Assessments, Appraisals, and Market Value for Cedar Rapids Real Estate

Lately, we have talked to a lot of people who have been concerned with their city assessments. Most have complained that they are too high. While the city continues to raise assessments, market values have not caught up with them. You are not alone!

Its important to understand that city assessments have NOTHING to do with what your house is actually worth. The city just merely gives your property a value to base its taxes on it. If you can find a comparable property that is being taxed less than you may be able to fight the assessment and get it lowered.

Many times sellers that have refinanced recently and then get an appraisal for their house. Remember that the bank is not giving you a market value on your property either. Its an amount that they feel safe financing it for. It may be the case that the appraisal is much higher than fair market value because the bank may feel you are a good credit risk and encourage you to take out a home equity loan.

A market analysis done by a Realtor is like looking at what your stock is worth today based on market conditions. How many homes are for sale in this price range? What has sold and for how much? If you have your house priced at the lowest price, even by $1 dollar and its the best house, with the best value in the price range it will be the first apple taken off the fruit cart! Most sellers don't understand this. When you price a home you are really "testing" the market. It OK to adjust the price after the price you chose didn't test well.

For more information on home values contact Gary & Melynda Wolter at Skogman Realty

Wolterteam@aol.com 319-350-7901 www.GaryWolter.com Licensed in Iowa since 2001