What is a Property Valuation Report?
A property valuation report is a detailed report of what your property would sell for in today’s market.
New York State’s Department of Taxation and Finance website states that “establishing your home’s market value gives you greater control over your property taxes, insurance premiums, and the sale or refinancing of your home.”
According to State law, the Department of Finance calculates your property’s value every year in order to calculate your property taxes for the next tax year. Every January, you receive a Notice of Property Value (NOPV) which can be contested if you disagree with the City’s assessment. Most property owners find that the City’s estimate of what their property is worth tends to be conservative.
In order to help property owners accurately value their property, The Real Sisters is offering to give a free property valuation report for a limited time.
There are several factors that determine a property’s current market value. These are:
- AGE– How old is your property? When was it built?
- IMPROVEMENTS – Have you done any upgrades to the property? Made any structural changes?
- CONDITION – What’s the current physical state of the property?
- LOCATION – Is your property a designated landmark or fall within a landmark district? Perhaps it is located near a desirable school district? Perhaps it is easily accessibly by public transportation? Perhaps near cultural institutions or near a park or cafes, shopping area, etc…?
- NEIGHBORHOOD – This refers to a targeted area which hold specific, identifiable characteristics set both socially as well as more rigidly by local authorities. What’s interesting to note here is that properties in a neighborhood tend to appreciate by approximately the same amount per year. Investopedia explains this best: “Envision two functionally sound houses on equal land parcels in the same neighborhood, one valued near the maximum for houses in that neighborhood and another trading at half that price….If the more expensive house appreciates by 10% (not including any specific improvement or capital projects), this would be equivalent to a 20% return for the other – a much more efficient use of investment capital.”
- MARKET – In a nutshell, this refers to supply and demand. What are buyers currently paying for properties similar to yours? And, how many properties like yours are currently on the market? This is best shown via a Comparative Market Analysis (CMA).
In addition to including the above criteria in The Real Sisters Valuation Report, you will also get the following:
- Charts specific to your neighborhood indicating: total monthly properties currently on the market, total monthly properties currently under contract, total monthly contracts signed, median days a property is on the market prior to being sold, monthly median listing discount, and the monthly total of new properties that have just been listed for sale.
- Proven Marketing Strategies that sell your property faster and at its highest financial value
For a limited time, click HERE to receive a free fully-tailored and personally-customized property valuation report from The Real Sisters.