Why the Various Website estimates of value are wrong in Minot....
Why do you have that home priced so much higher than the website I found it on says it is worth? Â I hear this question often....
Minot area homes are worth much more than the various real estate sites that give estimates of value say they are.
"Why is that?" Â Probably because the sites that project an estimate of value use information they do not understand, and cannot, if they do not know Minot's history of values. Â When you base your estimate on facts without understanding those facts you come up with the wrong numbers.
If you were to check the county and city values of properties, you would find that the true and full value of properties that were flooded took a major hit. Â Property values on those flooded homes were devalued due to the destruction of the homes caused by the flood a year ago. Â
When you take approximately 4000 homes and devalue them, it would appear that the area is a depressed and low priced area, when in actuality, it is not. Â
True, flooded homes sell for less than homes that were not flooded. Some of those flooded homes which at one time may have been taxed at $100,000. (just as an example) sold when they were flooded, and unrepaired for $30,000. Â It looks bad for the community, but what those estimates do not take into consideration is that there are hundreds and hundreds of people who need homes, and the value of those not flooded has reached a level never seen before in Minot. Â
So if you are trying to figure out why a house is priced way above the amount showing as "THE ESTIMATE"........ it is priced that way because it actually IS WORTH way more than the estimate shows. Â
The Value of a home is what a seller is willing to sell for, and a buyer is willing to buy for....and what an appraisal by a licensed appraiser says it is.Â
Hope this helps...Good Luck with your home search....