Many customers looking to occupy their dream home, or sell their current one here at Smith Mountain Lake have inspired my thoughts for this blog post. Perhaps you have asked this yourself. What a great question, because as a general rule of thumb, assessed value is assumed to be “true market value”.
But is it?
As a Smith Mountain Lake Realtor, I am keenly interested in market statistics and tracking data. Every month I weigh in those two items and evaluate how they compare.
My analysis in a nut shell? It varies and it depends.
Multiple factors are at play. One being the fact that three Counties occupy Smith Mountain Lake, namely, Franklin, Bedford and Pittsylvania. The tax rates vary, as do the assessments. Other factors include days on market, seller motivation and circumstances, location of the home and quality of the upgrades, desirability of the lot and buyer expectation. Very occasionally, values are close to being equal to one another. Much more frequently however, pricing is either much higher or much lower than assessment. So this leads us to the most important question: How do you know if you are making a good investment?
Your REALTOR. If you are thinking about buying or selling here at Smith Mountain Lake, give me a call or send me an email! My top priority is helping my clients make informed, educated decisions while achieving their real estate goals.
Debbie Shelton
(540)-797-3177 (cell) or
email me at debbie@debbieshelton.com
