Real Estate Math: How Much Do I Need To Save For A Down Payment On A House?If you've been thinking of buying a house, you probably know that you should start saving up toward a down payment.
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On Line Home Values and the Price of Your Home
Plenty of sellers have visited online home valuations sites such as Zillow, Trulia and others only to be shocked at the published value of their homes. Most sellers are pleased when the values appear higher than they expected but many online valuations come in far lower. Estimating a home’s market value is far more complicated than the online sites provide. Many times the tax role of adjacent homes is used which reset each time a home is sold. If your home has not been sold for many years, the value is based on tax role from when you purchased it. Comparing your home to adjacent and recently sold homes that may have been upgraded would be an unfair comparison. It takes an experience real estate agent or appraiser to preview a home to determine its market value. A set of comparables is only a guide and a good place to start. One can’t compare a home by simply using a square footage and lot size. It’s location on the street, whether it’s across from a school or commercial building etc. will alter its value. Many on line companies are also offering to purchase your home but be careful! Statistics show that the amount offered to buy your home for cash is on an average of 12% lower than the open market price will pay. Contacting a real estate professional who is active on a full time basis is so important now more than ever.
If you or someone you know would like a FREE Home Market Evaluation, simply call me at 818 262-0924. Over pricing a home will prevent it from selling and underpricing a home will be money out of your pocket!