5 minute read by Jason Gelios REALTOR®
Many people wonder what the difference is between the assessed value and the appraised value of a home.
The assessed value is just an estimate by the city/county to determine the homes tax amount. They don't look into any other factors like an appraiser would. The assessed value can only increase by a certain percentage per year. An appraiser will look at comps, updates etc. Market value of a home can increase higher than assessed value. Oftentimes when a new owner closes on the home the tax amount will be higher than what the previous owner was paying.
An appraisal is a more accurate value of a property. Keep in mind though it is only a snapshot in time and can change due to other homes being sold and numbers adjusting. In some cases a home owner could use an appraisal to potentially lower there taxes if the appraised value is less than what the property is being assessed for by the city/township.
One other tip would be to make sure all information about your property is accurate with the city or township. One mistake by them could cost you more in taxes per year.
A quick video I did on some interesting statistics regarding home buyers.
5 min. read by Jason Gelios REALTOR®️
PMI or Private Mortgage Insurance is insurance placed on a mortgage that is over 80% loan to value. This means if a borrower does not put 20% down on the loan they will have to pay mortgage insurance.
Buyers who don’t put 20% down are considered higher risk by the lender. Private mortgage insurance provides extra protection for the lender should a borrower default or not pay on the mortgage.
Although even if that happens the lender will still pursue the borrower for the money owed.
One way to avoid PMI is to put at least 20% down. A more common way is to purchase the home with PMI and look at where values are a year or so after. If values rose to where you would show 20% equity above what you owe on your first mortgage, you could refinance to have PMI removed.
4 min. read by Jason Gelios REALTOR®️
According to the National Association Of REALTORS®️, over 85% of homebuyers would opt out of certain home features in order to have a smoother commute. And over 43% would prefer to cut their current commute by 45 minutes.
Some of the home features buyers would skip out on are lot size, square footage and updates.
Pretty interesting how commute time ranks higher than a lot of home features. As they say in real estate, location, location, location. Whether you are looking to buy or sell a home always keep in mind the location and possible commute times to major freeways etc.
Be sure to visit my website www.ItsAllAboutTheRealEstate.com for more helpful videos and articles.
5 min. read by Jason Gelios REALTOR®
It can be daunting. It can leave you feeling frustrated. You or your agent present an offer only to be flat out rejected.
There are many reasons why an offer on a home get's rejected. We are going to explore some reasons here.
One of the reasons why your offer may have been rejected is because the home seller changed there mind. Sometimes this happens even with an offer in hand. It could be due to a personal reason or change. It could be that something new popped up in there life and caused them to take there home off the market.
Another reason your offer can get rejected is the offer itself. Maybe your offer was too low or had too many requirements that turned off the seller. Most sellers will provide a counter offer if they found your offer a possibility. Oftentimes if an offer is very low in price the seller will reject it versus countering the offer because they were offended. After all, buyers and sellers take there home very personal.
So what do you do if your offer was rejected?
The short answer is ask questions. Try to get more information or have your REALTOR® ask questions to see if anything can be done to resubmit your offer. That is if you still want the property. Asking the right questions just might get you back into the game and win you the house.
It's very important to make sure your offer is a fair one from the beginning. It is very easy to be blacklisted from a property due to a seller being offended. Even if it's a situation where the home is overpriced. Which in this case you may have to move on or wait until a price adjustment happens.
Asking questions and making sure your offer is fair up front will help avoid the possibility of your offer being rejected.
In this quick tip video I share a good selling tip to keep in mind.
Real estate market update | Jason Gelios REALTOR®
A new FHA bill passed the House of representatives that could allow reduced mortgage insurance premiums for FHA buyers.
Check out my video below to learn more!
Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the book Think like a REALTOR®, Creator of The AskJasonGelios Real Estate Show and an Expert Media contributor.