Scottsdale property values are influenced by several factors. The process of establishing the value of real estate in Scottsdale is essentially based on two key variables: economic conditions and physical property features. In the realm of real estate, Scottsdale Property Value is not the same thing as the property’s price. The property value, or fair market value, is an opinion or an estimate of what a home is worth. The price, however, does not always match the property’s estimated value. It may turn out to be either higher or lower depending on various negotiation tactics taken by the buyer and/or seller of the property.
In the broader picture, Scottsdale property value is greatly effected by social, economic, environmental and government impact. Fair market value is also determined by market trends and specific physical characteristics of the property, such as its size, location, age and condition. Location is a very important variable in determining property value in Scottsdale. The exact same home can be built in two different cities, but their market values will be extremely different. The fact that Scottsdale is considered a desirable place to live is taken into consideration in determining a home’s value there.
Just as with location, size also matters. When a home/property is put on the market for sale, the size, or square footage, of the property is one of the most important features taken into account to determine its value. The Maricopa County Assessor uses a property’s square footage to assign property taxes, an appraiser uses it to comply with financial requirements and real estate agents use square footage to generate comparisons in the market and to set asking prices.
For more information regarding Scottsdale property value,
contact Jan Green today at (602) 620-2699.