Do you know your home's value?

An article in the April issue of the Salt Lake REALTOR magazine caught my eye, so I am sharing it with you.

The national average for home price appreciation from the end of 2017 to the end of 2018 was 5.73%. Utah's price increase was 9.8% for that same time frame, giving us the 3rd place slot in the nation for increased home prices. Idaho took 1st place with an 11.93% increase and North Dakota took last place with a .02% increase. 

Statistics for this information were taken from the last quarter of 2017 to the last quarter of 2018 and were calculated by the Federal Housing Finance Agency.

If you take this information and put it to practical application, you can speculate and theorize that if you purchased a home in Utah during the last quarter of 2017 for $300,000, it was worth $329,400 during the last quarter of 2018. That is a 9.8% price increase, and that is a significant increase in your home's appreciation.

If you would like to know what your home is worth, I can give you a free comparative market analysis on your home. Just give me a call and we can determine what your home's value is today.

801-631-3430

Brought to you by Heath @ HeathsHomes.com

What is your home REALLY worth?

Did you know that the property value on your Wasatch County Tax Assessment statement isn't what your home is really worth?

Wasatch County sends you a tax assessment statement on your property every fall. If you own a home, this assessment usually gives you four numbers. 

1. A Market Land Value (the value of your land or lot)

2. A Market Improvement Value (the value of your home and/or other buildings on your land)

3. A Total Market Value (the land and buildings added together)

4. A Total Assessed Value (55% of your total market value if it's your primary home - this is the amount you are taxed on)

Usually, these numbers don't tell you what the CURRENT appraised value of your home is if you were to list it and sell it today. For the most part, it is quite a bit off actually. 
Here is one of the reasons. The county is required by the state to complete an appraisal for the assessment value on EVERY single home in the county every 5 years.
That means your appraisal by the county might not be up to date. We've seen the growth in the past 5 years and the prices of homes go up in the past 5 years. So, your recorded value could be 4 or 5 years old and off somewhat.
I talked to our county assessor and she was great to answer my questions. She did say that since home sales happen so often in Wasatch County, they do their appraisals more frequently than most counties in the state.
Even though our county officials are diligent in their efforts to keep up with the current economy, the real estate market has it's own mind.
I looked up my house and the Total Market Value recorded in 2016 is $15,000 lower than what I bought it for in 2015. If your assessment statement is similar to mine, then the real value of your home is higher than you think as well.

I don't want you too look at your tax assessment and think that is all your home is worth. If you were to order an appraisal on your home, chances are your numbers would come up very similar to mine - your appraised value (and therefore your sell-it-today-price) would be significantly higher than the Total Market Value recorded on your tax assessment statement. 
Thankfully our Wasatch County officials are pretty smart and strictly adhere to the state of Utah's policy of responding and adjusting our taxes according to the the local economy. There are some state that don't do this, like California, and in some places they are experiencing a crisis because the property taxes they collect will not cover their budget to run their municipalities. Their assessed values are decades old and can't keep up with economic changes.

Hopefully I've given you some helpful information. I may have also raised a few questions in your mind. My job is to keep you the most informed real estate buyer and seller in the area. I would be glad to answer any of your questions. 
Give me a call or text at 801 631-3430

Would you like to know how much your Wasatch County home is worth in 2018?
I would be happy to give you a free of charge, Comparative Market Analysis, specifically for your home.

Brought to you by Heath @ HeathsHomes.com

Should I Sell?

Are you thinking about selling your house? You might have a handful of questions swimming around in your mind that need to be answered to help you decide IF you do want to sell your house. Let's talk about just a few of them.

The usual response is probably late spring or early fall. The change of the seasons elicits a need for change in our lives as well, and it may just seem like a natural time. 
The current trend shows the demand for quality, well priced houses in our valley are at a premium in the late spring and early fall. Currently, the demand for a modest house in the 4 bedroom range is very high. If you wanted to sell your nice, 4 bedroom, 2 bath house right now, you could get a supreme price because there aren't many on the market. 
Keep in mind the best time to sell houses also depends on the size of house. Luxury houses are not as hot right now. Currently there are many luxury houses to chose from, so the demand is lower which usually results in longer list time and longer days on market.
Don't discount winter as a perfect time to sell your house. There is usually less competition so that increases the demand of the house you are selling. Also, serious buyers are always looking for a house, no matter the season.
So the answer to the question of when is the best time to sell your house is whenever you want to sell it. Your real estate agent will have the best inside information to help you decide the local market and the best timing for our valley.

This is another question that might be on your mind. If it's not crunch time and you don't have to move quickly, you don't want to list your house if the market isn't safe and you can't come out financially ahead. Your real estate agent will provide you with quite a bit of information that is a good indicator of the market in our area as well as how much your house is worth.
You'll get a sizable list of houses similar to yours that recently sold, recently expired, that are currently under contract, houses currently for sale, and all the prices that are attached to each of those houses. The list includes a large amount of information including acreage, square footage, age, bedrooms, baths, garage specifics, maps, and photos. This helpful list is called a CMA, a comparative market analysis.
If you want to figure out the worth of your house and see how the local real estate market is performing, stay away from internet websites that give you estimates. We live in a beautiful and unique part of the state which dictates it's own market that only a real estate professional can perceive. Don't hesitate to call your local professional for a free CMA on your house.

Not properly getting your house ready to put on the market can be a big disadvantage and a turn off to potential buyers, but you are probably closer to being ready than you think.
Eliminating any odors, getting rid of clutter, spiffing up the furniture, possibly a fresh coat of paint in portions of the house, and tidying up the front yard go a long way in the overall appeal of your house. If you know something doesn't work, get it fixed. If something needs to be repaired, repair it. 
Don't get the wrong idea, there is a fair amount of work to get your house ready to be shown, but truly, decluttering is the majority of it. It's not more than you can handle. Your agent will let you know if anything requires special attention.

Selling your house is kind of a big deal and this is only a handful of hundreds of questions you might be considering and thinking about. A good real estate agent will be happy to answer all of the questions that might be swimming around in your head about selling your house.

Brought to you by Heath Harvey @ HeathsHomes.com

Are you thinking about selling your home?

Are you thinking about selling your home?

Are you unsure of where to start or think your price range expectations are too high?  Or possibly too low?  Did you know that any real estate professional would be more than happy to run a CMA for you?  That's a Comparative Market Analysis.  

This little bit of information will ease your mind by letting you know how much other homes in your area that are similar in size, condition, and age to your home sold for recently.  Yes, you get to know the selling prices of the other homes in your neighborhood so you will know what price is a fair price for you to list your home. And the kicker is, if you use a good realtor, they will usually do this free of charge.  See?  No need to worry or be unsure.  Getting a CMA done is the best place to start if you are thinking about selling your home. Give me a call and we can talk about your CMA. 801-631-3430

Brought to you by Heath Harvey @ www.heathshomes.com