{"id":6299,"date":"2021-08-14T09:00:14","date_gmt":"2021-08-14T13:00:14","guid":{"rendered":"http:\/\/migonline.com\/blog\/?p=6299"},"modified":"2021-07-30T14:58:54","modified_gmt":"2021-07-30T18:58:54","slug":"determining-the-value-of-your-home-in-todays-market","status":"publish","type":"post","link":"https:\/\/migonline.com\/blog\/2021\/08\/14\/determining-the-value-of-your-home-in-todays-market\/","title":{"rendered":"Determining the Value of Your Home in Today\u2019s Market"},"content":{"rendered":"<p>The term &#8220;market value&#8221; is important to both homebuyers and sellers. Arriving at a home&#8217;s market value means taking stock of several components. Whether you want to buy, sell, refinance, or secure a home equity loan, you&#8217;ll need to know what market value means.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-5646\" src=\"http:\/\/migonline.com\/blog\/wp-content\/uploads\/2020\/11\/payments.jpg\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/migonline.com\/blog\/wp-content\/uploads\/2020\/11\/payments.jpg 600w, https:\/\/migonline.com\/blog\/wp-content\/uploads\/2020\/11\/payments-300x200.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/p>\n<p><strong>What Comprises Market Value?<\/strong><\/p>\n<p>Let&#8217;s begin by looking at the finite, measurable metrics that go into figuring out a home&#8217;s market value.<\/p>\n<ul>\n<li>Square footage<br \/>\nThe size of the home is one of the easiest ways to figure the ballpark market value. The more livable space in a home, the higher it&#8217;s value. Small, compact homes will have less value.<\/li>\n<li>Bedrooms and bathrooms<br \/>\nThe more beds and baths, the higher the home&#8217;s market value will probably be.<\/li>\n<li>Lot size<br \/>\nMost people don&#8217;t want to be right on top of their neighbors. A vast, roomy yard is attractive to buyers, which drives the value up.<\/li>\n<li>Location, location, location!<br \/>\nJust like the 90s show said, the ZIP code matters. The section of town the home is located is a huge factor in its market value. Homes in sought-after areas &#8212; like downtown &#8212; may be double the market value of less-desirable sections of town.<\/li>\n<\/ul>\n<p><strong>What Else Helps Determine Market Value?<\/strong><\/p>\n<p>Other ways to determine the market value of a home include the following:<\/p>\n<ul>\n<li>Online tools<br \/>\nSeveral websites generate a home&#8217;s market value by computing the public records information into a calculation.<\/li>\n<li>Appraisals<br \/>\nOrdering a professional appraisal is one of the best ways to arrive at an accurate assessment of the market value of a home. The appraiser will inspect the home and use many pieces of data to pinpoint its market value.<\/li>\n<li>Neighborhood home sale prices<br \/>\nComparing the prices that nearby homes have sold for can give you a good idea of a home&#8217;s value.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-5916\" src=\"http:\/\/migonline.com\/blog\/wp-content\/uploads\/2021\/03\/Depositphotos_24176727_xl-2015.jpg\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/migonline.com\/blog\/wp-content\/uploads\/2021\/03\/Depositphotos_24176727_xl-2015.jpg 600w, https:\/\/migonline.com\/blog\/wp-content\/uploads\/2021\/03\/Depositphotos_24176727_xl-2015-300x200.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/p>\n<p><strong>What If It&#8217;s a Seller&#8217;s Market? Or a Buyer&#8217;s Market?<\/strong><\/p>\n<p>The law of supply and demand is in full effect when calculating market value. If it&#8217;s a buyer&#8217;s market, there are lots of homes on the market, driving the price lower. A strong seller&#8217;s market with few available properties for sale may drive the price much higher.<\/p>\n<p><strong>What&#8217;s the Difference Between Assessed Value and Market Value?<\/strong><\/p>\n<p>The assessed value and market value are not the same, and it&#8217;s important to remember that. The assessed value is the value that determines the amount the homeowner pays in property taxes. Market value is the amount a buyer would pay for the home. The assessed value will typically be lower than the market value.<\/p>\n<p>Understanding how a home is valued and the components that go into it is important for buyers and sellers alike. It helps with budgeting, pricing, and avoiding overpaying for a property.<\/p>\n<p>Are you looking for a home? Get in touch with MIG and let one of their experienced loan officers help with your next <u><a href=\"https:\/\/migonline.com\/conventional-mortgages\">Tennessee mortgage<\/a><\/u>.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The term &#8220;market value&#8221; is important to both homebuyers and sellers. Arriving at a home&#8217;s market value means taking stock of several components. Whether you want to buy, sell, refinance, or secure a home equity loan, you&#8217;ll need to know what market value means. What Comprises Market Value? Let&#8217;s begin by looking at the finite, &hellip; <a href=\"https:\/\/migonline.com\/blog\/2021\/08\/14\/determining-the-value-of-your-home-in-todays-market\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Determining the Value of Your Home in Today\u2019s Market<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":6288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[145],"tags":[],"class_list":["post-6299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-value"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Determining the Value of Your Home in Today\u2019s Market - Mortgage Investors Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/migonline.com\/blog\/2021\/08\/14\/determining-the-value-of-your-home-in-todays-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Determining the Value of Your Home in Today\u2019s Market - Mortgage Investors Group\" \/>\n<meta property=\"og:description\" content=\"The term &#8220;market value&#8221; is important to both homebuyers and sellers. Arriving at a home&#8217;s market value means taking stock of several components. Whether you want to buy, sell, refinance, or secure a home equity loan, you&#8217;ll need to know what market value means. What Comprises Market Value? 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