Angie's List
|
main page
Senior Options
Testimonials
Visual Tours
my listings
Neighborhood Information
School Info
Search For Homes
Featured Property
Mission Statement
Privacy Statement
About Bruce!
Contact Bruce
FREE Reports
Pre-Qualify Now!
search foreclosures
County Links
mortgage center
Angie's List
Bruce Nemovitz
Phone (262) 242-6177 Realty Executives - Integrity 412 E. Silver Spring Drive Milwaukee, WI 53223 |
Bruce Nemovitz
What is the Value of Your Home in Today's Market?Every day I meet with seniors who ask me to do a market estimate on their home to establish the current value of their home in today’s market. I am often surprised at the discrepancy between the current value of my client’s home and their perception of value based on information they received from sources prior to my visit. The first misconception is that the tax bill is accurate as to the market value of our homes. Most communities are required to adjust the assessed value usually every four years. This can vary from community to community. Recently there have been new assessments done in the four county Milwaukee-Metro areas. In some cities the comparables used to determine the values were taken from the peak market of 2004-2005. Therefore, assessments in those communities have been higher than the current market value since prices have reversed in these specific areas since 2004-2005. In some other communities, reassessments have not been done for a few years so those market estimates may be accurate or even lower than today’s prices. You get the idea. Using your tax bill may be a good reference point, but it is not a good idea to use those values when establishing a price to sell your home or when doing estate planning. It is always best to have a Realtor prepare a competitive market estimate, or have a certified appraisal done to establish an accurate determination of your home’s value in today’s ever changing market. Many folks I meet with tell me their neighbor or someone at work has convinced them of their home’s value. Remember that your neighbor has an emotional attachment to the neighborhood, as well as a stake in the highest sales prices possible. It is in their best interest to have the highest possible sale prices so that the value of their home will also be raised from those sales. However, a buyer is doing their homework and their goal is to purchase the best home for the least amount of money. To the buyer they are purchasing a ‘house’ and to you and your neighbor it is a ‘home’. Emotional attachments are normal and healthy in some respects, but they can lead to a false sense of value. Therefore, put more stock in the professionals. They will view your home objectively, rather than the “expert” at work or your neighbor who bases their opinion on emotional reasoning with no actual sales data to back up their opinion. Another source of faulty information can come from the media. We hear news that “home prices are plummeting” and “nothing is selling”. Most of these stories are generic and encompassing large geographical areas. It is true that Florida, Arizona, and areas of California are experiencing rather hefty reductions in real estate values. But remember, these are the areas that were appreciating at incredible rates, rates too large to sustain. The Milwaukee-Metro area had not seen such rapid inflation and therefore is not experiencing these rapid drops in price. Remember that it is not news today if it is not sensational or in most cases negative! Homes are selling and they are attracting prices that may be much healthier than you may have speculated. The bottom line…if you are in a situation where your home no longer meets your physical or emotional needs, call a Realtor or certified appraiser to accurately evaluate your home’s value. If you are planning for your retirement and want to base your portfolio on accurate numbers, get accurate information! Knowing the real equity of your home can be a life changing event! Bruce Nemovitz is a Senior Real Estate Specialist, as well as Certified Senior Advisor. Bruce has sold residential homes in the four county Milwaukee-Metro areas for 30 years. He has just published a book called “Moving in the Right Direction”, a Senior’s Guide to Moving and Downsizing. He works with his wife Jeanne and assistant Boni at Realty Executives Integrity. Please feel free to call Bruce or his team with any real estate questions, you may have at 262-242-6177, or email at Bruce@BrucesTeam.com. You can go to their website at www.brucesteam.com and view the many articles and important information related to moving and downsizing! |
