By Rich Rodenburg, Nebraska Home Sales Realtor
In a previous article I wrote about how Supply and Demand moves our home values up or down.
Recently, the Lancaster County Assessor’s Office sent out notices that our properties were being reassessed for taxable value and gave property owners an opportunity to ask for possible adjustments before those values become official for 2017. Over 5,000 homeowners plan to argue their case. In June, a more formal appeal can be made whether the adjustment was made or not, or even if you missed the first hearing deadline.
The assessed value is calculated by the Assessor’s computers and based on staff’s reports of condition including improvements that required permits. The computer finds the best comparable sold homes, makes adjustments for differences, and spits out a number. That is your assessed value.
Another method of looking at your home value is to have a formal appraisal done. That is the best evidence to present to argue your assessed value. An appraisal can cost about $500.
A Realtor can also do a Comparative Market Analysis (CMA) to help our clients calculate home value. We do our best to find apples-to-apples comparable homes that have recently sold. We look for homes in the same neighborhood, same style, age, and size. We find the most similar few and make adjustments for the differences. A personal visit to the home can help move our market value up or down based on amenities and condition. This is a common service we provide to our clients when selling or buying a home. The CMA helps our clients justify asking and offering prices. A home priced too high may linger on the market, and the home may not appraise. The bank will not make a loan based on too high a price. Too low, and the seller leaves money on the table.
Assessed, appraised, Realtor-analyzed, coupled with supply and demand, all are in play in our lives of real estate. My advice…when buying or selling, please use a professional.
Please keep abreast of Lincoln’s housing market, and much more, every Saturday morning 8:00-8:30 on KFOR’s Start Moving, hosted by Rich Rodenburg and our Nebraska Home Sales agents.