by Farley Webmaster | May 8, 2018
According to the National Association of Realtors, staging a home prior to listing it can result in a faster and more profitable sale.1 In fact, the Real Estate Staging Association estimates that professionally staged properties spend 73 percent less time on the market, receive more foot traffic, and typically sell for more money.2
Following are 10 tips you can use to get your home “show ready” prior to hitting the market. These easy and cost-effective ideas will help your house look its best—and help buyers visualize themselves living there. Even if you’re not currently in the market to sell, you can use these tactics to breathe new life into your existing home decor.
To get a plan customized for your particular property, give us a call to schedule a free consultation. We’d be happy to share our insider knowledge of the buyer preferences in your neighborhood … so you’ll know where to focus your time, money and energy to maximize your results.
1. REMOVE CLUTTER
Decluttering is typically the first thing we tell clients to do to prepare their home for sale. And according to the National Association of Realtors, a whopping 93 percent of agents agree.1Decluttering is the act of removing excess “stuff” from your home to make it appear clean and spacious.
Overflowing closets and cluttered countertops can make your house feel small and cramped. In contrast, sparsely-filled closets and clear countertops will make your home appear larger and assure buyers that there will be plenty of room to store their belongings.
Don’t neglect drawers, cupboards and even your refrigerator in your decluttering efforts. Serious buyers will check out every nook and cranny of your home, so pack up anything you don’t use on a daily basis and store it off site. The same goes for jewelry, sensitive documents, prescription medication, firearms and other items of value. Store them in a locked safe or storage unit before opening your property to buyers.
Make sure any items that remain are clean, tidy and well organized. The good news is, when it comes time to move, a large portion of your packing will be done!
2. DEEP CLEAN AND DEODORIZE
From carpets to bathrooms to appliances, having a clean home is a MUST. If you’ve ever checked into a dirty hotel room, you can imagine how buyers can be turned off by a home that hasn’t been thoroughly cleaned.
If you have a large home, or are short on time, you may want to invest in a professional cleaning service. And if you have carpet, we generally recommend you rent a steam cleaner or hire a company to clean your carpets for you.
In addition to cleaning, it’s equally important to neutralize odors in your home that can be off-putting to buyers, especially pet smells and cigarette smoke. If the weather allows, open your windows and let in fresh air. Empty the trash frequently, and especially before a showing. Avoid cooking any strong-smelling food such as fish or heavy spices. You may need to clean (or remove) drapes and upholstery if odors are particularly strong.
Try to keep your home in clean, show-ready condition while it’s on the market. You never know when a potential buyer will want to drop by for a viewing.
3. DEPERSONALIZE
Your family photos and personal mementos are often your most treasured possessions. For many of us, they are what make a house a home. However, buyers will have a hard time envisioning themselves living in a place if it feels like YOUR home.
Pack up any items that are personal to you and your family, such as photos, books, children’s artwork, travel souvenirs and religious items. Collectibles and excessive knickknacks can be distracting to buyers. Instead, keep your decor items minimal and generic to appeal to the largest number of buyers.
4. NEUTRALIZE YOUR COLOR PALETTE
Along those same lines, bold color choices may not appeal to all buyers. By incorporating a neutral color palette throughout your home, buyers can better visualize the addition of their own furniture and decor, which may contrast with your current color scheme.
But don’t limit yourself to white and beige. Incorporating earth tones and midtone neutrals—like mocha and “greige” (grey-beige)—can add a touch of modern sophistication to your decor.3
One of the quickest and most cost-effective ways to neutralize your home’s decor is with paint. Walls painted in dark, bold or bright colors can turn off buyers. A fresh coat of paint in a neutral color like greige (try Benjamin Moore’s Revere Pewter) or warm white (such as Kelly-Moore’s Rotunda White) offers a clean palette upon which buyers can visualize adding their own personal touches.4
If your sofa is worn, stained or has a bold pattern, consider purchasing a neutral-colored slipcover. Dated or overly busy window coverings should be taken down or replaced. Instead, bring in tasteful pops of color with throw pillows and accessories.
5. INCREASE YOUR CURB APPEAL
You only get one chance to make a first impression. According to a 2017 report by the National Association of Realtors, 44 percent of home buyers drove by a property after viewing it online but did NOT go inside for a walkthrough.5That means if your curb appeal is lacking, buyers may never make it through the door.
Walk around your home and look for any neglected areas that might seem like “red flags” to buyers, such as missing roof shingles or rotted siding. Trim trees and shrubs if needed, and make sure your lawn and flower beds are well maintained. Add some colorful flowers to your front beds and/or flower boxes to brighten up your landscaping.
Make sure the exterior of your home is as clean as the interior. This can often be accomplished with a simple garden hose. But if your siding, walkway, or driveway are stained or dingy, you may want to rent a pressure washer.
Thoroughly wash windows and screens, and remove and store dark solar screens if you have them. Open shutters, curtains and blinds, which will not only make your house look more inviting from the outside, it will brighten the inside.
Consider a fresh coat of paint on your front door, trim and shutters. And small, cosmetic improvements like new house numbers, a colorful wreath and a clean front doormat can have a big impact.6
6. FRESHEN KITCHENS AND BATHS
Kitchens and bathrooms will show better and appear larger if all items are cleared from the countertops, except for one or two decorative pieces.7You should have already packed up non-essentials during your decluttering process, and the remaining items should be neatly stored in pantries and cupboards.
If your cabinets are dingy or outdated, adding a fresh coat of paint and new hardware is an easy and inexpensive way to make them modern and bright. Consider purchasing new shower curtains, bath mats and towels for the bathrooms and new dish towels for the kitchen.
Before each showing, make sure kitchens and baths are spotless and trash cans are empty and out of sight. To add a comforting aroma, try baking cookies, or in the fall, simmer some cinnamon sticks and cloves in a pot of water before you leave the house. In the spring, try a vase of fresh cut lilacs.7
7. SET THE TABLE
Buyers often imagine hosting family gatherings in their new home, and the dining room plays a large role in that vision. If your dining room chairs are stained or outdated, you may want to recover them or use slipcovers. In most cases, an imperfect table can be camouflaged with a neutral and stylish tablecloth.
Be sure the table is centered underneath the chandelier and on the area rug if you’re using one. If your dining room is small, remove all other furniture and leave only four chairs.8
Dress up the table using nice tableware and cloth napkins or a table runner and centerpiece. For a long table, try lining up a series of small vessels down the middle.
8. REARRANGE FURNITURE
Start in your living room and think about what you want to emphasize (and de-emphasize) about the space. For example, do you have a beautiful fireplace or a stunning view? If so, arrange the furniture with that focal point in mind. Use a symmetrical seating arrangement to create a cozy conversation area adjacent to the focal point.
If the room is small, consider removing some of the furniture to make it feel larger, especially oversized pieces. That includes oversized television sets, unless it’s a designated media room. Pulling furniture away from the wall can make the room feel more spacious, and placing your largest furniture piece in the far-left corner (as opposed to near the entry) can create the illusion of a larger space.9
For small bedrooms, remove all the furniture except the bed, bedside tables and a dresser. If it’s a large room, add one or two chairs and a table to create a seating area. Place lamps on the bedside tables and seating area if you have one.10
Make sure each space in your home has a clearly defined purpose. For example, if you’ve been using an extra bedroom as a catch-all storage space, stage it as a guest room or office instead. Turn an awkward alcove into a workstation or a reading corner. Help buyers imagine how they could use the space themselves.3
9. LIGHTEN UP
Lighting can have a drastic impact on the look and feel of a home. Few buyers seek out a dark house; most prefer one that’s light and bright. Make sure windows are clean, and open curtains and blinds to let in the maximum amount of daylight.
Each room should have three types of lighting: ambient (general or overhead), task (such as a reading lamp or under-cabinet light), and accent (such as a floor or table lamp). Aim for a goal of 100 total watts per 50 square feet.11If your mounted light fixtures are dated, replacing them with something more modern is an easy and inexpensive upgrade that can have a big impact.
Strategically placed landscape lighting can add a dramatic effect to your home’s exterior. Welcome evening visitors with a lighted walkway, or use a spotlight to accentuate trees or other landscaping features. Solar lights require no wiring; simply place them in a sunny spot and they will turn on automatically at dusk.
10. HIGHLIGHT YOUR BACKYARD’S BEST FEATURES
While your home’s interior often takes center stage, don’t forget about staging your home’s outdoor areas to help buyers imagine how they could utilize the space.
Even a small patio can become a selling feature with the addition of a cafe table and chairs. Add a tray of plates and coffee cups to help buyers envision a peaceful breakfast on the back porch. Place chairs and wine glasses around an outdoor firepit or hang a hammock with a book in your favorite shady spot.3 These small, simple additions can help buyers visualize the possibilities your backyard has to offer.
BEFORE YOU GET STARTED
If you’re in the market to sell your home, this list provides a great starting point for your preparations. But nothing beats the trained eye and expertise of a real estate agent. Before you do any work, we recommend consulting a professional for advice about your particular property.
We offer free, no-commitment seller consultations and will walk through your home with you to help you assess which projects and upgrades are worth your time and money, and which ones you can skip.
As Boulder market experts, we are intimately familiar with buyer preferences in our area . We’ll run a comparative market analysis to find out how your home compares to others currently on the market, as well as those that have recently sold. Then we’ll tailor a custom plan to suit your particular property, budget and needs. Even in a hot market like Boulder or the Denver Metro area, details are important to ensure you sell your home quickly and for the best price.
Please call us today at 303-475-6269 with questions or to schedule a free consultation!
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Sources:
- National Association of Realtors –
https://www.nar.realtor/sites/default/files/migration_files/reports/2017/2017-profile-of-home-staging-07-06-2017.pdf
- Real Estate Staging Association –
http://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548
- Houzz –
https://www.houzz.com/ideabooks/2661221/list/sell-your-home-fast-21-staging-tips
- HGTV –
https://www.hgtv.com/design/outdoor-design/landscaping-and-hardscaping/10-curb-appeal-tips-from-the-pros-pictures
- National Association of Realtors –
https://www.nar.realtor/sites/default/files/reports/2017/2017-home-buyer-and-seller-generational-trends-03-07-2017.pdf
- The Spruce –
https://www.thespruce.com/must-try-neutral-paint-colors-797983
- HouseLogic –
https://www.houselogic.com/sell/preparing-your-home-to-sell/home-staging-checklist/
- com –
http://www.stagemyownhome.com/staging-the-dining-room.html
- com –
https://www.realtor.com/advice/sell/small-living-room-staging-tricks/
- SFGATE –
http://homeguides.sfgate.com/stage-master-bedroom-34573.html
- HGTV –
https://www.hgtv.com/shows/designed-to-sell/15-secrets-of-home-staging-pictures
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by Farley Webmaster | Jan 10, 2018
As we head into a new year, the most common question we receive is, “What’s the outlook for real estate in 2018?”
It’s not just potential buyers and sellers who are curious; homeowners also want reassurance their home’s value is going up. The good news is that a strong U.S. economy, coupled with low unemployment rates, is expected to drive continued real estate growth in 2018. However, changes on the horizon could significantly impact you if you plan to buy, sell or refinance this year.
HOME VALUES WILL CONTINUE TO RISE
Get ready for another strong year! U.S. home values and sales volume will continue to rise in 2018.
Experts agree that home prices will increase in 2018, but predict a slower rate of appreciation than 2017, which clocked in at nearly 7 percent nationwide. National Association of Realtors (NAR) Chief Economist Lawrence Yun predicts a growth rate this year of 5.5 percent,1 while Freddie Mac’s September Outlook Report forecasts a rate of 4.9 percent. Either way, all indicators point towards continued growth in 2018.2
What does it mean for you? If you’re a current homeowner, congratulations! Real estate proves once again to be a solid investment over the long term. And if you’re considering selling this year, there’s never been a better time. Contact us to request a free Comparative Market Analysis to find out how much you can expect your home to sell for under current market conditions.
If you’re in the market to buy this year, there’s good news for you, too. Although prices continue to rise, the rate of appreciation has slowed. Still, don’t wait any longer. Prices will continue to go up, so you’ll pay more six months from now than you would today. Call us to setup a free, no-obligation property search and get notified about listings that meet your criteria as soon as (or before) they hit the market.
NEW CONSTRUCTION WILL MAKE REAL ESTATE MORE ACCESSIBLE
Lack of inventory in the housing market has been a primary impediment to homeownership for many Americans. “Ten years ago, the problem in the housing market was lack of buyers,” says Yun. “Today, the problem is lack of sellers. Inventory levels are near historic lows.”3
Yun also notes, “The lack of inventory has pushed up home prices by 48 percent from the low point in 2011, while wage growth over the same period has been only 15 percent. Despite improving confidence [in 2017] from renters that now is a good time to buy a home, the inability for them to do so is causing them to miss out on the significant wealth gains that homeowners have benefitted from through rising home values.”1
The good news? Yun expects a 9.4 percentage point increase in single-family new home construction starts.4
Economists at Freddie Mac make a similar prediction. “Existing home sales are unlikely to increase much going forward. Limited inventory will remain a consistent problem … Growth in home sales will be primarily driven by new home sales, which should continue to grind higher with single-family construction.”2
Robert Dietz, chief economist at the National Association of Home Builders, agrees. “The markets that are going to grow are ones where builders can add that entry level product.”5
What does it mean for you? If you’ve been frustrated by lack of inventory in the past, 2018 may bring new opportunities for you to find a budget-friendly home that suits your needs. Give us a call to discuss options for new construction in our area.
MILLENNIALS WILL MOVE TO THE SUBURBS
The new entry-level construction will come with a catch though … it will be located in the suburbs, where the availability of land and fewer zoning requirements make it more cost-effective to build. Economists predict that’s where millennials and first-time buyers will flock for the greater variety of homes at affordable prices.6
Rising home prices, a sluggish job market, and an increase in student loan debt made homeownership largely unattainable for many millennials in past years. However, there’s significant evidence that this trend is turning around. For the fourth year a row, the National Association of Realtors’ 2017 Home Buyer and Seller Generational Trends survey found that millennials were the largest group of homebuyers.7
As millennials age, they are settling down and having families, which has prompted an increasing demand for larger but affordable homes. Thus, many are flocking to the suburbs, with 57 percent of millennial buyers opting for a suburban location.
What does it mean for you? If you’re a millennial who has been priced out of urban living, or is looking for more space for your growing family, a number of suburbs in our area have a lot to offer. We can point you towards the communities that will best meet your needs.
And if you’re a suburban homeowner with plans to sell, give us a call. We know how to market your home to millennials … and can help you sell quickly for top dollar by appealing to this growing market segment!
BOOMERANG BUYERS WILL RETURN TO THE MARKET
“Boomerang buyers” comprise the nearly 10 million Americans who lost their homes to foreclosure or short sales during the housing recession of 2006 to 2014.
According to MyFico.com, a foreclosure remains on a credit report for seven years. It takes many boomerang buyers at least that long to raise their credit score and save up enough cash to qualify for a new mortgage.8
With this “seven-year window” in mind, RealtyTrac predicts that the largest wave of boomerang buyers – more than 1.3 million – will be eligible to re-enter the housing market in 2018.9
Markets likely to see the highest influx of boomerang buyers are those that had a high percentage of foreclosures AND have remained affordable. The majority of boomerang buyers are middle-class Gen Xers or Baby Boomers. Expect to see even more competition for entry-level homes in those markets.
What does it mean for you? If you’re a boomerang buyer, we understand your unique circumstances. We can help you navigate the real estate process and write competitive offers that will play to your strengths. Contact us to discuss your options.
NEW TAX LEGISLATION WILL IMPACT HOMEOWNER DEDUCTIONS
The “Tax Cuts and Jobs Act” passed at the end of 2017 nearly doubles the standard deduction, so far fewer Americans are expected to itemize this year. For those who do, however, it could mean less homeowner deductions are available than in the past.
Previously, homeowners could deduct interest paid on the first $1 million of mortgage debt, but that threshold has been lowered to $750,000 for new mortgages. (Existing mortgages will not be impacted.)
Additionally, taxpayers will no longer be able to fully deduct state and local property taxes plus income or sales taxes. The new legislation restricts this deduction to $10,000. It also eliminates the deduction for moving expenses (except for members of the Armed Forces) and interest on home equity loans unless the proceeds are used to substantially improve the residence.10
It’s yet to be seen how the tax bill will impact the real estate market overall. While some economists predict a price reduction in certain markets, Republican lawmakers project the bill will increase take-home pay and stimulate the economy overall. According to Realtor.com Senior Economist Joseph Kirchner, “Some house hunters—particularly wealthy buyers—will see an increase in after-tax income, making an already tough housing market even more competitive. This increased demand could drive prices up even higher than they are already.”11
What does it mean for you? If you’re an existing homeowner, be sure to consult a tax professional if you’re concerned about the impact the new tax bill could have on you.
And if you’re planning to buy or sell this year, we can help you determine how the tax bill could affect demand in your current or target neighborhood and price range.
INTEREST RATES WILL RISE
No one knows exactly what will happen with mortgage rates this year, but the Mortgage Bankers Association anticipates the Federal Reserve will raise rates three times in 2018, with Freddie Mac’s 30-year fixed rate mortgage reaching 4.8 percent by the end of Q4, up from around 4 percent at the end of 2017.12
Kiplinger.com Economist David Payne also predicts interests rates will rise this year, with short-term rates outpacing long-term rates as the Fed aims to curb inflation in a tightening job market. He predicts the bank prime rate that home equity loans are based on will increase from 4.25 percent to 5 percent by the end of 2018. 13
What does it mean for you? If you’re in the market to buy, act now. Rising interest rates will decrease your purchasing power, so act quickly before interest rates go up. Give us a call today to get your home search started.
And if you’re a current homeowner who is considering refinancing or a home equity loan, don’t wait. We can help you estimate your property’s fair market value so you’ll be prepared before contacting a lender.
2018 ACTION PLAN
If you plan to BUY this year:1. Get pre-approved for a mortgage. If you plan to finance part of your home purchase, getting pre-approved for a mortgage will give you a jump-start on the paperwork and provide an advantage over other buyers in a competitive market. The added bonus: you will find out how much you can afford to borrow and budget accordingly.
2. Create your wish list. How many bedrooms and bathrooms do you need? How far are you willing to commute to work? What’s most important to you in a home? We can set up a customized search that meets your criteria to help you find the perfect home for you.
3. Come to our office. The buying process can be tricky. We’d love to guide you through it. We can help you find a home that fits your needs and budget, all at no cost to you. Give us a call at 303.475.6269 to schedule an appointment today!
If you plan to SELL this year:
1. Call us for a FREE Comparative Market Analysis. A CMA not only gives you the current market value of your home, it’ll also show how your home compares to others in the area. This will help us determine which repairs and upgrades may be required to get top dollar for your property … and it will help us price your home correctly once you’re ready to list.
2. Prep your home for the market. Most buyers want a home they can move into right away, without having to make extensive repairs and upgrades. We can help you determine which ones are worth the time and expense to deliver maximum results.
3. Start decluttering. Help your buyers see themselves in your home by packing up personal items and things you don’t use regularly and storing them in an attic or storage locker. This will make your home appear larger, make it easier to stage … and get you one step closer to moving when the time comes! |
WE’RE HERE TO HELP
While national real estate numbers and predictions can provide a “big-picture” outlook for the year, real estate is local. And as local market experts, we can guide you through the ins and outs of our market, and the local issues that are likely to drive home values in your particular neighborhood. If you have specific questions, or would like more information about where we see real estate headed in our area, please give us a call at 303.475.6269 ! We’d love to discuss how issues here at home are likely to impact your desire to buy or a sell a home this year.
Sources:
- Inman News –
https://www.inman.com/2017/11/03/what-to-expect-from-the-2018-housing-market/
- Freddie Mac September Outlook Report –
http://www.freddiemac.com/research/outlook/20170921_looking_ahead_to_2018.html
- org –
https://www.marketplace.org/2017/07/05/economy/tight-inventory-slows-housing-market-down-0
- National Association of Realtors Press Release –
https://www.prnewswire.com/news-releases/existing-home-sales-to-grow-37-percent-in-2018-but-inventory-shortages-and-tax-reform-effects-loom-300549447.html
- Fox Business News –
http://www.foxbusiness.com/features/2017/11/27/entry-level-buyers-drive-solid-new-home-sales.html
- Zillow Research –
https://www.zillow.com/research/2018-predictions-17217/
- National Association of Realtors’ Home Buyer and Seller Generational Trends Report –
https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends
- com –
https://www.myfico.com/crediteducation/questions/foreclosure-fico-score-affect.aspx
- RealtyTrac –
http://www.realtytrac.com/news/foreclosure-trends/boomerang-buyers/
- National Association of Realtors –
https://www.nar.realtor/taxes/tax-reform/the-tax-cuts-and-jobs-act-what-it-means-for-homeowners-and-real-estate-professionals
- com –
https://www.realtor.com/news/real-estate-news/tax-cuts-survey/
- Mortgage Bankers Association Economic Forecast –
https://www.mba.org/news-research-and-resources/research-and-economics/forecasts-and-commentary
- Kiplinger Economic Forecast –
https://www.kiplinger.com/article/business/T019-C000-S010-interest-rate-forecast.html#iOf4mkSFvvTmi2wr.99
by Farley Webmaster | Oct 10, 2017
INTRODUCTION
Turn on the television or scroll through Facebook, and chances are you’ll see at least one advertisement for a group or “guru” who promises to teach you how to “get rich quick” through real estate investing. The truth is, much of what they’re selling are high-risk tactics that aren’t a good fit for the average investor. However, there is a way to make steady, predictable, low-risk income through real estate investing. In this blog post, we’ll examine the tried-and-true tactics that can be used to increase your income, pay off debt … even fund your retirement!
WHY INVEST IN REAL ESTATE?
One of the basic principles of real estate investment lies in this fact: everyone needs a place to live. And according to the Bureau of Labor Statistics’ most recent Consumer Expenditures Survey, housing is typically an American’s largest expense.1
But there are other reasons why real estate is a great investment choice, and we’ve outlined the top five below:
1. Appreciation
Appreciation is the increase in your property’s value over time. History has proven that over an extended period of time, the value of real estate continues to rise. That doesn’t mean recessions won’t occur. The real estate market is cyclical, and market ups and downs are natural. In fact, the U.S. housing market took a sharp downturn in 2008, and many properties took several years to recover their value. However, in the vast majority of markets, the value of real estate does grow over the long term.
The S&P CoreLogic Case-Shiller National Home Price Index, which tracks U.S. residential real estate prices, released its latest results on August 29 with the headline “National Home Price Index Rises Again to All Time High.”2
Source: ZeroHedge3
While no investment is without risk, real estate has proven again and again to be a solid choice to invest your money over the long term.
2. Hedge Against Inflation
Inflation is the rate at which the general cost of goods and services rises. As inflation rises, prices go up. This means the money you have in your bank account is essentially worth less because your purchasing power has decreased.
Luckily, real estate prices also rise when inflation increases. That means any money you have invested in real estate will rise with (or often exceed) the rate of inflation. Therefore, real estate is a smart place to put your money to guard against inflation.
3. Cash Flow
One of the big benefits of investing in real estate over the stock market is its ability to provide a fairly steady and predictable monthly cash flow. That is, if you choose to rent out your investment property to a tenant, you can expect to receive a rent payment each month.
If you’ve invested wisely, the rent payment should cover the debt obligation you may have on the property (i.e. mortgage), as well as any repairs and maintenance that are needed. Ideally, the monthly rental income would be great enough to leave you a little extra cash each month, as well. You could use that extra money to pay off the mortgage faster, cover your own household expenses, or save for another investment property.
Even if you only take in enough rent to cover your expenses, a rental property purchase will pay for itself over time. As you pay down the mortgage every month with your rental income, your equity will continue to increase, until you own the property free and clear … leaving you with residual cash flow for years to come.
As the owner, you will also benefit from the property’s appreciation when it comes time to sell. This can be a great way to save for retirement or even fund a child’s college education. Purchase a property when the child is young, and with a little discipline, it can be paid off by the time they are ready to go to college. You can sell it for a lump sum, or use the monthly income to pay their tuition and expenses.
4. Leverage
One of the unique features that sets real estate apart from other asset classes is the ability to leverage your investment. Leverage is the use of borrowed capital to increase the potential return of an investment.
For example, if you purchase an investment property for $100,000, you might put 10% down ($10,000) and borrow the remaining $90,000 in the form of a mortgage.
Even though you’ve only invested $10,000 at this point, you have the ability to earn a profit on the entire $100,000 investment. So, if the property appreciates to $120,000 – a 20% increase over the purchase price – you still only have to pay the bank back the original $90,000 (plus interest) … and you get to keep the $20,000 profit.
That means you made $20,000 off of a $10,000 investment, essentially doubling your money, even though the market only went up by 20%! That’s the power of leverage.
5. Tax Advantages
One of the top reasons to invest in real estate is the tax benefit. There are numerous ways a real estate investment can save you money each year on taxes:
Depreciation
When you record your income from a rental property on your annual tax return, you get to deduct any expenses associated with the investment. This includes interest paid on the mortgage, maintenance, repairs and improvements, but it also includes something called depreciation.
Depreciation is the theoretical loss your property suffers each year due to aging. While it’s true that as a home ages it will structurally need repairs and systems will eventually need to be replaced, we’ve also learned in this post that the value of real estate appreciates over time. So getting to claim a “loss” on your investment that is actually gaining in value makes real estate an appealing investment choice.
Serial Home Selling
Even if you’re not interested in owning a rental property, other types of real estate investments offer tax advantages, as well. Generally, when you own an investment property you pay a capital gains tax on any profits you make when you sell the property.
However, when you sell your principal residence, you are exempt from paying taxes on capital gains (up to $250,000 for singles and $500,000 for couples). The Internal Revenue Service (IRS) only requires that you live in the house for two of the previous five years. That means you can purchase an investment property, live in it while you remodel it, and then sell it for a tax-free profit two years later. This can be a great way to get started in real estate investing.
Section 1031 Exchanges
In addition to profiting off of your personal residence tax free, it is possible to sell an investment property tax free if you do it through a 1031 Exchange. If structured properly, the IRS Tax Code enables an investor to sell a property and reinvest the proceeds in a new property while deferring all capital gains taxes.
Tax-Deferred Retirement Account
It’s a common misconception that you can only purchase financial instruments (i.e. stocks, bonds, mutual funds, etc.) through an Individual Retirement Account (IRA) or 401(k). In actuality, the IRS allows individuals to invest retirement funds in real estate and other alternative types of investments, as well. By purchasing your investment property through an IRA, you can take advantage of all of the tax savings these accounts offer.
Be sure to consult a tax professional regarding all tax matters related to your real estate investments. If structured correctly, the profits you earn on your real estate investments can be largely shielded from tax liability. Just another reason to choose real estate as your preferred investment vehicle.
TYPES OF REAL ESTATE INVESTMENTS
While there are numerous ways to invest in real estate, we’re going to focus on three primary ways average investors earn money through real estate. We touched on several of these already in the previous section.
1. Remodel and Resell
HGTV has countless “reality” shows featuring property flippers who make this investment strategy look easy. Commonly referred to as a “Fix and Flip,” investors purchase a property with the intention of remodeling it in a short period of time, with the hope of selling it quickly for a profit.
This is a higher-risk tactic, and one for which many of the real estate “gurus” we talked about earlier claim to have the magic formula. They promise huge profits in a short amount of time. But investors need to understand the risks involved, and be prepared financially to cover additional expenses that may arise.
Luckily, an experienced real estate agent can help you identify properties that may be good candidates for this type of investment strategy… and help you avoid some of the pitfalls that could derail your plans.
2. Traditional Rental
One of the more conservative choices for investing in real estate is to purchase a rental property. The appeal of a rental property is that you can generate cash flow to cover the expenses, while taking advantage of the property’s long-term appreciation in value, and the tax benefits of investing in real estate. It’s a win-win, and a great way for first-time investors to get started.
And according to the U.S. Bureau of Labor Statistics, rents for primary residences have increased 21.9 percent between 2007 and 2015 as demand for rental units continues to grow.1
3. Short-term Rental
With the huge movement toward a “sharing economy,” platforms that facilitate short-term rentals, like Airbnb and HomeAway, are booming. Their popularity has spurred a growing trend toward dual-purpose vacation homes, which owners use themselves part of the year, and rent out the remainder of the time. There are also a growing number of investors purchasing single-family homes for the sole purpose of leasing them on these sites.
Short-term rentals offer several benefits over traditional rentals, which many investors find attractive, including flexibility and higher profit margins. However, the most profitable properties are strategically located near popular tourist destinations. You’ll need an experienced real estate professional to help you identify the right property if you want to be successful in this highly-competitive market.
DOES REAL ESTATE INVESTING SOUND TOO GOOD TO BE TRUE?
We’ve all heard stories, or maybe even know someone, who struck it rich with a well-timed real estate purchase. However, just like any investment strategy, a high potential for earnings often goes hand-in-hand with an increase in risk. Still, there’s substantial evidence that a well-executed real estate investment can be one of the best choices for your money.
Purchasing a home to remodel and resell can be highly profitable, as long as you have a trusted team in place to complete the remodel quickly and within budget … and the financial means to carry the property for a few extra months if delays occur.
Or, if you buy a house for appreciation and cash flow, you can ride through the market ups and downs without stress because you know your property value is bound to increase over time, and your expenses are covered by your rental income.
In either scenario, make sure you’re working with a real estate agent who has knowledge of the investment market and can guide you through the process. While no investment is without risk, a conservative and well-planned investment in real estate can supplement your income and set you up for future financial security.
If you are considering an investment in real estate, please contact us at 303.475.6269 or john@john-farley.com to set up a free consultation. We have experience working with all types of investors and can help you determine the best strategy to meet your investment goals.
Sources:
- Bureau of Labor Statistics Consumer Expenditure Survey Annual Report – https://www.bls.gov/opub/reports/consumer-expenditures/2015/home.htm
- S&P Dow Jones Indices Press Release –
https://www.spice-indices.com/idpfiles/spice-assets/resources/public/documents/574349_cshomeprice-release-0829.pdf?force_download=true
- Durden, T. (2016 November 29). US Home Prices Rise Above July 2006 Levels, Hit New Record High [blog post] ZeroHedge –
http://www.zerohedge.com/news/2016-11-29/us-home-prices-rise-above-july-2006-levels-hit-new-record-hig
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by Farley Webmaster | Sep 14, 2017
When you’re buying or selling a home, it’s crucial to work with a qualified real estate agent. Not just a professional, but an amazing agent and a market expert. So how do you ensure you’re hiring an amazing real estate agent?
There are currently more than two million real estate professionals in North America.1,2 With so many options to choose from, how does a prospective home buyer or seller choose the right agent or broker? According to the National Association of Realtors®, trust and reputation are the top deciding factors consumers use when hiring an agent.3
But how do you measure trust and reputation … and what criteria can be used to help you make your decision?
In this guide, we’ve outlined the top attributes that amazing agents possess, as well as the questions you can ask to make sure you’re working with the right market expert to achieve your real estate goals.
5 ATTRIBUTES OF AN AMAZING AGENT
Not all real estate professionals are the same. Following are five key attributes of amazing agents to help you understand what makes top agents and market experts stand apart from the competition:
1. A Pricing Specialist: For buyers, amazing agents have a strong understanding of market trends to help you identify and secure a deal to ensure you get the home you want, within your desired budget. For sellers, market experts have experience pricing homes optimally for the market, helping you sell for your desired price, and avoid costs like additional mortgage and utility payments.
Takeaway: Whether buying or selling a home, pricing can be tricky. Market experts can help navigate best-possible pricing strategies, and also secure the home you want within your budget.
2. An Effective Time Manager: The average agent may not be utilizing the latest tools and technology to make the transaction easier and more cost effective for you. Market experts have tools and strategies at their disposal to minimize the amount of time you spend on the process. For sellers, they can also ensure you only deal with qualified buyers, not “window shoppers” who waste your time. For buyers, a market expert knows how to prioritize your needs and wants to find you the ideal home within your budget, without wasting your time on houses that aren’t a fit or are likely turn up major issues in an inspection.
Takeaway: Even a well-intentioned agent may not have the skills, tools or technology to make the experience easy for you. There are lots of hidden activities that may take up unexpected time, and a market expert will save you time and energy.
3. A Market Insider: While most agents can pull market stats about a neighborhood, community or city, they may not understand important trends or developments that would affect your transaction. Market experts live and breathe local real estate and know the trigger points for buying and selling in your market. We also stay current on effective marketing and negotiation practices, resulting in our track record of success.
Takeaway: An experienced real estate agent is often the best source of information about a city, neighborhood, or even street … we’re literally conducting market research every day.
4. A Strong Negotiator: Amazing agents truly set themselves apart in their ability to negotiate. Real estate negotiations take skill, experience and a knowledge of how to fight for your client’s best interests. While any agent can enter negotiations to buy or sell a home, experienced Realtors understand what to do before entering negotiations (establishing the upper hand), as well as during the process (when to offer or accept concessions) in order to set up the best outcome.
Takeaway: Working with a market expert will help ensure you get the best deal on your terms, not just the fastest deal.
5. An Effective Closer: Closing a deal fast is often a good thing. However, top real estate professionals know how to not only achieve your real estate goals quickly, but in the right way to avoid pitfalls. Just like negotiations, the paperwork and process of closing a real estate transaction are complicated. Market experts have a strong understanding of the contracts, timelines, clauses and contingencies within the closing process.
Takeaway: Real estate transactions often involve a significant investment, so even a small mistake can mean serious trouble. With that in mind, it’s best to work with a true market expert.
5 QUESTIONS TO ASK YOUR REAL ESTATE AGENT
The first step would be to “shop around.” Many people work with the first agent they come across without a firm understanding of their level of experience. It’s always a good idea to interview a number of agents before selecting one. If you’ve gotten referrals from people you trust, then you may only need to interview 2-3 agents.
However, it can be tough to know what to ask in the interview process. Here are some questions that can help you qualify the best agent to help you achieve your real estate goals:
1. Can you send me some information about yourself? Look for professionalism and consistency. What are their accomplishments? See how they approach their work. If they’re a newer agent, ask about their team’s dynamic and accomplishments.
2. How long have you been in real estate? While longevity is important, even more telling are the number of transactions they have closed or been involved in. So feel free to also ask: “How many homes have you sold in this area?”
3. What will you do to keep me informed? Will the agent be able to meet your expectations? Determine how much communication you want, and then find an agent who will give you the attention and time you deserve.
4. Can you provide me with further resources I may need? From market reports and pricing trends to school performance and crime statistics, top agents should have resources at their disposal … or know where to find them.
5. Seller only: Can you share with me your plan to market my property? Many agents will simply put your home in the MLS and wait for it to sell. An amazing agent should have a detailed plan of how to get your home exposure on social media, to their local networks, and more.
GET STARTED
Now that you’re armed with the 5 Attributes of Amazing Agents and the Top Questions to ensure you work with the best possible real estate agent, you’re ready to start interviewing agents.
We’d love an opportunity to win your business. Schedule a free consultation with us to find out how true market experts can help you achieve your real estate goals!
Sources:
1. National Association of REALTORS –
https://www.nar.realtor/field-guides/field-guide-to-quick-real-estate-statistics
2. Financial Post –
http://business.financialpost.com/personal-finance/mortgages-real-estate/canada-housing-bubble-agents/wcm/b49d4e3a-bd8d-4d1c-9566-bd3d80c8e23a
3. National Association of REALTORS –
https://www.nar.realtor/reports/highlights-from-the-profile-of-home-buyers-and-sellers
by Farley Webmaster | Aug 30, 2017
More than 77 percent of people own a smartphone.1 The average person checks their smartphone 46 times a day, with people under the age of 24 checking it an average of 74 times a day.1 We check it while we’re waiting in line and during our leisure time, whether we’re scrolling through social media, reading emails or getting up-to-date on the latest news.
Smartphones are not only a useful tool for communication. With the following apps, you can get organized (whether you plan to buy or sell), save money, learn about the homes in your neighborhood and get inspired for your next renovation project. If you’re like 81 percent of people, you have your smartphone with you during most of your waking hours; let it help you stay organized and make your life easier.3
Apps For Homeowners: Get Renovation Inspiration
These apps not only offer ideas for your next remodel or home décor project, some of them even give you a preview of what your home may look like once it’s finished.
1.) Houzz (Free)
The Houzz app is the number one app for home design and it’s no wonder; the app gives you access to all the inspiration, blogs and design ideas from the Houzz site on your phone or tablet. The app features View in My Room 3D, which allows you to view products in your home before you buy. Just take a photo of the space and a 3D version of the product will appear. Browse products, save photos of designs you’d like to view later and connect with local professionals in your area. Whether you’re gathering ideas for your next renovation and décor project or you’re just browsing, the Houzz app will satisfy all your design needs. (Android, iOS)
2.) iHandy Carpenter ($1.99)
Make sure the photos, shelves, mirrors and other artwork you hang are even and aligned with this helpful app. It’s an all-in-one tool kit that features a plumb bob, surface level, bubble level bar, ruler and protractor. No need to purchase these tools separately; just hold your smartphone up to the wall and the app will take care of the rest. (iOS, Android)
3.) Color911 ($3.99)
If you’re thinking of changing the color scheme of your home or want to find the right shades for lamp shades, rugs or throw pillows to match your vintage sofa, the Color911 app provides pre-selected color palettes to match any color scheme. Take a photo of the room or the furniture and the app will create a custom palette full of complementary colors. Write notes about your palette and organize it all into folders to share with family, friends or your design professional. (iOS)
Bonus Apps for Homeowners:
AroundMe (Free)
Hungry and looking for a local hotspot? Meeting friends at a coffee shop nearby? Or just need to find the closest ATM? AroundMe allows you to search for the nearest restaurants, banks, gas stations, book a hotel or find a movie schedule close to where you live. Open the app and start learning more about your neighborhood. (iOS, Android, Windows)
BrightNest (Free)
From keeping things clean to making them colorful, Brightnest, developed by Angie’s List, is loaded with suggestions on how to make your home a better place to live. With categories of customized tips (money-saving, cleaning, eco-friendly, healthy, cooking, and creative) there are plenty of great ways to pull inspiration from the app. BrightNest will help you tackle important home tasks with easy-to-follow instructions, a personal schedule and helpful reminders. (iOS, Android, Web)
Apps For Sellers: List & Sell Your Home Quickly
Are you a homeowner who is thinking of selling? If you’re preparing to sell, you know there are a lot of tasks to complete before putting your home on the market. These apps help you manage your to-dos so you can list and sell your home more efficiently with fewer distractions.
4.) Homesnap (Free)
Using the Homesnap app, you can snap a photo of any home, nationwide, to learn more about it. When you’re ready to sell, snap a few of the homes in your neighborhood to find out their valuation. This app isn’t perfect, which is why you should always consult with a local real estate agent. However, it can give you a general idea of the value of your home compared to others in the neighborhood. (iOS and Android devices)
5.) Docusign (Free)
Use the DocuSign app to complete approvals and agreements in hours—not days—from anywhere and on any device. Quickly and securely access and sign any documents. The benefit to using the app (over your desktop computer) is you will receive push notifications when a document is waiting for your signature and you can view and organize all your docs on-the-go. Using the easily downloadable app, receive and sign documents for free. You can receive and sign documents for free, but will need a paid account to send documents; pricing starts at $10 a month. (iOS, Android, Windows, Web).
6.) Wunderlist (Free)
Designed for use on the Web and mobile devices, Wunderlist is a well-designed to-do list and task management program that makes it easy to create a list and add tasks, due dates and reminders. Organize your ideas or focus into separate lists or create tasks within one list. You can also email them with whomever you collaborate, such as a spouse or your real estate agent. (Android, iOS, Windows Phone, Web)
Bonus App for Sellers:
Real Estate Dictionary (Free)
Not sure what all those industry specific terms mean? Search thousands of words and phrases from real estate, mortgage, and financial dictionaries for clear, in-depth definitions. This is a handy app for anyone who’s buying or selling and wants to learn more about the process. (iOS, Android)
Apps For Renters: Get Ready to Buy
Not ready to buy a home just yet? These apps will help you get into the perfect rental while you save money, build a budget and get on track for homeownership.
7.) Mint (Free)
Do you know where your money goes each month? Manage your bills, budget and credit score all in one place. Mint is a free app that helps you view your complete financial picture and track your spending. We recommend this app to anyone, but it’s especially useful for renters who need to crack down on their spending in order to save for a down payment. Use Mint to look for areas you can cut spending in order to save a little extra each month. (iOS, Android)
8.) Acorns ($1 a month to start)
Acorns is modernizing the practice of saving loose change with their automated savings tool. The app rounds up your purchases on linked credit or debit cards, then sweeps the change into a computer-managed investment portfolio. Acorns is free for four years for college students and everyone else pays $1 a month until their account balance hits $5,000, then 0.25% of their account balance per year. This is a useful tool for those who have a hard time saving. (iOS, Android)
9.) Neighborhoods & Apartments
Built for the on-the-go apartment hunter, this app from Walk Score takes the hassle out of finding your next home or apartment and helps you live near the people and places you love. They collect listings from top rental listing sites and we like them because they share how walkable each address is, determined by access to public transit, things to do, bike trails, shorter commutes, etc. (iOS, Android)
Bonus Apps for Renters:
Wally (Free)
Wally is a personal finance app that helps you compare your income to expenses, so you can understand where your money goes each month, and set and achieve goals. Wally lets you keep track of the details as you spend money: where, when, what, why, & how much. We love how simple it is to set a personalized savings target and scan receipts. (iOS, Android)
Credit Karma (Free)
If you’re preparing to buy, boosting your credit score is likely a goal you’ve set. Credit Karma is a free app that allows you to safely monitor your score and receive updates on ways you can improve it over time. They provide financial calculators and educational articles to help you better understand what credit is all about. Check as often as you want, and it doesn’t hurt your score. (iOS, Android, Web)
Apps for Buyers: Find the Perfect Home
When you’re ready to buy, there are several apps that can help you stay on top of the process. Whether you’re browsing online at different neighborhoods and homes and can’t seem to remember where all your saved data and information went or you want to save an important task or a neighborhood or listing clipped from the Web, these apps help you keep it all straight.
10.) Dwellr (Free)
Dwellr is run by the U.S Census Bureau and provides demographic information about the neighborhoods you are considering moving to. You get a variety of education/school, real estate, transportation, and population statistics to give you an idea of what it would be like living there. If you want to get the feel of a potential neighborhood, then Dwellr may just be the app to help you find the best home. (iOS, Android)
11.) Evernote (Free for the Basic version, $34.99 per year for Plus and $69.99 per year for Premium)
Collect ideas, notes and images in one place to access later on your computer, tablet or smartphone. Categorize your notes so you can find them quickly and easily and share them with others in a group notebook. Add the Web Clipper feature to your browser and clip and save articles, blogs and images from the Web. Whether you’re collecting research on a business idea or you’re looking for inspiration for a home renovation, Evernote can help you keep it all together. (Web, iOS, Android)
12.) Mortgage Calculator (Free)
There are a lot of free mortgage calculators available for download that will help you quickly determine what your monthly payment will be while you’re house hunting. We recommend picking your favorite and using it to help you shop in your price range. These numbers should be used as a guide, work with your agent and mortgage professional to learn exactly what type of loan you’ll qualify for. (Web, iOS, Android)
Bonus App for Buyers:
Google Maps (Free)
Google Maps is a must-have for anyone who’s house hunting. When you’re ready to visit a property or check out a neighborhood, you can use Google Maps to give you turn by turn directions to the house. You can use their satellite view to get a good idea how far important things like schools, parks, shopping, bus stops, and restaurants are to a home you are interested in and check out the other houses on the street. (Web, Android, iOS,)
Ready to move beyond the app?
If you’re thinking of buying or selling your home, or know someone who is, keep us in mind because we’re happy to help!
Source: 1. Pew Research Center, January 12, 2017 http://www.pewresearch.org/fact-tank/2017/01/12/evolution-of-technology/
- Deloitte, 2016 global mobile consumer survey: US edition https://www2.deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/global-mobile-consumer-survey-us-edition.html
- Gallup, July 9, 2015 http://www.gallup.com/poll/184046/smartphone-owners-check-phone-least-hourly.aspx
by Farley Webmaster | Jul 19, 2017
Understanding a home’s true market value is about more than pictures, software assessments and price-per-square-foot. Whether you’re a current homeowner thinking of selling or are house-hunting, it’s crucial you understand what factors affect home valuation. By partnering with a local market expert, sellers will avoid pricing their house out of the market (the kiss of death in real estate) and buyers will ensure they get a good deal on their next home.
So, how do you accurately calculate a home’s value? After all, the value a home is assigned by its town or county and the one it’s given when it’s listed are often dramatically different from one another. Which one is accurate and what does it all mean? Read on to learn more.
Assessed Value vs Market Value: What’s the difference?
When it comes to home value, you’ll often hear two terms, assessed value and market value.
A home’s assessed value is often the lower number of the two, and is the value given by your municipality or county. Investopedia defines assessed value as “the dollar value assigned to a property to measure applicable taxes.”1 Although property tax laws vary, assessors commonly arrive at this number by taking into account the following:
- What comparable/similar homes are selling for in your area.
- The value of recent improvements.
- Income from renting out a room or space on the property.
- How much it would cost to rebuild on the property.
A home’s market value, or Fair Market Value, is the price a buyer is willing to pay or a seller is willing to accept for a property. A skilled real estate professional will arrive at the value using a variety of metrics, including:
- External characteristics, such as lot size, home style, the condition of the home and curb appeal.
- Internal characteristics, such as the number of rooms and their size, the type and condition of the heating or HVAC system, the quality and condition of construction, the flow of the home, etc.
- The sales price of comparable homes that have sold in your area.
- Supply and demand; that is, how many buyers and sellers are in the area.
- Location; that is, the quality and desirability of your neighborhood and other community amenities.
Why are these values often so different? An assessor usually estimates your property’s market value during a reassessment or if you make a physical change or improvement to it.2 As a result, a property may not be reassessed for many years. While your home’s market value may fluctuate with the market, your home’s assessed value is more likely to remain steady.3
What Determines a Home’s Value?
You’ve likely heard the motto of real estate: “Location, location, location.” This means a home’s value relies on its location. While the home and structures on the property will likely depreciate over time, the land beneath it tends to appreciate. Why? Land is in limited supply and a growing population puts increased demand on the housing supply. As a result, values increase.4
Other factors that affect your home’s value include the function and appearance of the property, how well the home and other structures are maintained and whether the home is a lifestyle property, such as a ranch style with mountain views or beach bungalow.
Ultimately, the best indication of a home’s value is the overall supply and demand of the market. This is why we recommend you partner with a real estate professional who takes all of these factors—the assessed value, local market conditions, home features and has physically walked through and experienced your home— into consideration to determine the most accurate market value.
How to determine if a property is comparable to yours.
Both assessed value and market value are partially determined by the sales price of similar, or comparable, homes in the area. To determine if a home is comparable to yours, look for the following characteristics:
- Lot size
- Square footage
- Home style or similar architecture
- Age
- Location
While you may not find a home with the same exact characteristics as yours, you’ll likely find a few that are close. To account for any disparity, adjust the sales prices of the comparable properties. Look at the differences between your property and the one in question and determine if the differences increased or decreased the sales price and by how much. For example, if your home has two bathrooms and a similar home only has three, estimate how much that extra bathroom increased the sale price of the similar home. The adjusted sale price is the estimation of what the property would sell for if the properties were exactly the same.2
Where can you find comparable sales?
Fortunately, you can find comparable home sales in a variety of places.2
- Your local assessor’s office is able to provide a list of recent sales you can browse and compare or a sales history of a particular house, home style or neighborhood.
- Your municipality. Many cities keep local sales information in their offices or post it online.
- Online databases, such as a real estate database
- Your local newspapers may offer some real estate information in the form of quarterly sales reports in the business or real estate sections of the newspaper.
- Our office. We regularly do Comparable Market Analysis of homes in our local area.
How to calculate your home’s value.
By answering a few questions about your home, property and the local market, you can begin to estimate your property’s value. We’ve also included a worksheet for you below…
Home Value Questions:
When was your home last assessed?
What was its CMA assessment value?
What is your area’s average sales price?
What is your area’s average price/square foot?
Structure:
- Is the architecture and exterior structure of the home consistent, superior or inferior to other homes in the area?
- Does the era or genre (Modern, Victorian, Ranch, Cottage, etc.) add a premium based on current design trends?
- How does the floor plan and room size proportions of the home compare to other homes on the market?
Interior Structure:
- How does the kitchen compare to others on the market?
- Updated or outdated
- Floor plan
- Appliance packages
- How does the Master Suite compare to others on the market?
- Size
- First/second floor
- Updated or outdated
- Access to Master Bath
- How does the Master Bath compare to others on the market?
- Updated or outdated
- Shower and bath
- Flooring
Outside Areas:
- Are there views, outdoor living areas or recreational areas?
- How does the landscaping and hard-scaping compare to the market? (e.g., built elements such as walkways, patios, decks, etc.)
Overall Condition of Home
- What is the level of repair needed to compete with other homes?
- Does the home need to be staged? How does it show?
- What curb appeal projects are necessary to be consistent with others on the market?
Home Assessment Worksheet
If you want to accurately assess a home’s value, it’s crucial to know about the market activity of our local area. We can help! Give us a call at 303-475-6269 to get the scoop on the local market.
Sources:
- Investopedia http://www.investopedia.com/terms/a/assessedvalue.asp
- New York State Department of Taxation and Finance https://www.tax.ny.gov/pubs_and_bulls/orpts/mv_estimates.htm
- Realtor.com http://www.realtor.com/advice/sell/assessed-value-vs-market-value-difference/
- Investopedia, http://www.investopedia.com/articles/mortgages-real-estate/08/housing-appreciation.asp?lgl=myfinance-layout
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