The Local Records Office determines the fair market value for your property for both buyers and sellers in Pekin, Illinois. The home’s fair market value is the price it can sell in a perfectly logical world, and is where both the buyer and seller are both acting in their own free will. In other words, you need to take into account that they aren’t desperate to strike up a deal, and are reasonably aware of both the good and bad points of the home, as you can easily find a different home that will suit their needs better.
While an appraisal issued by the government, may be five years older or more and do not always provide a realistic property value. And it is important to keep in mind that their appraisals are not always accurate. With the internet giving you several resources to compare similar homes as a comparative market analysis for the month you are selling, or buying, it is important to also figure in other details such as price per square foot, the housing trends, and any extra add-ons your home may have.
Local Records Office Researches Pekin’s Homes Fair Market Value
-property tax assessments
-home insurance claims (whether a home has suffered any damage from a fire, flood or any other disaster) and the insurer will look into the FMV to determine the compensation
-refinancing a home loan, as the bank uses the home’s fair market value as a measure of what the home’s worth to determine refinancing terms
-estate sales; when a homeowner died and a relative wants to purchase the property, the court will determine the fair market value price
-when the government wants to “buy out” the homeowner to use the land, the owner will typically be compensated with fair market value
-short sale is when a home is worth less than what the owners owe on their mortgage. In this instance, the owners must persuade the lender to let the homeowners sell for an amount less than the balance of the home loan that they still owe.
The way fair market value is determined is with a licensed appraiser, where they gather and measure the qualities of the home, including size, condition, the neighborhood along with other factors. This information is then used by lenders, attorneys, insurance companies and other agencies to determine a fair price.
This is why homes are often sold for an amount far different from the figure given. Though all in all, it prevents home sellers and buyers from being taken advantage and it is worth knowing when you feel someone’s stance on the home value is far off base.
Comparable Homes Help Determine the Best Asking Pricing in Properties in Pekin, Illinois
The Local Records Office considers that there are many factors when considering pricing and as mentioned earlier, the “comps” or comparable homes of other properties in your area base on the similar square footage to help with determining the best asking price. As sellers are at often times stuck in finding a value for their property to attract the wide range of buyers and are looking to discourage lowball offers, there are also many other factors to consider when determining a price range that your listing should fall into.
When the appraisers determine the valuation they will typically select three or more homes with roughly the same number of beds and baths, square footage, the age of your home, or the comparable lot size sold in the past six months –ideally in the past 90 days. These comparable homes should also be located in a close proximity to the home being appraised.
Other factors also can affect a property’s value; such as local schools, the proximity to the city, public transportation, freeway noises, and the character of the surrounding community also need to be considered when asking for the best price for your property.
And in the current market, buyers are becoming more prepared to jump at the right opportunity; properties are receiving numerous offers and it important for buyers to be prepared with what the home value is and determine what they are willing to spend on the property. At the same time, it is also important to act fast, as buyers may outbid another player in the market and lose the property altogether.
The Local Records Office explains to buyers interested in today’s competitive market that “every minute is extremely valuable…which is why a homeowner needs to have all the elements in place before they look for their dream home. It is recommended that they make a budget, hire a reliable and trusted real estate agent, and prepare all of the financing and other documentation before they start their search.”
With the real estate industry having a reputation of being stressful since homeowners are unaware of what to expect when it comes down to the homes’ value, the professionals at the Local Records Office understands the importance of property value, how to lead you into determining the best asking price or offer when interested in purchasing a particular home and provides our clients with a property profile reports to ensure they are asking or offering a fair price for that particular real estate asset.
The reports the Local Records Office provides to its clients highlights a wide range of details that will also provide homebuyers a better idea of pricing and what the neighborhood is like before purchasing the home or even for sellers looking to support their asking price.
The Academic Performance Index (API) provides you a score of both the public and private schools in the area. The education report includes information regarding student teacher ratios, school addresses, the distance from home to the local schools, as well as the student grade populations.
Crime rates may also cause parents to rethink of moving into a certain area, as homebuyers are offered the most up to date reports by the Uniform Crime Report (UCR), this will help guide homeowners in knowing what types of crimes are happening, from assault, to motor vehicle theft, rape, theft and /or burglary.
The demographics of a new home will also give residents a feel of whether they fit in with their neighbors based on population, families, median age, age differences, and the average household income, as the Local Records Office property profile report will paint a better picture of a surrounding area and whether or not they share similar lifestyles with their neighbors.
Local foreclosures will especially assist with finding an accurate price point for a home, because the information of properties that are either in foreclosure process or the number of properties that have undergone, will give you a better insight to the area. The Local Records Office provides you all the information of these properties addresses, dates regarding auctions and notices of default.
The Local Records Office also provides you all the important back work for a one-time fee to acquire comparable homes, an assessor map, transaction history, property details, and the property real value to assist homeowners making the best decision before placing the best asking price or offer.
Buying a report with the Local Records Office is fairly simple. When you contact the company, be ready to have in hand the addresses of the properties, take a seat back and just wait. These reports will save your family the time, plus the heartaches of moving into the wrong community. This information will only help better prepare your family on making the next best move.