Posts with tag 'Home value'

You've decided to buy a house and are working with a Realtor to find your next dream home. You're in the zone: You've separated your must-haves from your nice-to-haves, you've been prequalified, you've found lots of homes within your budget.

Now, put all that on pause for just a second.

In all the excitement and activity around buying a new home, let's stop for just a minute and think like a seller. When it's time to put this home on the market, what sort of return will you see on your investment? Will you get your money back? Better yet, will you be able to realize enough profit to make your next housing decision?

The potential resale value of your home won't be THE deciding factor...

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Pricing a home to sell is far from an exact science. Figuring out the sweet spot that will get a seller a good price in the shortest amount of time possible takes experience and market expertise.

But even with lots of experience in the local market, every agent has a property from time to time that doesn't drum up much interest early in the game. When that happens, it's time to re-evaluate the listing, including its price. After all, price is one of the biggest -- if not THE biggest -- factor on a buyer's mind.

So let's say a listing has been on the market for 30 days. For the sake of argument, let's assume the property is in good shape -- moderately updated, good floor plan, well-located, no significant maintenance issues, no over-personalization that's turning people off. The market is relatively balanced, with strong inventory and qualified buyers.

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I love my job because it's different every day. One day, I might be working with a family who is relocating to Roanoke, and I get the opportunity to show them my hometown. The next day, it might be empty-nesters who are looking to downsize into their next dream home.

I also work a lot with real estate investors. These folks buy homes that are in poor condition, often have been foreclosed on, and are in the hands of the bank or a foreclosure company. After the purchase, the investors rehab the house -- doing repairs and adding upgrades that get the home back in liveable condition -- and resell it, hopefully at a profit. This is also called "flipping."

What I love about rehabbed homes is that they often present super opportunities to buyers who otherwise wouldn't be able to afford a home with all the upgrades found in a rehab: A...

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I'm not a big fan of surprises on closing day. Usually, when someone at the closing table is surprised, it's not about something good.

Whether you're a buyer or a seller, knowing what you're on the hook for when we get to your closing helps keep surprises to a minimum. Federal regulations require lenders to issue a Closing Disclosure three business days before you're scheduled to close. The document spells out in detail what each party has to pay at closing. If you see things that don't make sense or that you didn't expect, the three days gives us time to get it resolved.

The specific terms of an individual real estate transaction vary based on our negotiations with the other party, but in general you can expect to see these items in your disclosure:

Paid by the seller

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When you're deciding how much home you can afford, don't forget to take real estate taxes into account. Often, your taxes will be rolled into your monthly payment along with your mortgage principal and interest, and your homeowners insurance premiums.

Real estate tax rates vary widely across the greater Roanoke Valley, but that's not unusual in a region of our size. Taxes are typically based on the value of your property -- including your home and the land it sits on -- and are assessed by the municipality where you live.

It's important to remember that your assessed value is not the same as an appraisal. The assessed value of your home is calculated solely for the purpose of taxes, while appraisals are used to determine the market value of a property. So if you're considering selling your home and want a ballpark of what your home is worth, an asse...

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