Do you know what your house is worth? Do you know what your "Zestimate" is? Did you just say, uhhh what's a "Zestimate?" Don't worry, you don't have to have a "Zestimate" ... that is Zillow's way of concocting a property value with their software. The bottom line is whether you want to inquire with a website or a Real Estate Professional to help you determine the value of your home, it is a good idea to at least have a ball park figure. I'm always happy to provide my expert Real Estate services, so email me (Theresa.Myers@pruysu.com) if I can provide a Comparative Market Analysis for you. After all, this property is probably your largest investment, so why not be as familiar with it as possible?
The question that comes up all the time is, "But Theresa, the Tax Value on the property is so high, doesn't that mean my property is worth more?" There is a pretty big difference between Tax Value and Fair Market Value. The fact is, the Real Estate market is a living, changing entity. In a nutshell, each county in NC has their set timeline to determine property values, and as a result, the annual property tax figures are set. If your property is located in Wake County, your lucky timeframe is 8 years. Wake County last conducted their property valuation process in 2008, which means their next round is scheduled for 2016. Why such a long timeframe you say? Well consider the fact that it takes a full year for the county worker bees to visit EVERY property, which also means as tax payers, it's probably in our best interest to let them follow their process once every 8 years.
To bring the point full circle, consider this thought: anyone who isn't living under a rock knows that the economy has been a major discussion topic since ... seems like forever now? But that means the Real Estate market values have been changing quite a bit. Dare I say the market changes hourly? Yes. Every time a similar property sells in your neighborhood, your property value is affected. Therefore, a once-every-8-year property valuation by the county isn't the most accurate process to determine your property value today.
Feel free to email me or post a comment to provide feedback ... I'm always interested in your thoughts! And do me a favor, whether you are a home-owner-to-be or you've owned 7 properties in your lifetime, keep yourself informed on the details of your investment. I'm always here to help!
Theresa Myers, Broker/REALTOR®
Prudential York Simpson Underwood Realty
311 Oberlin Road
Raleigh, NC 27605