Sherry Bourque - RE/MAX Main Street Associates



Posted by Sherry Bourque on 5/31/2020

Understanding how much your home is worth is important for a number of reasons. For one, when you go to sell your home, youíll have an idea of how much equity that youíre working with. You may need to either refinance your home, take out a loan, or line of credit. Knowing the current market value of your home can give you a good idea of your finances and what to expect. Many people believe that their home is worth more than it actually is. In reality, your home is only worth what people will actually pay for the property in a certain time frame. 


Some websites offer basic ideas of how much your home is worth. You can also use the Internet to search for comparable properties and see what has been sold, how much it has been sold for, and how much other homes that are similar to yours in the neighborhood are worth. Youíll need to be sure that the comparing properties include the same types of features as your own home in order to get a good estimate. 


Consult A Realtor


Experienced realtors in your area are great resources for helping you to determine your propertyís value. Many agencies offer free market value analyses, which can help you to see where your home would fall in the current real estate market. Realtors donít get paid unless your home sells. They can use their many resources to work with you on the sale of your home and help you to price it appropriately.


Hire An Appraiser


If you want to dig a bit deeper in the pricing of your home, youíll need to shell out a bit of cash. You could hire a certified appraiser who will dig deep into your property to determine the value. Once you find a buyer, another appraisal will happen on the property. The buyer pays for this. If you really want a good idea of how much your home is worth, hiring an appraiser beforehand is key. Keep in mind that appraisers may come up with slightly different estimates for the same home.      


Know The Key Things That Affect Home Value


There are a few big factors that influence just how much your property is worth. While you may love your big kitchen, it goes a lot further than that. Factors that contribute to how much your property is worth include:


  • The amount of land that you have
  • The neighborhood your home is in
  • The schools your home is near
  • How many square feet your property is
  • The condition of your home
  • Any updates that have been made to the home
  • The types of appliances you have
  • Has the home ever been foreclosed on? 
  • Is your home energy efficient?


Based on all of this information, youíll be able to get a good idea of what your home is worth. Beware of things that can cause a major financial setback on your homeís value like an urgent need for roof replacement, dated windows, or an unknown crack in the foundation. Getting an idea of what your home is worth is a great way to keep on top of your own assets whether youíre prepared to sell or just curious about numbers.




Categories: appraisal   home value  


Posted by Sherry Bourque on 5/10/2020

In a sellerís market, you shouldnít have a home thatís simply sitting there. If a home isnít selling and the market is hot, something must be wrong. There are many different reasons that your home isnít selling. Below, youíll discover some of those issues and what you can due to remedy the problems.


You Need To Adjust Your Expectations


Many people put their homes on the market expecting high results. While itís good to have confidence, it can be detrimental to your home sale. Great expectations can lead to an overpriced home, a lack in marketing efforts, or lowering the price of the home too late. All of these situations can be detrimental to your home sale. Research and hiring a realtor to help you with the sale can keep you organized and assist ou in staying on top of the market. 


 You Donít Understand Home Values


If youíre selling your home on your own, you may not have priced the property correctly especially if you have no professional experience. This is where a realtor comes in. A real estate agent can do the professional market research that finds the sweet spot for a price on a home for sale. Knowing that price is one of the best ways to sell your home fast. Without a well-valued home, it could sit idle in a good market. 


Your Home Is Neglected


If you have been neglecting various projects around your home, you could find that itís more difficult to sell your home. Buyers want the best house for the lowest possible price. Homes that have been properly maintained with the right HVAC maintenance, yard upkeep, and regular appliance services are more likely to be scooped up fast by buyers. 


Before your home even goes on the market, you should do any tasks around the house that you have been neglecting. The investment of both time and money will be worth it for you in the long term when you go to sell your home. 


The Photos Arenít Professional


The marketing efforts used to sell a home are very important. On the top of this list is the photos that represent the house. Most home buyers begin their search online. This means the first impression that they get of your home is from pictures. If these are not well done, it could be very detrimental to your home sale. 


For good photos, be sure that you get rid of all the clutter from your space before the pictures are taken. Itís really best to hire a professional to deal with his aspect of home marketing. If you must take the photos on your own, using a better camera than that a cell phone provides can really be a step up in the picture taking process.


              





Posted by Sherry Bourque on 1/14/2018

Shopping for a house is a high-stakes game. If youíre a first-time buyer, it can be difficult to gauge the value of various components and features of a home. Appraisals are designed for just this reason.

However, an appraisal is a subjective tool to determine a rough estimate. Furthermore, there are a number of things you canít learn from an appraisal--such as how convenient the home would be for your work commute.

In this article, weíre going to help you, the homebuyer, determine the true value of a home as it would mean to you in your everyday life. Read on for tips on finding out the value of that home youíve been dreaming of and deciding whether itís really the best home for your budget.  

Appraisals are a baseline

When lenders are in the process of approving your home loan, theyíll want to decide whether the home youíre buying is worth the amount youíre paying. To achieve this, theyíll typically hire a third-party appraiser.

Find out from your lender which appraiser they use and read their online reviews. This will ensure that theyíre a trustworthy source of information. Also be sure to check that the appraiser is certified and that they work with a diverse range of clientele (not just your lender!).

Since youíll likely be paying the appraisal fee as part of your closing costs, make sure youíre happy with the appraisal and appraiser.

Key appraisal factors

After the appraisal, consider getting a second opinion or inspection of any of the key components of your home that may impact the appraisal. Some of these factors include:

  • The roof, HVAC system, and septic systems

  • The energy-efficiency of the home

  • The current market value in the area

  • The general upkeep of the home--a few cosmetic problems shouldnít affect the home value much, but serious neglect can cause long-lasting and expensive issues like mold, water damage, pest invasion, and more

What an appraisal canít tell you

Now that weíve discussed the nuts and bolts of home value, we have to venture into what value means to you and your family. Youíll need to ask yourself a series of questions, and some of them wonít have a cut-and-dry answer.

First, how well does this home fit into the work life of you and your spouse? Will it mean a shorter commute, and therefore lower transportation costs and more free time? Putting a dollar value on an extra thirty minutes not spent in traffic can be difficult, but itís a worthwhile exercise to take part in.

Furthermore, does the house have features that will make it a better asset in years to come? Energy-efficiency, proximity to in-demand schools, businesses, etc., can all be selling points for future buyers that are willing to pay more for your home.


Using a combination of a certified appraisal and some introspection, you should be able to come to a confident conclusion as to the value of the home as it means to you and your family.




Categories: Buying a Home   appraisal   home value  




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