Homebuyers and sellers may be familiar with the concept of assessed value and market value of properties. But while these values may seem similar, they differ in important ways.
It’s a myth that assessed value should equate to market value. While most states support the concept that assessed value approximate estimated market value, that often is not the case. Examples include when interior remodeling has occurred and the assessor is unaware of the improvements, or when properties in the vicinity have not been reassessed for an extended period.
Here are four differences to help homeowners gain a better understanding of market and assessed value:
Home improvement is one of those delightful endeavors that pays off. After all, who can put a price on the joy you receive from transforming your house into a more appealing, livable environment? Nonetheless, some projects have more to offer than others when it comes to boosting resale value. Let's start with projects that are within the skill level of the average person.
As a result of the last U.S. economic crisis, a lot of people now know a lot more about the secondary mortgage market. Before the crisis, the secondary mortgage market was a mystery to most Americans, and it was only really important to mortgage lenders and secondary market participants and appraisers. Then all of a sudden, with the well-publicized issues surrounding the housing collapse of 2008, Fannie Mae and Freddie Mac and some of their larger clients and the big lenders became household names. Read on to learn about the history of Fannie Mae and what it means for appraisers.
"You’ve been watching HGTV’s “Income Property” and wondering: Is it time for me to buy a rental and become a landlord?
You’re not alone. Between our “Friends”-like economy (“seems like you’re always stuck in second gear”), historically low interest rates, flat-line wages and the mood of millennials to rent instead of own, income property has been on an uptick since the Great Recession.
In fact, for the first time in five years, more Americans are putting their money into investment properties than vacation homes, according to the National Association of Realtors.
Should you? Experts offer a qualified yes, provided you do your homework first.
Here are 10 things to consider before diving into income property..."
"Probably one of the most important elements of a home, in terms of value, is the overall living space or gross living area (GLA). It is probably one of the most misunderstood elements as well. There are a number of standards for calculating GLA but the one that is used by appraisers is the “ANSI” – American National Standard Institute..."