Like many suburbs, Golden Valley is a unique housing market with many different nuances that tend to impact values. Because of this, it is important to engage the services of an appraiser who is familiar with the area. Following are a few things to consider when appraising a home in Golden Valley, MN.
One factor appraisers should analyze when valuing a home in Golden Valley is its school district. Homes in Golden Valley lie within two school districts: Robbindsale (ISD 281) and Hopkins (ISD 270).
Ideally, your appraiser will select comparable sales from within the same school district as your property. However, it in certain cases your appraiser will need to utilize comparable sales outside your school district, in which case an adjustment for location may be necessary. How much of an adjustment depends on a variety of different factors. For example, condominiums and small homes that are less likely to be occupied by families may not be impacted to the same degree as homes with 3 or more bedrooms.
The value of homes in Golden Valley may be also be impacted by their proximity to industry, rail, and traffic. Golden Valley has active rail lines, and many homes in the area either abut or are located within close proximity to these railways. The same can be said of homes that abut or are located within close proximity of major highways, including Interstate 394, Highway 55 (Olson Memorial Highway), and Highway 100.
Generally, there is some market resistance to homes in close proximity to rail and traffic. However, market resistance does not necessary mean a property’s market value will be impacted. Sufficient demand and/or a longer exposure time may mitigate these factors.
Access to major highways may also be a benefit to a certain market participants, as these linkages provide residents and homebuyers shorter commute times and good access to retail opportunities.
As always, it is important to engage the services of a well-qualified appraiser with experience appraising in your local market.
If need an appraisal of a home in Golden Valley, you may obtain a fee quote online or contact Orion Appraisals at (612) 584-0143.
Orion Appraisals is a Minneapolis-based real estate appraisal firm that specializes in the valuation of homes in Golden Valley, MN. Our appraisals are used for a variety of purposes including:
By selecting Orion Appraisals for your valuation needs you’ll receive a highly-informative and easy to read appraisal product.
Our appraisers are experts at appraising homes in Golden Valley. We are often hired by homeowners, attorneys, andthe Hennepin County courts to perform expert valuations on homes in Golden Valley.
Our team consists of experienced Certified and Licensed Appraisers as well as talented support staff. Our President, Joe Sullivan, has also obtained his MAI designation. The MAI designation is a prestigious designation awarded by the Appraisal Institute to those appraisers that have shown a high level of appraisal expertise through a series of coursework, exams, demonstrations, and experience hours.
We specialize in preparing appraisal reports for non-financing purposes. Most home appraisers work almost exclusively for financial institutions, which have different reporting requirements than property owners, the IRS, and the courts.
So, what’s happening to home values in Golden Valley? That’s a question with as many different answers are there are homes in the city. However, there are several tools homeowners can use to get a good idea of what is happening with the housing market in their area.
Appraisers and economists determine housing market conditions by analyzing a variety of different metrics in a given market area, including median sales price, median sales price per square foot, and months supply of housing. While these are sometimes general and simplistic measures, they are good overall indicators of what is happening with current housing trends in your area.
Note: These housing statistics are updated monthly, so please check back often!
The median price per square foot is based on a home’s total finished square footage, as opposed to it’s total area or it’s above-grade finished area (gross living area.)
Looking for more nuanced information? Contact us or obtain a fee quote for an appraisal from Orion Appraisals and we’ll analyze housing trends in your neighborhood and tell you the market value of your home.
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