geographical area, such as a specific suburb or neighborhood.
Appraisal value is an assessment of a property’s value at a specific point in time, which is conducted by a professional appraiser. This evaluation helps determine how much money can be borrowed from the buyer's lender and under what terms. For instance, the Loan to Value (LTV) ratio is determined based on the appraised value. When the LTV exceeds 80%, the lender typically requires the buyer to purchase mortgage insurance. Assessed value is the value assigned to a property by local or state government authorities. The assessed value serves as the basis for property taxes, determining the amount of tax levied on the property. Approximately 60% of U.S. properties are assessed higher than their current value. Since property taxes are based on assessed value, homeowners in these cases are likely paying more in property taxes than they would if their property were assessed with greater accuracy. If you believe your property has been over-assessed, contact the local tax assessor's office to file an appeal. Hiring a licensed appraiser can strengthen your case, especially if you're appealing a significant over-assessment. Challenging an over-assessment can potentially lower your property taxes, sometimes saving you hundreds or even thousands of dollars per year. Pricing strategies are used to set a home’s listing price based on the seller’s goals, the property’s value, and current market conditions. Setting the price is much like choosing the optimal starting position in a race. If you start at the right spot, you have a better chance of getting where you want to go. The right strategy can influence how quickly your home sells and the quality of offers you receive. The goal is to attract serious buyers, build momentum, and set the stage for a successful sale.
Pricing below market value is to set the listing price slightly
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