The Northwestern Wisconsin real estate market is always changing, and so is the market value of your home! Here’s what homeowners should know about property value estimates.
Northwestern Wisconsin homes can pose a challenge when it comes to finding sales comparisons. Unlike urban areas, our home sales comparisons may be spread out around the county, instead of clustered in the immediate neighborhood. This is especially true for lakefront properties, rural homes and raw land.
This is the same reason why automated estimates by Zillow or other online portals are only a ballpark figure. Automated valuations don’t take your home condition into account, nor the desirability of your home’s location, or its unique amenities.
The same goes for your home’s property tax appraisal value, and its value estimate for insurance. These reviews are done about once a year, and lag behind the current market activity.
Formal appraisals, like those ordered when you purchase or refinance a home, are very detailed. The problem is, they can cost around $500. While the appraisal may be accurate for the moment, the market conditions will march on, and soon render it out-of-date. Also, the accuracy of the appraisal depends on the sales comparisons used in the analysis.
Your home value is a moving target. It is affected by the recent sales prices of similar properties in the area. To find your current home value, your best bet is to obtain a home valuation from the friendly folks here at Six Lakes Realty. We will look at the interior and exterior, note the amenities and condition, and run the latest sales comparisons for you. We’ll show you the current price range of your home, and explain how it fits against other homes on the market.
Six Lakes Realty
Office: (715) 924-4806