort Washington

Determining your Fort Washington home’s value is crucial if you are looking to sell. When it’s time to sell your Fort Washington home, there can be some confusion when determining the value. If you REALLY want to know what it is worth, you can pay to have an appraisal done. An agent should be able to provide you with detailed CMA reports, letting you know what is going on in your neighborhood. Knowing the differences in these home values can set you set your ideal asking price! 

What Is Market Value vs Assessed Value In Fort Washington MD

Market Value In Maryland

According to Fannie Mae, “Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.”

Basically, this is the amount you can expect to get if you keep your house on the market for a few months provided everything goes smoothly and you have potential buyers coming to see your home on a regular basis.

Assessed Value In MD

According to Investopedia, “An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration.”

Understanding assessed value can be a bit confusing. County property accessors give values to homes for tax purposes, however, these values are not reflective of changes in market value. The difference between the assessed value and the market value is known as the equalization rate. This rate is used by the county to figure your actual property value.

Appraised Value In Maryland

But wait, there’s more. Your appraised value can differ from both of these. An appraisal is done by a licensed professional who rigorously checks all aspects of the home. While they might be 100% correct, this is still the opinion of one. Whereas other methods are mathematically calculated based off of your home’s history and market conditions.

Caution When Consulting The Internet…

The large real estate sites have their own formulas for determining property values. These values are broad, and based on market conditions and information entered by users on the site directly. They do not always accurately reflect YOUR home personally. Think of it as Kelly Blue Book for cars. It is a close guess but determining what the ACTUAL market value can be much different. People report seeing these numbers off by $20k, $50k and even more! If you’re having trouble, check out this article on why your house isn’t selling.

What It Means For You As A Seller In Fort Washington MD

Do your homework! Make sure you have all the numbers listed above and understand terms such as the equalization ratio and fair market value. Make sure you are working with a true professional who can help you to accurately determine the market value of your home.

Setting a great asking price is critical. You do not want to set it too high and have to repeatedly lower it to get buyers in the door. Your pricing history is public information, and repeatedly lowering your price can make buyers think there is something wrong with it. And for obvious reasons, you don’t want to set your asking price too low. To get the price you want you must exercise patience and make sure you are working with a true professional in Fort Washington. Check out this article on what it really costs to sell your house (with an agent of course).

The House Guys Offer A Simple Solution

Figuring out the true value of your Fort Washington home is difficult because the real estate market is always fluctuation. A local agent can offer great insight as well as many local buyers such as The House Guys. We analyze comparable homes across Maryland and study the real estate market to ensure our comps are accurate when buying houses. When we give you cash for your house in Maryland we also cover closing costs. If you want to learn more about the best ways to sell your home, give us a call! (571) 207-5171

Andy Kolodgie

Andy Kolodgie is an experienced real estate investor in the Washington DC Metro area. As owner of The House Guys, Andy's goal is to provide home sellers with creative real estate options beyond the typical cash offer. He's been featured on multiple publications including Yahoo Finance, MSN, HomeLight, Credit.com, Apartment Therapy, Business.com, LegalZoom, Zolo, and Creditcards.com.

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