122. What Is Market Value Vs Assessed Value In Bowling Green KY?

cash for homes in Bowling Green KY

When it’s time to sell your property in Bowling Green KY, there can be some confusion when determining the value. We buy houses in Bowling Green Kentucky and if you REALLY want to know what it is worth, you can pay to have an appraisal done. We are professional homebuyers in KY and an agent should be able to provide you with detailed CMA reports, letting you know what is going on in your neighborhood. We buy property in Kentucky each month and knowing the differences in key real estate terms and home values can help you set your ideal asking price! 

What is Market Value vs Assessed Value in Bowling Green

Market Value by Definition:

sell my home in Bowling Green KY

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. If you list your property right, you can sell your home in Kentucky fairly quickly during a seller’s market.

Assessed Value by Definition:

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 the 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:

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.

What The Internet Has To Say About It:

Bowling Green KY house buyers

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 value. Think of it as Kelly Blue Book for cars. It is a close guess but determining the ACTUAL market value can be much different. People report seeing these numbers off by $20k, $50k and even more!

What it Means For You As A Seller in Bowling Green KY:

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 Bowling Green.

Sell My House In Bowling Green KY

We are local Kentucky home buyers that offers cash for houses in Bowling Green and we’re happy to help you find answers to your toughest questions about your KY real estate, so please feel free to call us at (502) 200 - 1800 and chat with us anytime. We will make the process simple so you can quickly sell your house in KY and move on. We’ll evaluate your house, make you a fair all-cash offer, and you can decide if selling your house to us is the best fit for you. We’re here for you, just reach out and lets chat.

If you want to learn more about the best ways to sell your Bowling Green house, send us a message here or give our office a call now! (502) 200 - 1800

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

All Cash Offers Start Below!

  • This field is for validation purposes and should be left unchanged.

Leave a Reply

Your email address will not be published. Required fields are marked *