Mille Lacs County MN home value estimate

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Here are the most frequently asked questions about selling a home in Mille Lacs County

 
 
 
11 factors that affect property value
  • Location. The location of a property is the most obvious factor that affects how much a property is worth. …
  • Supply and demand. …
  • Interest rates. …
  • Economic outlook. …
  • Property market performance. …
  • Population and demographics. …
  • Property size and features. …
  • Aesthetics.
We’ve outlined some of the most important factors that influence your home’s value:
  • Neighborhood comps. …
  • Location. …
  • Home size and usable space. …
  • Age and condition. …
  • Upgrades and updates. …
  • The local market. …
  • Economic indicators. …
  • Interest rates.

Having short sales and especially foreclosures on your street decreases the value of your home. Even if they are not direct comparables, as in same square footage and the number of bedrooms and baths, they are in your immediate neighborhood, so can make the entire area depreciate in value.

For most major markets, the Zestimate for on-market homes is within 10% of the final sale price more than 95% of the time. The nationwide median error rate for the Zestimate for on-market homes is 1.9%, while the Zestimate for off-market homes has a median error rate of 6.9%.

According to Redfin, its estimates are approximately 76% accurate within 5% of the sales price for listed homes. By comparison, Zillow says it’s 82% accurate within 5% of the sale price for listed homes. That’s a difference of about 6.5 percentage points for Redfin’s listed homes, compared to Zillow.

For most major markets, the Zestimate for on-market homes is within 10% of the final sale price more than 95% of the time. The nationwide median error rate for the Zestimate for on-market homes is 1.9%, while the Zestimate for off-market homes has a median error rate of 6.9%.

The main difference between Realtor.com home values and Zillow Zestimates is that Zillow uses its own program to create a Zestimate, while Realtor.com uses several 3rd parties to provide multiple home values.

 

 

Trending Zip Code Market Data

Median Listing
Home Price
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$/SqFt
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$380K
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$309.9K
$170

 

Get a free instant home value estimate with the Mille Lacs County Home Value Estimator.

Backed by a state-of-the-art algorithm and hundreds of thousands of data points, we can provide a market price estimate for more than 90% of residential properties in Minnesota.

Best Way To Value How Much Your House Is Worth In Mille Lacs County?

The best way to value your home is to check and compare the sold prices of similar homes around you. Property type, square footage, age, location, renovations, and much more can impact your home’s market price.

Factors Involved in Your Mille Lacs County Home’s Value

Location Location is one of the most important determinants of a home’s value. You can check the prices of properties around you to get a ballpark estimate of your home’s value. Property Type In North America, detached and semi-detached homes are generally valued more highly than condo apartments and high-rises.

Size The size of your home plays a big role in your home’s value. Be sure to differentiate between livable space and other structures like garages or balconies. Age and Condition Older homes generally have lower valuations due to the higher costs of maintenance and heating costs.

Some decades can be infamous for the use of certain building materials such as asbestos or Poly-B plumbing. Upgrades and Renovations Remodeling and new appliances can significantly increase the value of your home. You can check the estimated payback and appeal of a project using the NAR 2019 report on remodeling.

Interest Rates

Interest Rates Lower interest rates can help buyers afford more expensive homes with the same mortgage payment. You can find the best mortgages rates in Minnesota on vanmillrealestate.com. Local Market Activity Your neighborhood prices can follow trends in your regional housing market.

Check how your local housing market is doing with our Housing Market Report.

Other Ways You Can Estimate Your Property Value

If you are up for the work, there are other ways that you can try to estimate your property value. However, these methods may not be accurate and can take a lot of your time. We recommend working with an agent that already has in-depth experience with properties in your neighborhood.

Look up the prices of similar properties in your neighborhood

You may be able to find homes in your neighborhood that are listed for sale on websites like Realtor.com or Redfin.com The asking price of these listings can give you a good picture of roughly how properties are valued in your area.

However, it can be tough to find a property that’s exactly the same as yours and even then, the asking price may not represent the real sold prices in the area.

This is especially true in the Twin Cities Area where some home sellers list their homes for lower prices in order to encourage bidding wars. In addition, some homes may be overpriced and could have stayed on the market for a long time. It can take a lot of time and work to get an estimate using this method.

Use your home’s assessed value as a rough estimate

The assessed value of residential properties is usually based on the estimated market value of the property. While standards differ from province to province, the assessed value of your property can give you a starting point for your valuation calculations.

At vanmillrealestate.com, we have analyzed countless homes across Minnesota and created a simple-to-use tool based on our data to help you estimate your property’s market price using only a few inputs.

Estimate your property’s market price from its assessed value.

Check trends in your local or regional real estate market

By analyzing real estate market trends, you may be able to get a rough estimate of your home’s value by considering how much prices have grown since you bought your home.

For example, if you’ve owned your home for five years and property prices in your area have grown by 10% that time, you can use your original home price + 10% as a general ballpark of what your home should be worth. For an accurate estimate, however, you would still be better off with a free no-obligation consultation with a real estate agent.

How Do Appraisers Determine How Much Your House Is Worth?

An appraisal is a process that is conducted by an impartial and certified professional in determining the value of your home. They are import for buying, selling and even refinancing a home.

The appraiser considers a range of factors from the market value of comparable homes, also known as comps, to internal home construction.

The factors are shown below:

External Factors considered in an Appraisal:

  • Type of neighborhood – rural, suburban or urban
  • Location & neighborhood
  • Zoning
  • Size of property
  • Availability of public utilities

Internal Factors considered in an Appraisal:

  • Size of the home (square footage)
  • Quantity – bedrooms, bathrooms and storage
  • Quality of fixtures
  • Utilities
  • Foundation & structural integrity
  • Type of material used for surfaces

 

Location Location is one of the most important determinants of a home’s value. You can check the prices of properties around you to get a ballpark estimate of your home’s value. Property Type In North America, detached and semi-detached homes are generally valued more highly than condo apartments and high-rises.

Size The size of your home plays a big role in your home’s value. Be sure to differentiate between livable space and other structures like garages or balconies. Age and Condition Older homes generally have lower valuations due to the higher costs of maintenance and heating costs.

Some decades can be infamous for the use of certain building materials such as asbestos or Poly-B plumbing. Upgrades and Renovations Remodeling and new appliances can significantly increase the value of your home. You can check the estimated payback and appeal of a project using the NAR 2019 report on remodeling.

Interest Rates

Interest Rates Lower interest rates can help buyers afford more expensive homes with the same mortgage payment. You can find the best mortgages rates in Minnesota on vanmillrealestate.com. Local Market Activity Your neighborhood prices can follow trends in your regional housing market.

Check how your local housing market is doing with our Housing Market Report.

Other Ways You Can Estimate Your Property Value

If you are up for the work, there are other ways that you can try to estimate your property value. However, these methods may not be accurate and can take a lot of your time. We recommend working with an agent that already has in-depth experience with properties in your neighborhood.

Look up the prices of similar properties in your neighborhood

You may be able to find homes in your neighborhood that are listed for sale on websites like Realtor.com or Redfin.com The asking price of these listings can give you a good picture of roughly how properties are valued in your area.

However, it can be tough to find a property that’s exactly the same as yours and even then, the asking price may not represent the real sold prices in the area.

This is especially true in the Twin Cities Area where some home sellers list their homes for lower prices in order to encourage bidding wars. In addition, some homes may be overpriced and could have stayed on the market for a long time. It can take a lot of time and work to get an estimate using this method.

Use your home’s assessed value as a rough estimate

The assessed value of residential properties is usually based on the estimated market value of the property. While standards differ from province to province, the assessed value of your property can give you a starting point for your valuation calculations.

At vanmillrealestate.com, we have analyzed countless homes across Minnesota and created a simple-to-use tool based on our data to help you estimate your property’s market price using only a few inputs.

Estimate your property’s market price from its assessed value.

Check trends in your local or regional real estate market

By analyzing real estate market trends, you may be able to get a rough estimate of your home’s value by considering how much prices have grown since you bought your home.

For example, if you’ve owned your home for five years and property prices in your area have grown by 10% that time, you can use your original home price + 10% as a general ballpark of what your home should be worth. For an accurate estimate, however, you would still be better off with a free no-obligation consultation with a real estate agent.

How Do Appraisers Determine How Much Your House Is Worth?

An appraisal is a process that is conducted by an impartial and certified professional in determining the value of your home. They are import for buying, selling and even refinancing a home.

The appraiser considers a range of factors from the market value of comparable homes, also known as comps, to internal home construction.

The factors are shown below:

External Factors considered in an Appraisal:

  • Type of neighborhood – rural, suburban or urban
  • Location & neighborhood
  • Zoning
  • Size of property
  • Availability of public utilities

Internal Factors considered in an Appraisal:

  • Size of the home (square footage)
  • Quantity – bedrooms, bathrooms and storage
  • Quality of fixtures
  • Utilities
  • Foundation & structural integrity
  • Type of material used for surfaces

If you’re ready to sell your home, congratulations! At Fish MLS Realty, we are happy to help list your home for sale and help you leverage your home equity. Please contact us to discuss options and connect with a local real estate agent.

Mille Lacs County Assessor Daryl Moeller updated the board of commissioners on county assessments during a May 18 work session.

Moeller stated that valuations on lake property in the county have gone up 11% from last year and 20% in the real estate market.

County commissioner Phil Peterson questioned, “Even with the signs going up?”

 

Moeller responded, “Yes. It’s mainly East Side and Kathio Townships which have gone way higher compared to other areas. It went up 20% on the lake (Mille Lacs). Wahkon didn’t see much of an increase. This was based on sales from last year and are now at 90 percent for valuation.” East Side Township property valuation as a whole has gone up 11.63% from 2020, and Kathio has increased by 9.46%.

Moeller said that agricultural property was pretty close to market value. “We’re at about 100% and stayed at 100%,” he said. “With the lakeshore properties going up and having pretty big adjustments in Milaca and Princeton, stopping at 93.5 percent was a good spot.”

He said that the office doesn’t have any other court cases with the Walmart in Princeton, referring to the recent court case where Walmart brought the County to court over the store’s valuation. “Walmart was valued at $5.4 million to 6.2 million. I feel it’s still undervalued when Shopko is worth $6.8 million. It’s just a matter of time before they’ll take us to tax court,” said Moeller.

Milaca, Princeton and other Mille Lacs County cities

The total 2021 estimated market value for all Mille Lacs County properties is approximately \$2.8 billion and includes all real estate, mobile home and personal property parcels, not including tax exempt properties. The total 2021 tax capacity is $26 million, compared to $24.5 million in 2020. Residential property brings in 56.8% of the property tax revenue, agricultural property brings in 18.3%, seasonal property brings in 13.7%, and Commercial/industrial/apartments bring in 11.2%.

Princeton brings in the biggest slice of the pie with 11.74% of the total, and Princeton Township at 9.1% of the total, with South Harbor Township bringing in the next highest percentage at 7.29%.

 

By city, Milaca’s overall valuation has increased by 6.04%, Princeton by 11.07%, Foreston by 12.24%, Isle by 7.6%, Onamia by 4.91%, Bock by 6.4%, and Pease by 16.9%. Wahkon had a decrease of -1.68%.

Assessment process

As far as the assessment process, Moeller said that the county assessor estimates the value of every property as of January 2 of each year.

“For the 2021 assessment, we analyzed sales that range from October 1, 2019 through September 30, 2020,” said Moeller. “When we calculate a sales ratio, we take the assessed market value and divide by the sale price. If the median sales ratio is outside of the required 90%-105%, our office needs to raise value when the ratio is below 90% or lower value when we are over 105%.”

He added that the assessor’s office uses the median ratio because it indicates the middle of the ratios and is not affected by outlier ratios. When the county assessor makes market adjustments to properties, they do so on a mass scale so that similar type properties will be treated the same, he said.

The assessors in the office are also required to physically view each property once every five years. During this timeframe, some of the items that they are looking at are quality, square footage, style, age, and amenities of all buildings on a property. “Having accurate information on a property will allow us to make proper adjustments, so that we are as close as possible to market value,” said Moeller.

Moeller added that the county assessor has some degree of flexibility when determining values of properties. “We need to make sure that we are treating everyone as fairly and equitably as possible,” he said. “Similar properties should have similar valuations. And we should be as close to the market value of the property as we can be.”

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