As you venture into the world of real estate, you may hear the terms assessed value and fair market value quite often. Even though they may seem similar, the terms differ greatly, so having a good understanding between the two can give you a better grasp of each concept during the sell of your property.
The assessed value of a home is calculated considering local market data, home characteristics such as square footage and the economic state. This assessment is the most trusted amount when it comes to the worth of a home.
Fair market value is what a buyer is willing to pay with no outside influence. As a homeowner, the best way to determine the fair market value of your home is to examine a comparative market analysis (CMA).
Typically, during a CMA, your real estate agent examines similar recently sold homes in the area to help you determine a fair price to list your home under. This can help to ensure you don’t overprice your home in comparison to the competition.
If you decide to take out a mortgage loan, your lender will most likely require an appraisal to be done on the home to see if it’s worth their investment. They use the appraisal to determine if the home has a value greater than or equal to the purchase price of the property.
Sometimes, homeowners will purchase a home and then later challenge the assessed value of a property for tax purposes. This is often the case when the owner feels the assessed value is vastly different from the fair market value.
If you believe the assessed value is out of sync with the fair market value of your home, leaving you to pay more in taxes, you may need to file what’s called a tax abatement. Once approved, you’ll receive a tax reduction for a set period of time.
Working with your real estate agent, you can get a better understanding of these terms and how they may affect the sell of your home.
I have provided award-winning service to many clients over the past 25 years. Few other REALTORS are as trusted as I am. My clients trust my advice, and they know that I always look out for their best long-term interests. You can expect, and you will receive personal service that is second to none. When you hire me as your Agent you work with me and only me. I will answer your calls and respond to your text messages. I promise not to hand you off to another member of "My team" like others do. When you hire Ryan, you get Ryan.
I have called Southwest Michigan home for 40 years. My mother's family ran a local locksmith service, and my father served as the Chief Investigator for the County's Prosecutor's office for many years. I love all that this area offers, and I enjoy serving the buyers and sellers who are moving in or out of Southwest Michigan.
My wife and I have two children, and we would not want to raise them anywhere else. Between the award-winning schools and the plethora of youth activities offered in Southwest Michigan, it's a great place to call home. We enjoy spending time with friends at the beach, boating, golfing, hunting, skiing "Up North," and fishing.
We give back generously to the community that has been so good to us. Currently, I serve on the Lakeshore Public Schools Foundation Board (LEF), as Past President of the St. Joe Kickers Sports Club, and as a Rotarian in the Stevensville-Lakeshore Rotary Club. We donate throughout the year to various local organizations, schools, and youth sports groups.
I want to put my experience and knowledge to work for you. Having sold more than 500 properties while earning the trust and respect of my fellow REALTORS, who voted me the "REALTOR of the Year," I am confident I can earn your trust as well.
Looking to buy, sell, or invest in real estate? Please allow me the opportunity to serve you. I promise you will not be disappointed.
Ryan Arnt
Real Estate Broker/Company Owner
Keller Williams of Southwest Michigan
You can reach me anytime, call or text 269.470.6666, or email me at [email protected].
When you need a REALTOR, Rely on Ryan!