Market Value VS Appraised Value

Hello Readers!

Today I wanted to take a moment to write about the Market Value of your home, in comparison to the Appraised Value of your home. If you are wondering why there is a difference in the two numbers, you are not alone. Knowing, and understanding that there is a difference between the two, will save you time and money in the long run when selling your home.

What is an Appraisal?

An appraisal that is conducted by a licensed real estate appraiser is an opinion of value based upon certain conditions and for a specified purpose. Most of the time the specific purpose of an Appraisal is for a lender to ensure that the buyer is not paying more than what the bank could sell the home for should it become a foreclosure. When a home is purchased, a mortgage lender will want to know if the home is worth the amount that you are willing to spend.

What is Market Value?

Market Value of your home is defined as what a buyer is willing to pay for your home. But wait… doesn’t that sound like what an appraisal should be? The answer is, no. The actions of one specific buyer doesn’t always represent the actions of a typical buyer purchasing a home. The goal of an appraiser to to estimate the true value of a property so that a lender can make an informed decision when providing a loan. The goal for Josh and I as Realtors, is to provide you with a price for your home that will attract a buyer at the highest price possible, but also in a reasonable amount of time.

If you’ve thought about selling your home, or if you’d like an instant Market Value of your home sent to your email…. click here!

If you have questions about Appraisal Value VS Market Value of your home, please contact me via email – kayla.staup@herrealtors.com

To find out more about Josh and I… click here!

 

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Sell Your Home This Winter!

Happy Wednesday Readers!

I think that Winter has finally arrived in Ohio! The Real Estate Market is on FIRE despite the cold temperatures outside! Grab your cup of coffee, keep warm, and let’s talk about selling your home this winter!

Have you have finally decided to put your house on the market, but you heard somewhere that it’s better to wait until the spring? Is it really better to wait? While I’m sure that you’ve heard that selling a home in the spring is a better bet. Flowers with beautiful colors are everywhere, thick green grass, and sunny skies make homes look their very best best, or so the thinking goes!

But…..Nope! There are very valid logical reasons why listing your house in the winter, rather than waiting for spring, can actually be the best choice! Of course everyone’s situation is different,  but here are a few things to consider when deciding when to list your home for sale.

1. Less Competition

It’s true that fewer people tend to list their homes during the winter months, but this means that your home has a better chance of standing out, as there will be fewer competing listings. Wouldn’t you rather be the only home for sale in your neighborhood, than have two or three of your neighbors also selling at the same time?

2. Motivated Buyers

It takes a little more motivation to bundle up and go look at houses when the weather gets cold. Not to mention that packing and moving in the cold is not much fun. But these small hurdles to house-shopping just mean that you will likely avoid wasting time with buyers who aren’t serious and ready to make an offer. The curious neighbors or “we’d like to buy a house in the next year…or two” buyers are not as likely to be making the rounds. Motivated buyers are more likely to be pre-approved for a mortgage and to know what they want, and so you are more likely to have showings turn into serious offers.

Another possible reason you will find more motivated buyers during the winter is that January is when many companies do corporate relocations. Someone who is being moved because of a job is not going to have the luxury to leisurely shop for houses for three months.

3. Buyer loans could be processed quicker

Because the housing inventory is generally smaller during the winter, lenders are less busy. This means that when your buyers are ready to go under contract, they can get their financing ready to go that much faster, and everyone can make it to closing quicker.

4. Homes listed in winter sell faster and for more money

The National Board of Realtors looked at 2011-2013 and found some surprising statistics. Contrary to popular belief, homes listed for sale in the winter sold faster (by an average of one week), were 9% more likely to sell within six months, and sold for 1.1% more money relative to list price.

There are so many different factors that go into the decision of when to list your home for sale, but if you are considering listing in the winter, or circumstances have forced you to list in the winter regardless, you should keep these things in mind as you weigh the pros and cons of listing now versus waiting until the spring.

As always, Josh and I are here to help you in anyway that we can, and are pleased to answer any questions about your home, or the Real Estate Market in general!

Thank you for reading 🙂

To get an instant estimated market value of your home emailed to you… click here!

To find out more about Josh and Kayla, HER Realtors… click here!