What's the Best Method for Valuing Your Property?

 Looking to buy or sell a home in Merrimack Valley? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (978) 852-3001 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hey everyone, thanks for visiting me once again. The topic of discussion today is: "What is the best method for the valuation of my property?"

People use lots of different methods to get a valuation of their property. Let's take a look at some of the most common methods that people employ.

Zillow is one of the most popular home search websites on the web, and offers a tool called a "Zestimate" that is supposed to give you an accurate home value. In reality, this estimate is based on data they collect and it's a gross estimate, and not the best way to get a valuation of your property.

Another thing people do is look at assessor's records. Often times, county assessors don't take improvements, updates, or changes into consideration when determining the value of your home, and their assessments can be as much as 30% off.

Hiring an appraiser is the route others choose. An appraiser is going to evaluate the property for you and in many cases, the appraisal is very consistent with your home's market value. However, if there are not any recent comparable sales or if it's an unusual property that varies from the norm, the appraisal may not be as accurate.

For the best and most accurate valuation possible, hire an experienced real estate professional who has their feet on the ground in the area of concern. We recently listed a property that was the only one under $400,000 in the town it was located in. We had to do constant research to determine the value. If the property were determined by an appraisal, it would have come in around $290,000, when the true value is more towards $320,000. 

If you have any questions for us, feel free to give us a call or send us an email. We look forward to hearing from you soon!

What's the Difference Between an Inspector and an Appraiser?

Looking to buy or sell a home in Merrimack Valley? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (978) 852-3001 for a FREE home buying or selling consultation to answer any of your real estate questions.

Good morning, and thanks for coming back to join us.The focus of our blog today is to  identify the distinction between a home inspector and a home appraiser. We've been getting a lot of questions about this lately, so we thought we would clear the air for you so you know the difference between the two. 

First of all, a home inspector is someone a buyer hires to completely inspect the condition of the home they are about to buy. The home inspector, in many cases, will produce a report of about 50-100 pages detailing all of the science and function associated with the property.

Home inspectors identify problems in every area of the home, whether it has to do with systems, defects, foundation issues, or anything else. Issues regarding mold, lead paint, asbestos, and other health hazards are also covered by the home inspector. They can give you information regarding anything that has to do with issues that need to be identified and repaired on the property. 

An appraiser, on the other hand, has a completely different role in the sale. What the appraiser does is identify what the appraised value of the property is, so that can be shared with the lender who is financing it. If the appraised value comes in lower than the sale price, it can create a challenge for the buyer. If you have a great agent, they can negotiate the settlement so that the difference between the sale value and the appraisal can be resolved amicably. 

If you have any questions, give me a call or send me an email. Until next time!

Myths About the Reverse Mortgage

Looking to buy or sell a home in Merrimack Valley? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (978) 852-3001 for a FREE home buying or selling consultation to answer any of your real estate questions.

Did you know that you can actually buy a home with a reverse mortgage? I recently had a client who couldn't qualify for a regular mortgage for a home, so once we did our research we found that she could purchase the home with a reverse mortgage, and she'll never have to make a mortgage payment as long as she lives there. Today I'm going to clear up some myths about the reverse mortgage, because nobody seems to quite understand them.

1. You can't qualify for a reverse mortgage because of your credit and income: this is not true.
2. You can't get a reverse mortgage if you have a forward mortgage: this is also untrue. 
3. If I outlive my life expectancy, the lender will evict me: another false idea. 
4. You don't have an objective adviser with whom to speak: You must meet with an independent adviser in Massachusetts whenever you try to go through with a reverse mortgage. 

So, what are the benefits of a reverse mortgage? 

1. Seniors can continue to live in their home without a monthly mortgage payment. There are no income or credit score qualifications, even though this is about to change in Massachusetts in April 2015.
2. You can pay for healthcare costs with a reverse mortgage. 
3. You can free up cash for additional income, in order to enjoy your retirement.
4. There is also no pre-payment penalty if you decide to sell the property.
   

So, if you have any questions about the Merrimack Valley real estate market, please don't hesitate to contact us. 

If you'd like more information on reverse mortgages, then you might find this site to be helpful. 

As always, please consider me your #1 resource for real estate!