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What’s the Difference Between an Appraisal and a Market Analysis?

What your home is assessed for on your property taxes isn’t necessarily what it’s worth. The best way to find out is with a market analysis.

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Do you know the difference between an appraisal and a market analysis? If not, you’re in luck, because we’re breaking down the differences today.

Appraisers and real estate agents pull their information from the exact same database. While an appraisal is a more methodical way of assessing value, it’s the same information.

In some ways, a market analysis is better at determining the current market condition. Appraisals go by history, but market analyses go by what’s happening now.

There are places like Zillow where you can get an instant valuation for your home, but they’re a running joke in the industry when it comes to accuracy. Inherently, their algorithm isn’t very accurate in practice.

A lot of people come to us with an assessed value that their property taxes are in, but we don’t put any weight on that value. It simply is a tax assessment, and not a fair representation of value. It’s all based on information that may be outdated or inaccurate.

If you’re curious about what your home is worth, we’d love to help you with a no-obligation, free market analysis for your home. Reach out via phone or email today to get in touch or to ask any questions. We’re always here to help.

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A Quick Look Back at the 2019 Real Estate Market

After another strong year in 2019, we’re optimistic about the 2020 real estate market. Here are a few reasons why.

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Today we’re taking a look back at the 2019 numbers for our real estate market, and looking  forward to 2020.

2019 was another great year for our real estate market. Our appreciation was up by a little over 9% and our average sale price rose from $268,000 to $285,000.

This growth has been fueled by our low inventory. We’re currently up a little bit from where we were last year, but it’s still below what’s considered a balanced market. At the beginning of the year, it was shocking how few homes we had for sale. 

We’re expecting another solid year for real estate.

We’re still in a seller’s market but the options for buyers are increasing, which is a good thing. We have about two months of supply right now. This more balanced market is better because buyers and sellers can both benefit from it.

Looking forward to 2020, we’re expecting another solid year for real estate. We certainly don’t have a crystal ball, but based on the opinions we’ve been hearing from experts we know, we’re optimistic.

If you’re interested in buying or selling a home in 2020, feel free to reach out to us via phone or email with any questions. We want to put you in a position where you can make the best decision possible for your family and your future. We look forward to hearing from you soon.

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How Has Local Real Estate Changed Since Last Quarter?

How has our real estate market changed since last quarter? Let’s discuss a few notable developments.

Looking to buy a home? Search all homes here.
Looking to sell a home? Get a free home value report here.

Real estate conditions can change quite quickly, which means it’s time for a quick update on what’s happening now. 

First, inventory in our area is at just two months’ worth of supply. This means if no new homes hit our market during that time, we would run out of available listings. A balanced market (meaning one in which buyers and sellers have equal leverage) is typically one with between five to six months’ worth of inventory. Anything above that level is a buyer’s market, while anything below is a seller’s market. 

It’s quite common for inventory levels to fluctuate throughout the year, but the current levels are lower than we’ve seen them in at least five years. 

What does this mean for you? Well, it ultimately indicates that sellers have a strong upper hand right now. If your home is in good condition and is listed at a good price, you’ll likely receive multiple offers.

The bottom line is that we’re definitely still in a seller’s market.

Another factor benefiting sellers and homeowners today is the recent rise in home values, which are up 6.5% year to date. This leaves us with a current average sales price of $285,000. The bottom line is that we’re definitely still in a seller’s market. 

We hope this quarterly update has been helpful, but, of course, the market changes from week to week, too; so if you’d ever like to speak about what’s happening on a given day in your neighborhood, don’t hesitate to reach out.

If you have any other questions or would like more information, please give us a call or send us an email. We look forward to hearing from you soon