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Market Conditions in University Park : Real Estate Advice

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Activity 1
Fri Sep 23, 2011
Alex Krumm answered:
Hi, Joe -

It depends on what you're asking.

'Market Value' is defined as 'the value an arms-length buyer will pay for a home on the open market.' 'Just Market Value' (which is the term used in county tax purposes) is defined as 'some number the county thinks your home is worth, and that is hopefully in the general ballpark'.

Many buyers make the mistake of looking at the tax value and trying to divine some kind of price conclusion from it. In Florida, tax appraisers very rarely drive past the homes they're appraising, much less visit the interiors; there is no real basis in fact for tax values.

The only reliable way to determine a property's value is to look at the comps, make adjustments for features based on recent sales, and figure out what a home is worth to you.

Alex Krumm
Re/Max Alliance Group
Broker Associate
GRI, Certified Distressed Property Expert
Winner, Five Star® Best In Customer Satisfaction: 2010, 2011

941-234-3597 Direct
941-954-5454 Office
941-341-0192 Fax

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