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My mission at Handy Andy Real Estate is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, I can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

3 Types of Value and How They Matter to Your Listing

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Today we’re going to be discussing the difference between assessed value, appraised value, and market value.

Each of these three types of values is different, so I want to clear up what separates them.

First, let’s start with the assessed value. The assessed value is what the government will tax you on. You will get a statement in the mail telling you what portion of that value you will be taxed upon.

Next, there is the subject of appraised value. The appraised value has to do with what the appraiser thinks your home is worth. It’s important to remember that the appraiser isn’t buying your home, though. Every appraiser will give different values and place different levels of worth on the features in your home.

Market value is ultimately the most important type of value.

The appraiser’s opinion of your home’s value is just that: an opinion.  The view, location, or finishes within the home are all taken into consideration. This still isn’t market value, though.

The market value is the amount buyers will actually be willing to pay given current market conditions. This is ultimately the most important type of value. Market value will be determined by supply and demand.

The more demand and less supply there is, the higher the market value. An agent will help you determine a pricing strategy based on all of this information.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

How to Overcome Appraisal Challenges

Appraisals have become a bit of a challenge in our market. Here’s how to make them a little easier.

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Buyers and sellers face a lot of different challenges in this market. One area, in particular, has been seeing a lot more challenges than others: appraisals.

The reality is that the state of supply and demand in our market is creating higher sale prices. This is good news for sellers, but it’s also causing some problems. The main issue is the disconnect between some of the sale prices we are seeing the market bear and what appraisers are valuing homes at. Appraisal issues are more common now than ever, and they can ruin transactions. So, what happens when you don’t agree with an appraisal?

You have a few different options. One is disputing the appraisal and potentially asking and paying for a second opinion. You may also be able to renegotiate with the seller or meet them halfway to make up the difference from where the appraisal is and where the sale price was agreed at. You also have the option to walk away as a buyer. We write appraisal contingencies into all of our contracts.

Keep in mind if you’re a seller that if you have an FHA buyer, that appraisal sticks with the property whether they decide to proceed with the sale or not. 

You always have the option to walk away as a buyer.

Pricing your home appropriately with a pricing strategy that takes into consideration the potential appraised value of your home. With a good agent, you can help avoid a lot of these kinds of issues.

If you have any questions for us or are curious about buying or selling a home, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.

How Does the Trump Administration Affect the Real Estate Market?

A lot has changed since election night on November 8th. Here’s what we’ve seen in the real estate market since.

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Since Donald Trump was elected on November 8th, our real estate market has changed a lot, for better and for worse.

Let’s start with the bad news first. Since the election, interest rates on mortgages have increased across the board. They are up over 4% now. Buyers who would have been able to purchase before the election might not be able to now. However, a 4% rate is still phenomenal when you compare it to the rates we’ve seen in the past that were well in the double digits. 

There does seem to be a renewed sense of optimism out there.

Now for the good news. There does seem to be a renewed sense of optimism in the real estate market, especially here in Rochester. Just the talk of lowering taxes, whether it happens or not, has increased optimism and home values.

If you have any questions or want more details about the Trump administration's effects on the market, give me a call or send me an email.