Stockman Farrar Group - REALTY EXECUTIVES | Waltham, MA Real Estate, Watertown, MA Real Estate


Two terms that you may have heard when talking about real estate is fair market value and assessed value. These two terms are not the same or even interchangeable terms. 


The assessed value of a home can often be higher than the price the house is being sold. These properties can often be seen as a “bargain” in the real estate community. The problem is that this is often a red flag. The property may be overassessed by the town which means the taxes are higher than necessary. 


Homes can also be listed at a higher price than the assessed value. Contrary to popular belief, a low evaluated cost doesn’t mean that the value of the home is less than the asking price. The asking sale price for a property is based on many factors, none of which are what the town deems the property is worth. 


Fair Market Value


Fair market value is what a buyer is willing to pay with no outside influence. As a homeowner, the best way to determine the fair market value of your home is to look at what’s real estate agents call a “Comparative Market Analysis” or CMA. The agent will look at similar properties in the area that have recently sold- generally within the last six months. This analysis will often include things that the assessor doesn’t take into account when pricing a home.


The Appraisal


When you buy a home, and the appraisal is done for the lender when the buyer is obtaining a mortgage, the purpose is specific. The lender is protecting themselves and the buyer. The lender wants to be sure that the property they are lending money on has a value greater than or equal to the purchase price of the home. Appraisals are also done in this manner when homeowners are refinancing the house. 


Challenging Assessed Values


Often, homeowners will buy a property and then later challenge the assessed value of a home for tax purposes especially if the owner feels that the assessed value is worlds apart from the fair market value of the home. If you believe that the assessed value is out of sync with the fair market value of the house and out of line based on the values of another home in the town, you need to file what’s called a tax abatement. Your city or town hall has all of the necessary information for submitting these forms. From there, each city and town has their own timelines for how long the tax assessor has to address this.                  


Rare and unique brick front ranch in immaculate condition with two flexible levels of living space. The main level has beautiful hardwood flooring throughout, three generous sized bedrooms, a remodeled full bath, and large bright living room with fireplace and bow window. The lower level features a family room that stretches the length of the house, a remodeled 3/4 bath and a corner kitchen with plenty of cabinets with walk-out to back yard patio. Great potential for in-law suite renovations. Many upgrades including central air conditioning, high efficiency boiler, updated electrical panel and newer 2011 roof. Situated in a desirable Watertown neighborhood convenient to public transportation and downtown Boston. Open house 7/14 and 7/15 12-2 p.m.

More Info on this Property | New Listing Alerts


30 Granville Rd, Cambridge, MA 02138

West Cambridge

Condo

$609,000
Price

5
Rooms
2
Beds
1
Baths
Highly desirable Huron Village location. This well-maintained condo features 5 rooms, 2 bedrooms and 1 bath. The kitchen has been updated, there are hardwood floors throughout , a dining room w/built-in china cabinet, and private rear porch overlooking small yard. There is updated electrical, newer furnace & replacement windows. There is also basement storage & private laundry. Very low condo fee paid quarterly . Great for those looking for first floor living. Perfect investment property or for owner occupant. Short distance to many retail shops, Fresh Pond Recreation area, and transportation to Harvard Sq., Red Line T Station and Boston.
Open House
Sunday
July 15 at 12:00 PM to 1:30 PM
Cannot make the Open Houses?
Location: 30 Granville Rd, Cambridge, MA 02138    Get Directions

Similar Properties



Rare and unique brick front ranch in immaculate condition with two flexible levels of living space. The main level has beautiful hardwood flooring throughout, three generous sized bedrooms, a remodeled full bath, and large bright living room with fireplace and bow window. The lower level features a family room that stretches the length of the house, a remodeled 3/4 bath and a corner kitchen with plenty of cabinets with walk-out to back yard patio. Great potential for in-law suite renovations. Many upgrades including central air conditioning, high efficiency boiler, updated electrical panel and newer 2011 roof. Situated in a desirable Watertown neighborhood convenient to public transportation and downtown Boston. Open house 7/14 and 7/15 12-2 p.m.

More Info on this Property | New Listing Alerts

When you’re looking to sell your home for a great price, there are a few things that you can do to give the sale an edge. All of the ideas you’ll find below are inexpensive yet effective for sprucing your home up fast.


Hide And Brighten What You Can


Do you have an old, lumpy sofa, an old, unsightly lamp, or a scratch on the wall? You can easily cover these things up without making any major changes. Use a slip cover, some touch-up paint, or even new bedding to help brighten any room or furnishing. You could even consider adding new window treatments or additional lighting to assist in giving your home a refreshed look. As a rule of thumb: If it looks old and you can’t remember when you last replaced the item, you should probably replace it.    



Use Paint Strategically


With the right paint, you can accentuate or downplay the features of a room including fireplaces and windows. Portions of the room that would otherwise be lost can be highlighted with the right use of color. 


Make The Room Seem Larger


Do you have low ceilings or small rooms? You can make the room seem larger just by making use of vertical lines or using the higher spaces in the rooms of your home. Easily mount shelves on your walls in order to store things to give the room the illusion of having more space.


Deep Clean


Your home can look like a new place when you take the time to deep clean the area. Don’t miss out on any part of any room. Use a little elbow grease and pay attention to neglected areas like the pantry, laundry room, and refrigerator. Get rid of any odors in the home. Potential buyers will definitely notice if things don’t smell right upon entering the house. You can use natural cleaners made of baking soda, vinegar, and lemon juice in order to freshen up everything from rugs to toilets. This stage of the makeover process may take you some time, but it’s definitely worth it. 


Don’t Forget The Little Touches


Adding in little things before an open house can also make a big difference. Put some fresh flowers on the table. Light some candles. Fluff the pillows. Take the time to remove unnecessary items from the counters and tables as well. The less cluttered the home looks, the better. Buyers like open spaces, but they also like to be able to see themselves in the space and you can help them to do just that.              

    





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