Omaha Real Estate

What's the Value of My Home?

What's the Value of My Home?

A common question Omaha homeowners have is, "What's the value of my home?" The answer is, it depends on what the purpose of the valuation is. A home has different values based on what the use of the value is. Theses values can move in opposite directions since each has a different meaning.

The first and most common value of a home, and the one most people think of, is its market value. This is the price at which a ready, willing, and able buyer would be willing to pay for the home. Until a home is sold, then this value can be approximated by comparing the property to other recent sales. Even if one is not thinking of selling, knowing this amount helps a person track their net worth.

The most misunderstood value is the county's assessed value. This is the value the county assigns in order to determine the amount of real estate taxes to be collected from the owner each year. While it is meant as an approximation of market value, counties uses mass appraisal techniques and very general information to arrive at the assessed value. Because of this, these numbers have a wide margin of error.

Replacement value is the cost to rebuild a home should it be destroyed. This value is generally only used by insurance companies and indicates how much money an insurance company would pay a homeowner in the event the home were destroyed. Since replacement value is based on construction costs, not the real estate market, it is possible for it to go up while the market value declines.  It is important to periodically review the replacement value to ensure adequate coverage. It is also critical to understand that the replacement value is just for the house, most insurance companies only cover the contents of the home for their cash value.

 

Market value, assessed value, and replacement value are each distinct and are used for diverse purposes. Understanding each is important when making decisions regarding one's home. 

What's the Value of My Home?
share
What's the Value of My Home? A common question Omaha homeowners have is, "What's the value of my home? " The answer is, it depends on what the purpose of the valuation is. A home has different values based on what the use of the value is. Theses… more
NEW LISTING! Omaha Home for Sale in Westin Hills West
share
Gorgeous ranch in Westin Hills West is move-in ready and impressive from the start with professional landscaping and mature trees. Covered entry invites guests into this captivating home. Living room with fireplace opens to an elegant kitchen… more
NEW LISTING! Omaha Home for Sale in Hanscom Place
share
Alluring 2 story with a large inviting covered front porch opens to a gorgeous living room with fireplace and a plethora of updates. Kitchen has new ceramic tile flooring, stainless steel appliances, countertops and glass tile backsplash… more
NEW LISTING! Omaha Home for Sale in Center Park
share
Beautiful 3 bedroom, 3 bathroom home, in West Omaha’s desirable Center Park subdivision with private backyard, fully fenced and no neighbors to rear. Includes a plethora of updates like new paint (inside and out), flooring, fixtures and… more
NEW LISTING! Omaha Home for Sale in Westridge
share
BUY THIS HOME & HAVE NO PAYMENTS FOR UP TO 6 MONTHS, CALL 402-676-6700. Truly impressive ranch in Westgate area. This home is move-in ready and completely updated. NEW EVERYTHING - new paint, carpet, ceiling fans, flooring, fixtures… more
NEW LISTING! Omaha Home for Sale in Harvey Oaks
share
Live in Harvey Oaks, one of the most popular and established neighborhoods in Millard. New interior and exterior paint and new carpet means you can move right in to this beautiful home. The kitchen features new counters, dishwasher, microwave… more
Qualify Buyers Before Accepting Their Offer
share
Qualify Buyers Before Accepting Their Offer When selling a home, one of the most important aspects of the selling process is to qualify buyers for their ability to complete the purchase. This is one of the key reasons that sellers seek… more
NEW LISTING! Omaha Home for Sale in Murphy's
share
Alluring 1. 5 story on a beautifully landscaped lot with mature trees, flower garden and extended driveway invites you into a living room enhanced with the natural light of large windows, warmth of a gas fireplace and gorgeous floors. Beautiful… more
Thanks to TJ Jackson at BHHS Ambassador Real Estate.
share
TJ wrote an offer on a property I was representing at 7729 S 162 Ave in Millard Park South and the sale just closed. It takes more than comprehensive marketing and outstanding service to sell a home. It also requires a competent agent on… more
I want to thank JD Erb with BHHS Ambassador Real Estate.
share
The sale of a property I was representing in the Greenbrier subdivision of Elkhorn at 21422 Greenbrier Dr closed and the buyer was represented by JD Erb. If it were not for good agents like JD, then I wouldn’t be able to sell over 50 homes… more