While assessed value and market value may seem similar, these numbers can be different—typically assessed value is lower—and they’re used in distinct ways as well. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and let’s clear up any confusion so you can use these terms to your advantage. A home’s market value often is a good starting point for all kinds of things. Listing agents use market value to help sellers come up with a fair asking price for their home. To arrive at an assessed value, the assessor (similar to a real estate agent) looks at what similar properties are selling for, the value of any recent improvements, and factor in what it would cost to replace your home in the event of any catastrophic occurrence. Check out below to see what sold in Lakes of Northville in June 2017:
41628 Waterfall Road, Northville: 4 bedrooms, 2.2 bathrooms, 2,100 sq. feet, 2 car garage, Sold Price: $360,000
Lakes of Northville Home Sold
June 2017
42188 N. Waterwheel Court, Northville: 4 bedrooms, 3 bathrooms, 2,300 sq. feet, 2 car garage, Sold Price: $380,000
Lakes of Northville Home Sold
June 2017
The bottom line is, don’t get bent out of shape if you hear your assessed value isn’t as high as you’d hoped. Assessed value is used mostly for property tax purposes. Home buyers and sellers, on the other hand, look more to market value instead. For more information on Lakes of Northville, or similar Northville or Novi neighborhoods such as Roma Ridge, Turtle Creek and Dunbarton Pines, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.