how are the home values shown determined for the property and the surrounding properties close by?

  • January 15 2014 - Austin
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Answers (3)

Property taxes play an important role and they are added into the equation when doing the analysis.  Keep in mind that those taxes may reflect the square footage of the house and perhaps school zones, of which the comparable houses will be of similar square footage and should be the same school zone based on their location.  Potential buyers may have certain preferences in these regards, and annual taxes may influence a buyer's decision.
  • January 15 2014
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so these prices are based on actual comparable sales in the area, not property tax values?
  • January 15 2014
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Current home values are determined by the market.  When a home is listed, (preferably by a professional), an analysis is done.  That analysis takes into account what other homes in the surrounding area with similar amenities have sold for in the past.  Examples of these are, updated rooms and utilities, type of flooring, garage, pool or no pool, overall condition of the house, square footage, location of the property, etc.  A typical analysis may go back as far as three years, but could be more or less depending on how much activity there was in a certain area.

If values are not as high as you believe they should be that is because other buyers within the specified time frame of the analysis have decided that they are not willing to pay as much for a particular house, but would otherwise purchase that home if it were less, therefore previous home purchasers in the area are the ones who have determined the market value.

Conversely, if prices are going up that means that home buyers are willing to pay more for that house and ultimately that will affect how future homes listed will have their prices determined.
  • January 15 2014
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