How Do You Find the True Value of Your Home?

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Before we begin talking about this topic, there are a few different definitions to be aware of.

• Assessed value: This is the value that the county assessor places on your home. They cannot come inside your home and do not account for upgrades.
• Taxable value: This is your assessed value minus any exemptions that you may have, like homestead exemptions. Both of these values are usually lower than what your true market value is.
• Market value: This is subject to change depending on market conditions. The value that you see on Trulia or Zillow is not your market value. Your market value depends on factors like inventory, demand, and how capable your Realtor is in creating artificial demand and raising the sale price of your home. A comparative market analysis is also crucial to pricing your home because your home's value should match those of homes in your area.
• Appraised value: This is the value that the bank's appraiser assigns to your home in order to ensure that it is not overpriced. This value should be close to your market value. 

Your true market value is the most important value on your home. It can change depending on the market you're in, and also the type of Realtor that you're using. I run a comparative market analysis to determine an accurate price for your home. I take into account the upgrades that you've done on your home, as well as your location and the condition of your home. This allows me to price your home accurately and draws buyers to your home, thereby getting you top dollar.

If you're looking to buy or sell this summer, please get into contact with me. I'd be happy to examine your property and put together a plan to sell your home for top dollar.

How Should I Approach the Home Buying Process?

Selling your home? Get a free Home Value Report

Buying a home? Search all Homes for Sale

As the spring market heats up in Pinellas County, I have been receiving a lot of questions from buyers about whether or not it is a good time to buy a home, and what their first step should be in the home buying process. 

To answer the first part of that question: it's an absolutely incredible time to purchase a home. Affordability is extremely high with historically low interest rates below 4% and loosened credit requirements. You shouldn't have too much trouble finding an affordable home, but the key is to do so now because these low rates will not last forever, and neither will all the great loan programs that are being offered. You no longer need to put 20% down to buy a home, and there are programs where you only need to put 3% down (you will have to purchase private mortgage insurance if you cannot put 20% down). 

Your first step in the buying process is to get pre-approved by a lender. I'm not talking about going online and using some calculator to get approved, you need to go speak with a mortgage loan professional and have them examine your finances, pull your credit, and look at your income history and so forth. You absolutely have to know what you can afford to buy before you start looking for a home, otherwise you're just wasting your time when you search.

So, if you're looking to buy a home, now is a great time to do so. Once you're serious about buying, go speak with a lender to figure out what you can afford, and then start searching. If you need any assistance finding a good home or finding a good lender, then please don't hesitate to contact me.