Determining the Value of Homes in Seminole County, Florida

According to recent statistics shared by David Johnson, Property Appraiser for Seminole County, Florida, Sellers need to know that their property may no longer be worth what they were hoping.

After reviewing values for all residential properties within the County, Mr. Johnson has revealed that home prices in Seminole County are now valued at the same price they were in 2004, plus a moderate 3-4% per year appreciation increase.

While many Sellers might have a hard time accepting this fact, below is a six year history of the median sales price for single family homes in Seminole County including the number of closed sales:

Regardless of what went wrong and how it went wrong, homeowners who are considering selling their home today who are attached to a inflated appreciation value from 2005 and 2006, need to know that those values are no longer realistic.

For the purposes of simplicity, Mr. Johnson has stated that while there are some communities that may be "exceptions" to the above findings, the market value of the majority of homes in Seminole County should now be calculated by determining what their 2004 value was, and then adjusting that price by 3-4% per year for appreciation.

For example, if your home was purchased for $300,000 in 2004, today that same home should be worth between $345,000 and $360,000 (as a general rule).

While one may not get "rich" by selling today, it is expected that Seminole County will most likely be appreciating at this same rate each year for many years to come! (Which really isn't a bad return on any investment when you think about it!)

**Please note that the above recommendation is a general guideline for determining value and does not take into consideration additional factors such as home improvements and/or condition, supply & demand within a particular neighborhood, location, school district or price range**

For a complimentary market analysis on the value of your Seminole County home, please contact me via phone, text or email. As a full-time REALTOR who interacts with Buyers, Sellers, Lenders, Appraisers and Banks on a daily basis, I'll put my education to work for you!

LaShawn Norden, PA, REALTOR, RE/MAX Central Realty, (321) 377-0157, LaShawn@LaShawnNorden.com

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