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Beatrice Bloom, Princeton Real Estate Agent

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MARKET VALUE VS. VALUATION: WHAT’S THE DIFFERENCE?

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Princeton Town Topics – Let’s Talk Real Estate – June 6, 2018

MARKET VALUE VS. VALUATION: WHAT’S THE DIFFERENCE?

Whether you’re a buyer or seller, making sure you’re getting the best value is of paramount importance. It just makes sense to try to gain as much information as you can before setting a price or making an offer. One big mistake a lot of buyers and sellers make when trying to determine a fair value for a home is to look at the current tax records, available on sites like Realtor.com as well as county tax assessor websites.

While that might seem like a good tactic, it actually can leave you with a wildly inaccurate value, one that doesn’t reflect the true market value of the home. That’s because there’s a big difference between a home’s market value and its value for tax purposes. Tax valuation is completely separate from market value, and it’s determined based on a lot of factors – none of which has to do with the price a home will bring when it’s sold. In fact, in most cases, a home’s market value exceeds the tax valuation – often significantly.

To get the true value of a home on today’s market, talking to an experienced real estate agent is your best bet. Experienced agents know what buyers are looking for, and they also know what prices homes in your neighborhood are commanding. It’s one more way to take the hassle out of the home sales process.

 

OPEN HOUSES: ARE THEY WORTH IT?

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Princeton Town Topics – Let’s Talk Real Estate – May 2, 2018

OPEN HOUSES: ARE THEY WORTH IT?

Selling a home is a busy process. Not only are you preparing to move all your stuff from your old house, but you’re also probably looking for a new place to call home – and you’re doing it at the same time. That’s a lot of juggling, and sometimes, it may seem like scheduling and prepping for an open house is one task too many; after all, plenty of homes sell without open houses, so why should you bother having one?

The fact is, open houses offer significant benefits in certain price ranges. Not only can you attract multiple buyers in a single day (which means less scheduling for individual showings), you also create a sense of competition and urgency that can work in your favor. How? Because when one potential buyer sees another potential buyer – or sometimes several – looking at the same property, they’ll feel far more motivated to make an offer to avoid losing the home to someone else. Plus, open houses can provide lots of feedback that can help you identify little “tweaks” that could help your home be more attractive and marketable. Bottom line: Instead of thinking of an open house as a hassle, think of it as an opportunity to sell faster and for a better price.

 

 

ZILLOW: MY HOUSE IS WORTH WHAT?

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Princeton Town Topics – Let’s Talk Real Estate – April 18, 2018

ZILLOW: MY HOUSE IS WORTH WHAT?

Whether you’re interested in buying or selling a home, you’ve probably done a little online sleuthing to find out average prices for similar homes in your area. One tool that’s become really popular for gathering home value estimates is Zillow, which uses an algorithm to “guesstimate” home values. The resulting estimates are called “Zestimates,” and while it may sound appealing, multiple studies have shown the tool itself is wildly inaccurate. In fact, there’s at least one lawsuit pending against the company that alleges the values it provides are extremely misleading – even damaging.

If you want to do a little online cost comparison, the Realtor.com website is a much better option. Even then, though, the site offer asking prices, which can be a lot different from actual final sales prices. The best option of all: Talk to an actual real estate agent with experience in the market you’re interested in. An agent is “on the ground” every day with access to all sorts of market info not available online. And that means they’re uniquely positioned to offer you the best guidance and most accurate values to get you the best price and the fastest closing – whether you’re a seller or a buyer.

 

WHEN SELECTING AN AGENT, EXPERIENCE COUNTS

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Princeton Town Topics – Let’s Talk Real Estate – April 11, 2018

WHEN SELECTING AN AGENT, EXPERIENCE COUNTS

If you’re selling your home, setting the “right” price can be difficult. Relying on an agent to research the local market is a wise idea – but even then, there are pitfalls. Determining a fair and accurate price for any home requires a deep understanding of the local and regional real estate markets at any given time. And since those markets are always changing, you need an agent with a lot of experience to interpret and even predict those shifts in order to make sure your home sells quickly and at the best possible price.

What’s more, the features buyers are most interested in are also in flux. Again, your agent’s experience is key. Agents with a lot of experience are skilled in assessing a home’s features, location and other variables in terms of the pool of buyers who are most likely to be interested in your home. Plus, they have the tools and know-how to effectively market your home’s best features so it compares favorably with competing homes.

In the end, an experienced agent can help your home sell faster – and for the best possible price. And as a seller, what more could you ask for?

 

DO YOU NEED A BIDDING WAR TO SELL YOUR HOME?

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Princeton Town Topics – Let’s Talk Real Estate – April 4, 2018

DO YOU NEED A BIDDING WAR TO SELL YOUR HOME?

There’s a lot of hype about bidding wars – after all, what’s not to love about having multiple buyers vying for your home? But the fact is, you don’t need a major bidding war to get a great price for your home. All you need is one great offer.

Unfortunately, a lot of sellers gauge the success of their listing by how many people they have competing for their home. If they only have a one or two offers during the first weekend or week of their sale, they think the sale is a flop. In reality, unless the market is super hot, having too many people submitting offers right off the bat could be a sign your home is priced too low.

A more realistic rule of thumb: Aim for one to three offers within the first 30 days after listing your home for sale. If you get more, fine. If you don’t get any reasonable offers, it’s a good sign you need to reconsider your pricing. Again, let your agent be your guide. A skilled agent can position your home so it attracts the right buyer – and all it takes is that one buyer to close the deal.

 

FLEXIBILITY IS KEY WHEN HOUSE HUNTING

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Princeton Town Topics – Let’s Talk Real Estate – March 28, 2018

FLEXIBILITY IS KEY WHEN HOUSE HUNTING

Having a wish list when you’re looking for a new home is a great way to help you focus on the features that are most important to you so your search can be more productive. But it’s equally important to be flexible, especially when it comes to the “big three”: price, location and condition. Why? Because being uncompromising about these three major factors can make it a lot more difficult to find your ideal home. Rarely will a home be “ideal” in all three of these areas. When you start out eliminating every home that isn’t in the perfect spot at the perfect price in pristine condition, you’re already limiting your options – significantly.

Starting out with an ideal is fine. In fact, it’s really important to discuss your ideals and “best-case scenarios” with your real estate agent so they know what you’re looking for. But it’s also good to keep an open mind. After all, a good agent knows the market, and they can come up with some acceptable compromises that can still help you hit most of your wants. The key is to have an open mind – and to trust your agent to keep your best interests first and foremost.

 

Beatrice Bloom