UNDERSTAND

your home's value

in today's market!

Prepared by

TOP 5 REASONS WHY YOU SHOULD

UNDERSTAND WHAT IMPACTS

YOUR HOME VALUE

1. EQUITY - understand how much equity you have to use for different purposes
   
2. REFINANCING - learn what lenders look at when approving home loans
   
3. SELLING - prioritize home decisions based on return as well as buyer appeal
   
4. HOME IMPROVEMENTS - identify which updates make sense for your situation and also increase your home value the most
   
5. FUTURE PLANNING - learn how your home value can help you reach your next life goal of downsizing, upsizing, retirement, relocating, etc
   

WHAT AFFECTS YOUR HOME’S MARKET VALUE

• Location
• Age
• Above grade square footage
• Below grade square footage
• Quality of construction
• Foundation
• # of bedrooms
• # of bathrooms
• Garage
• Energy efficiency
• Amenities
• Special features
• Recent updates
• Current market (up or down)
• Recent Sales

COMMON SOURCES MOST HOMEOWNERS LOOK TO FOR VALUE

Appraisals

While this is usually the most accurate way to determine market value, it can be very expensive from about $600-$800+.

Appraisers use several tools to compare and contrast similar properties to the subject property. Then take the net adjustments to determine a value.

Appraisal Example

Town Assessment

Cities and towns do not have accurate market value because it is very expensive to update assessments in a timely manner. Assessed value is usually much lower than market value.

You can view your property's assessed value on the town of greene website: https://www.townofgreene.net/assessing/pages/property-cards-0

While this is not a good way to determine market value, it is very helpful to see how the town has your property valued for tax purposes. Some times a mistake on acreage or square footage is made and needs to be corrected. I always recommend homeowners review their property cards for accuracy.

Tip - Make sure to take advantage of tax exemptions like the homestead exemption.

Property Tax Card Example

Zillow Zestimates

Zillow Zestimates are a quick and easy way to see a value for your property but definitely not reliable. Zillow simply uses recent sales (if available) and property tax data to generate an estimated value. The number is not adjusted for any improvements you've made to your home. There is no real estate professional looking at comparative data. Zestimates are fun to look at but should not be used as a resource for determining your home's value.

With all that being said, I do recommend you go to Zillow and "Claim Your House". Here is the link:

https://www.zillow.com/agent-resources/blog/how-and-why-to-claim-your-homes-on-zillow/

When you do, Zillow will send you market updates which can be interesting.

Comparative Market Analysis by a Licensed Realtor

Realtors - Some realtors specialize in market value and prepare a report called a CMA or Comparative Market Analysis. The process is similar to appraisals in which they compare and contrast homes with similar features.

Adjustments are made and a net value is determined.

As a selling specialist, I enjoy providing CMA's for homeowners. It is a wonderful tool for them to make decisions for future planning.

Best Ways to Improve Your Home's Value

Home projects or renovations to get you the most return on your investment:

Increase the square footage - This can be very expensive if you are adding on to your existing home. But if you have a dry, daylight basement, consider finishing space there. The cost is substantially lower, the space is just as useable and very attractive for buyers when you decide to sell. The square footage is not rated as high because it's below grade but, again, the space is much less expensive to complete.

Add another bathroom - if you only have 1 bathroom, this is a great way to add a lot of value.

Updating bathrooms and kitchens - updating doesn't have to mean a complete remodel. There are many ways to give an improved look without tearing out cabinets. Painting, new hardware, flooring, lighting, fixtures are a just a few.

Energy Efficient Sources - when you are considering upgrades to heating or other appliances, be sure to check out the tax benefits of energy efficient options. This will save you money on the initial cost then you enjoy the benefit of continued savings.

RECEIVE A FREE NO OBLIGATION HOME VALUE REPORT - CLICK HERE

I'll provide you with recent sales and a full report showing your home's current value. Then I'll give you ideas to increase the value so you'll be ready when it's time to move on.

Michelle Davis

Licensed Realtor

Associate Broker

Spelling Specialist

License# BA924203

207-212-9935