Zillow Zestimates: How Accurate Are They?

Zillow Zestimates: How Accurate Are They?

In the world of real estate, there’s one topic that consistently ignites a spirited debate among buyers, sellers, and industry professionals alike — the accuracy of Zillow’s Zestimate. Is it trustworthy? Can it be relied upon to determine the true value of your home? Today, we’re going to delve into an unbiased analysis of Zillow’s infamous Zestimate, revealing whether it’s a tool you should be utilizing or not.

Our goal is to take a non biased look at Zillow’s Zestimate and identify if you can use it to accurately estimate your homes value.

Let’s unravel the mystery together, shall we?

Today, we’re going to embark on a two-part journey of discovery. First, we’ll unravel what the Zestimate truly is, and then, we’ll shed some light on the facts often hidden in plain sight. By the end, you’ll have insights you’ve probably never come across before. In this article, we’ll cover:

 

Homes For Sale in Charlotte, NC:

1. What is a Zestimate?

In simple terms, a Zestimate is Zillow’s estimated market value for a home. Zillow uses a sophisticated algorithm that considers a wide range of information to provide this estimate. The Zestimate is not an appraisal, but it can offer a starting point for understanding a home’s value.

“Find what moves you”
Contact us today

2. How is a Zestimate Calculated?

Zillow’s Zestimate algorithm uses a proprietary formula, which considers many data points. These can include physical attributes, such as square footage, number of bedrooms, and bathrooms, as well as location-specific elements such as proximity to amenities, neighborhood trends, and local market conditions. It also takes into account historical and current transaction data, like recent sales of similar homes in the same area.

However, it’s important to note that Zestimates don’t account for everything. They don’t consider certain elements, like recent renovations or unique features and interior finishes, as this kind of information might not be available in public records or reported to Zillow.

Obviously, the best way to get an accurate evaluation of your home’s value is to hire an appraiser or chat with an expert real estate agent in your area!

 

3. Zestimate’s Accuracy

Zillow has been transparent about the accuracy of their Zestimates, stating that it has a median error rate of roughly 2-3% for on-market homes. This means that half of the Zestimates are within 2-3% of the selling price, and half are off by more. The accuracy can vary depending on the location and the availability of data in a particular area. To judge Zillow Zestimate’s accuracy levels, there are two different categories of Active, or On-Market listings, and Off-Market listings.

The Active Listings Accuracy section are the homes that are currently listed online. Zillow breaks down the accuracy down by state, but it can be narrowed down to your specific city. Researching Charlotte’s data for homes that were listed online and sold, 78.6% of the time the Zestimate was within 5% of the sales price. 93.8% of the time the Zestimate was within 10% of the sales price.  According to that data, the values are pretty accurate between the Zestimate and the current list price of a home.

Comparing the Off-Market sales data, only 41.44% of the homes sold were within 5% of the Zestimate price. That’s 78% for active listings versus 41% off-market, which is a big difference!  Zillow is much less accurate when it comes to off-market homes than when it comes to active listings. 

Researching homes currently listed for sale in the Charlotte, NC market the Zestimate changes whenever the home is officially listed for sale.  For example, a home is currently on the market listed at $689,000 and the Zestimate is at $702,000, a difference of $13,000.  The Zillow Zestimate appears pretty accurate. When taking a closer look at the home value button on Zillow, it will take you down to a chart that shows a Zestimate chart over time. The Zestimate value shown on the example’s home right before it was listed was $509,000.  When the home was officially listed for sale, the value jumped up to $702,000!  Now, that’s a big difference!

Check out the video for several other examples of Zestimates before and after a home is listed in the active market and how they mimic the actual list price!

“Find what moves you”
Contact us today

4. How to Update Your Home’s Information on Zillow

The information that Zillow has on your home may be incorrect. There is a way you can update your information on Zillow to get an updated value on your home. Go to Zillow’s website and “Claim Ownership” of your address, verify ownership, and “Update Facts”.  Correcting the number of  bedrooms and bathrooms, square feet of your home, and other features will provide an updated Zestimate.  

Selling A House Shouldn’t be Stressful

There is a pro-active way to sell your home that gets results

5. The Role of Zestimates in Today’s Housing Market

In today’s digital-driven housing market, Zestimates play a significant role. They offer a quick, easy-to-access estimation of a home’s value. However, Zestimates are a starting point and not a definitive appraisal of a home’s value. They are a helpful tool but should be supplemented with professional appraisal, comprehensive market analysis, and expert real estate advice.

Zestimates are a valuable tool in today’s fast-paced, information-hungry real estate market. They provide homeowners and prospective buyers with an immediate, albeit rough, estimate of a property’s worth. But remember, while they are a good starting point, nothing beats the human touch and local market expertise that a professional realtor can provide.

6. What is Your Home’s true value?

If you’re curious on what your home’s TRUE value is? Want to know how much it could be worth on the market? Sign up for a free home evaluation today! Our expert team will provide you with an accurate and comprehensive report, giving you insight into the current market and helping you make informed decisions about your property. Sign up now and take the first step towards unlocking the TRUE potential of your home!

As your trusted realtor, I’m here to help you make the most of your assets and guide you on this rewarding journey. If you’re ready to explore the possibilities that your home’s equity offers, don’t hesitate to reach out.

Thank you for taking the time to read this article. I’m excited to assist you in unlocking the full potential of your home’s equity and creating a lasting legacy for your family.

Sign Up To Our News Letter Below

So you don’t miss any of the most up-to-date info

On the Greater Charlotte Area

* indicates required
Let’s Connect Today!

Phone:

704-631-3977

Email:

info@thefinigangroup.com

Visit Us:

3440 Toringdon Way, ste 205

Charlotte NC 28277

Home Ownership Education, Home Sellers and Buyers, Moving to Charlotte NC, Selling My House, Uncategorized

How do rich people become wealthy?  How do successful individuals become generationally wealth?

How do rich people become wealthy?  How do successful individuals become generationally wealth? Well, I was recently asked by a wise sage, "do you know how rich people become wealthy?"  Join Adam Kelly & I as we reveal how the wealthy build generational wealth!...

Featured Suburbs

Featured Neighborhoods

How do rich people become wealthy?  How do successful individuals become generationally wealth?

How do rich people become wealthy?  How do successful individuals become generationally wealth?

How do rich people become wealthy?  How do successful individuals become generationally wealth? Well, I was recently asked by a wise sage, “do you know how rich people become wealthy?”  Join Adam Kelly & I as we reveal how the wealthy build generational wealth!

Today we will  walk you through the different ways that you’re able to utilize your equity to better your financial position, invest, and pay off debt. They will also discuss the different tools and methods of extracting wealth from your home’s equity. Here’s a few things that we will cover: 

In This Article We’ll Cover:

1. Ways to Use Your Home’s Equity to Build Wealth

2. Ways to Access Your Home’s Equity

3. How to Save Thousands on Your Mortgage

4. Private Mortgage Insurance

5. What’s Your Homes’ TRUE Value?

Homes For Sale in Charlotte, NC:

1. Ways to Use Your Home’s Equity to Build Wealth

 

Home equity is often the largest asset for many American families, yet many are unaware of the incredible opportunities to leverage this asset to build wealth. However, with the right approach, your home equity can work for you and your family to unlock the potential of your property’s value.

One of the most effective ways to increase your overall wealth while still enjoying the benefits of homeownership is by building your home equity. With refinancing, you can access the equity in your home and utilize it to pursue a variety of investment strategies to increase your total wealth. Whether you want to invest in your business, pay off debts, or make home improvements, home equity refinancing can be an excellent option for you.

By unlocking the value of your home equity, you can invest in strategies that align with your financial goals, which could potentially help you build significant wealth over time. With careful planning and expert guidance, you can make the most of your home equity to create a stronger financial future for you and your family. Here’s a few of the ways you can use your equity to better your financial position:

1. Paying off credit card bills: The average credit card APR is now about 16%, so using a home equity loan to pay off high-interest credit card bills can be smart.

After all, some banks offer home equity loans with rates around 6%. If you transfer high-interest credit card bills to a home equity loan with a rate that’s less than a third of what you’re paying on your credit cards, you could save money and pay down debt faster.

2. Consolidate other debt: While credit card debt is one option for debt consolidation, don’t forget you can use home equity to consolidate other types of debts. The key is choosing debts that have a higher interest rate than you could get with a home equity loan.

If you have a high-interest personal loan, auto loan, or private student loan and have a lot of equity in your home, for example, using your home equity could be smart. Consolidate all your debts with a home equity loan with low or no fees and a lower APR, and you could save big over the long haul.

3. Home improvements: Did you know that you can use your home equity to increase the value of your property and build your wealth? Many homeowners are leveraging this opportunity by using home equity loans to make important home improvements or upgrades.

According to Remodeling Magazine, the top three improvements that yield the highest return on investment are garage door replacement (93.8% cost recouped), manufactured stone veneer (92.1%), and a minor kitchen remodel (72.2%). By investing in these upgrades, you can boost the value of your property and enjoy a higher return on your investment.

But it’s not just about the numbers – any remodeling project can pay off if you personally find value in it. If you’ve always wanted a new kitchen and need to borrow to make it happen, a home equity loan is a smart and affordable option. And if you qualify according to IRS rules, you can even deduct the interest on home equity loans when the funds are used to “buy, build, or substantially improve the taxpayer’s home that secures the loan.”

4. Home additions: Are you running out of space in your beloved home? Well, don’t let limited square footage hold you back! With home equity, you can add an addition to your property and increase its value while also avoiding a pricey move.

Whether you need a new family room, bathroom, mudroom, or bedroom, adding some extra space could be just what you need. And the good news is that you don’t have to dip into your personal savings to make it happen. A home equity loan is an affordable and accessible option that can help you fund your dream addition.

By expanding your living space, you’ll not only enhance your daily life but also increase the overall value of your property. And let’s face it – who doesn’t want a little extra room to breathe and relax in their own home?

5. Down payment for investment property: Looking to level up your real estate game and become a landlord or commercial property owner? Well, get ready to dish out a hefty down payment! But before you start dipping into your personal savings, there’s a smarter way to get the cash you need – with home equity.

By tapping into the value of your property, you can secure a home equity loan with a competitive interest rate, allowing you to pursue your real estate dreams without breaking the bank. And let’s be real – who wouldn’t want to make passive income from a rental property or have a commercial space to call their own?

With a home equity loan, you can unlock the value of your property and use the funds to invest in real estate ventures that align with your financial goals. And since home equity loans are secured by your property’s value, you’ll likely qualify for a more affordable interest rate than other types of loans.

6. Starting a business: Ready to turn your entrepreneurial dreams into reality? Look no further than your own home! By tapping into your home equity, you can access the funds you need to start a business – whether that means opening a franchise or starting your own company from scratch.

With a home equity loan, you can get a sizable chunk of money upfront without having to drain your personal savings or take out an expensive small business loan. And let’s be real – every entrepreneur knows that startup costs can quickly add up, so having access to affordable funding is crucial.

And with careful planning and expert guidance, you can use your home equity to start a successful and thriving business. So don’t let a lack of funding hold you back from pursuing your entrepreneurial dreams.

7. Use for an emergency:When life throws you a curveball, having a backup plan can make all the difference. That’s where home equity comes in handy. While home equity loans offer a fixed lump sum, fixed interest rate, and fixed monthly payment, a home equity line of credit (HELOC) works like a credit card, giving you the flexibility to borrow against your equity as needed. 

With a HELOC, you can rest easy knowing that you have a financial safety net to fall back on in case of emergencies. Whether it’s unexpected medical bills, a job loss, or a health scare, a HELOC can provide you with the funds you need to weather the storm.

And the best part? If you don’t use your HELOC, there’s no need to worry about repayment. Plus, since any cash you borrow is secured by the equity in your home, you can enjoy much lower rates than traditional credit cards or loans.

Of course, it’s always best to have an emergency fund in place, but a home equity loan or HELOC can be a reliable backup plan if you don’t yet have one. Just be sure to compare HELOCs and watch out for fees to ensure you get the best deal.

Home equity is a powerful asset that many families underestimate when it comes to building wealth. By refinancing and unlocking the value of your property, you can use your home equity to pursue various investment strategies. Whether it’s paying off credit card bills, consolidating debt, making home improvements or adding an addition to your home, you can use your home equity to increase your wealth and financial stability. You can also tap into your home equity to fund your real estate ventures, start your own business or have a financial safety net in case of emergencies. With careful planning and expert guidance, home equity can be a valuable tool for creating a stronger financial future for you and your family. 

 

“Find what moves you”
Contact us today

2.  Ways to Access Your Home’s Equity:

Now, how do we access your home’s equity? There’s a few popular methods for tapping into the butt load of cash you’re currently sitting on: cash-out refinancing, refinancing, and Home Equity Lines of Credit (HELOCs). By understanding these options, you can make informed decisions that best suit your financial goals, whether you’re upgrading your living space, managing debt, or embarking on new endeavors. 

 

1. Cash-out Refinancing: Sail Away with Extra Cash Cash-out refinancing is like discovering a hidden island filled with gold. You replace your current mortgage with a new loan for more than you owe on your home, and then pocket the difference. It’s a popular choice for homeowners looking to access their equity while potentially lowering their interest rate or changing their loan term.

Advantages:

1. One loan to manage: By consolidating your mortgage and home equity, you’ll only have one monthly payment to worry about.

2.Tax benefits: In some cases, the interest you pay on a cash-out refinance could be tax-deductible.

Disadvantages:

1. Closing costs: Just like with your original mortgage, you’ll need to cover closing costs, which can be 2-5% of the loan amount.

2. Long-term commitment: If you extend the loan term, you might end up paying more interest over time.

2. Refinancing: Smooth Sailing to a Better Mortgage Refinancing is like swapping your old rowboat for a shiny new yacht. It involves replacing your current mortgage with a new one, typically to secure a lower interest rate, reduce your monthly payments, or change your loan term.

Advantages:

1. Save money: Lowering your interest rate can save you thousands over the life of your loan.

2. Flexibility: You can choose a new loan term that better suits your financial needs.

Disadvantages:

1. Closing costs: Just like with cash-out refinancing, you’ll need to pay closing costs on a new loan.

2. Time-consuming: The refinancing process can take several weeks or even months to complete.

3. HELOCs: Float on a Flexible Line of Credit A Home Equity Line of Credit (HELOC) is like having a trusty life raft on hand. It’s a revolving line of credit that uses your home as collateral. You can borrow against your home’s equity, repay the funds, and borrow again as needed during the draw period, usually 5-10 years.

Advantages:

1. Flexibility: You only borrow what you need, when you need it, making it perfect for ongoing expenses or projects.

2. Interest-only payments: During the draw period, you may have the option to make interest-only payments, keeping monthly costs low.

Disadvantages:

1. Variable interest rates: HELOCs typically have variable interest rates, meaning your payments could rise if rates increase.

2. Risk of foreclosure: Failing to repay your HELOC could result in the loss of your home.

Unlocking your home’s equity can be a fantastic way to achieve your financial goals, but it’s essential to weigh the pros and cons of cash-out refinancing, refinancing, and HELOCs. Consider consulting a financial advisor or mortgage professional to help you decide which option is the best fit for your unique circumstances. With the right strategy, you’ll soon be sailing the high seas of financial freedom!

Selling A House Shouldn’t be Stressful

There is a pro-active way to sell your home that gets results

3. How to Save Thousands on Your Mortgage:

 

There is a simple yet powerful strategy to save you tens of thousands of dollars: paying a little extra towards your mortgage each month. This small step can save you thousands of dollars over the life of the loan and help you become mortgage-free sooner.

When you pay more than the required monthly payment, the extra amount goes directly towards the principal balance of your loan. This reduces the overall balance and, in turn, the interest accrued on that balance. The benefits are twofold: you’ll pay less interest over time and shorten the term of your mortgage.

Let’s illustrate this with an example. Imagine you have a 30-year mortgage for $250,000 at a 4% fixed interest rate. Your monthly principal and interest payment would be approximately $1,193. If you were to pay an additional $100 per month, you would save over $26,000 in interest and shave off more than four years from your loan term!

If you’re considering this approach, check with your lender to ensure there are no prepayment penalties and confirm that the extra payments will be applied to the principal. You can also use online mortgage calculators to help visualize the long-term savings this strategy offers.

By consistently paying a little extra each month, you’re investing in your financial future. The thousands of dollars saved in interest can be redirected towards other financial goals, such as retirement, education, or home improvements.

 

“Find what moves you”
Contact us today

4. Private Mortgage Insurance 

Private Mortgage Insurance (PMI) is an insurance policy that protects lenders from potential losses if a borrower defaults on their mortgage. It’s typically required when a borrower puts down less than 20% on a conventional home loan. PMI reassures lenders, making it possible for more people to qualify for mortgages with smaller down payments.

The cost of PMI varies based on the size of your down payment and credit score, and it’s usually added to your monthly mortgage payment. The good news is that PMI isn’t permanent. There are several ways to remove it:

1. Automatic cancellation: Under the Homeowners Protection Act, lenders must automatically cancel PMI when your loan balance reaches 78% of the original property value, provided you’re current on your payments.

2. Request cancellation: Once your loan balance falls to 80% of the original property value, you can request PMI cancellation in writing. Your lender may require a home appraisal to verify the value.

3. Refinancing: If your home has appreciated in value or you’ve made significant improvements, you might be eligible to refinance your mortgage without PMI, provided your new loan balance is 80% or less of the home’s current value.

Keep track of your mortgage payments and home’s value to ensure you’re not paying PMI longer than necessary. Removing PMI can save you money, allowing you to reach your financial goals faster.

Selling A House Shouldn’t be Stressful

There is a pro-active way to sell your home that gets results

5.  What’s Your Homes TRUE Value?

 

If you’re curious on what your home’s TRUE value is? Want to know how much it could be worth on the market? Sign up for a free home evaluation today! Our expert team will provide you with an accurate and comprehensive report, giving you insight into the current market and helping you make informed decisions about your property. Sign up now and take the first step towards unlocking the TRUE potential of your home!

 

 

In conclusion, the secrets of the top 1% are within your grasp. By leveraging your home’s equity and utilizing strategies like cash-out refinancing, HELOCs, and real estate investments, you can create generational wealth for your family. We hope this article has inspired you to take action and explore the possibilities that your home’s equity offers.

As your trusted realtor, I’m here to help you make the most of your assets and guide you on this rewarding journey. If you’re ready to explore the possibilities that your home’s equity offers, don’t hesitate to reach out.

Thank you for taking the time to read this article. I’m excited to assist you in unlocking the full potential of your home’s equity and creating a lasting legacy for your family.

 

Sign Up To Our News Letter Below

So you don’t miss any of the most up-to-date info 

On the Greater Charlotte Area

* indicates required
Let’s Connect Today!

Phone:

704-631-3977

Email:

info@thefinigangroup.com

Visit Us:

3440 Toringdon Way, ste 205

Charlotte NC 28277

Home Ownership Education, Home Sellers and Buyers, Moving to Charlotte NC, Selling My House, Uncategorized

How do rich people become wealthy?  How do successful individuals become generationally wealth?

How do rich people become wealthy?  How do successful individuals become generationally wealth? Well, I was recently asked by a wise sage, "do you know how rich people become wealthy?"  Join Adam Kelly & I as we reveal how the wealthy build generational wealth!...

Featured Suburbs

Featured Neighborhoods

Mecklenburg County Property Tax Revaluation: Tax Relief Options

Mecklenburg County Property Tax Revaluation: Tax Relief Options

Recently, Mecklenburg County announced its property tax revaluation, a process that occurs every eight years to ensure that property values are up-to-date and fair. The revaluation process, which began in 2021, determines the assessed value of every property in the county based on a variety of factors, including recent sales, property improvements, and other market trends.

As a result of the revaluation, some property owners in Mecklenburg County may experience an increase in their property taxes. The county government has taken steps to make this process as transparent as possible, providing property owners with information on how their assessments were calculated and offering opportunities for appeals.

 

Homes For Sale in Charlotte, NC:

However, for those who may experience an increase in their property taxes, the county has also introduced several tax relief options to help alleviate the financial burden. These include property tax exemptions for seniors, the disabled, and veterans, as well as programs that provide assistance to those who are struggling to pay their property taxes. Please see below for a list of the different tax relief options:

 

Mecklenburg County Property Tax Relief Resource

Elderly and disabled residents can receive up to $25,000 or 50%, whichever is greater, off their taxes. Those interested can apply between January and June each year by calling 980-314-4226.

Elderly and disabled tax relief requirements include:

  • The applicant’s name must be on the deed or title to the property.
  • The property must be the applicant’s primary residence.
  • The applicant must live in North Carolina.
  • The applicant must be at least 65 or have a disability that “substantially hinders a person from obtaining gainful employment.”
  • If claiming a disability, the applicant must provide proof of the disability from a North Carolina physician or a government agency.

  • The applicant’s household income must be below $31,900, based on 2021 income. The Mecklenburg Board of County Commissioners is working to make this income restriction higher so more people can qualify, Joyner said.

Disabled veterans in North Carolina can receive up to $45,000 off their property taxes. Those interested in applying must fill out a form on milvets.nc.gov.

Disabled Veterans Homestead Exemption requirements include:

  • The deed or title must be in the applicant’s name as of Jan. 1.
  • The applicant must live in North Carolina
  • The applicant must be a disabled, honorably discharged veteran or receive benefits for specially adapted housing under 38 U.S. Code 2101.

 

Selling A House Shouldn’t be Stressful

There is a pro-active way to sell your home that gets results

The Helping Out Mecklenburg County homeowners with Economic Support (HOMES) program helps low to moderate-income homeowners get up to $340 off their property tax bill. Those interested can apply at mecknc.gov/4Homes.

HOMES program requirements include:

  • The applicant’s name must be on the deed, title or on a life estate of the property. A life estate is a legal way to pass the ownership rights of your home to another person after death.
  • The property must be in Mecklenburg County.
  • The property must be the applicant’s primary residence at the time of application and consistently for the past three years.
  • The applicant’s household must make less than 80% of Mecklenburg County’s area median income, or less than $67,000 for a family of four according to data from local affordable housing developer DreamKey Partners.

    Certainly, it is vital for property owners to stay updated with the property tax revaluation process in Mecklenburg County. The county’s tax relief options, such as property tax exemptions, assistance programs, and deferral programs, provide crucial support for homeowners who may face financial challenges. By taking advantage of these resources and staying informed about the property tax revaluation process, property owners can make informed decisions about their properties and finances. Overall, this process ensures that property values are fair and transparent, benefiting the community as a whole.

    Sign Up To Our News Letter Below

    So you don’t miss any of the most up-to-date info 

    On the Greater Charlotte Area

    * indicates required
    Let’s Connect Today!

    Phone:

    704-631-3977

    Email:

    info@thefinigangroup.com

    Visit Us:

    3440 Toringdon Way, ste 205

    Charlotte NC 28277

    Home Ownership Education, Home Sellers and Buyers, Moving to Charlotte NC, Selling My House, Uncategorized

    How do rich people become wealthy?  How do successful individuals become generationally wealth?

    How do rich people become wealthy?  How do successful individuals become generationally wealth? Well, I was recently asked by a wise sage, "do you know how rich people become wealthy?"  Join Adam Kelly & I as we reveal how the wealthy build generational wealth!...

    Featured Suburbs

    Featured Neighborhoods

    Mecklenburg County Property Tax Value Skyrockets! What does this mean for you?

    Attention homeowners of Mecklenburg County, NC!

     

    Brace yourselves, because changes are coming to your property taxes. If you own property in Mecklenburg County, you may have already received a notice in the mail regarding your new property value.  That’s because the county is in the midst of re-evaluating its property taxes this year.  Mecklenburg began mailing out notices to over 400,000 home owners on March 17th.

    This process has significant implications for homeowners in the area, and it’s important to understand what’s happening, why it’s happening, and what you can do to prepare. In this blog, we’ll dive into the details of Mecklenburg County’s Property tax re-evaluation and provide valuable insights for homeowners who want to stay informed and ahead of the game. So buckle up and let’s get started!

    In This Article We’ll Cover:

    1. Why’s This Happening?

    2. Lower Value Homes See Highest Tax Value Increase

    3. How the New Tax Rate Will Be Determined

    4. City’s & Towns Set Tax Rate

    5. Do You Have Questions? Here’s where you can get answers!

    6. How To Appeal Your Revaluation

    7. Tax Relief Options

    8. Your Homes TRUE Value

     

    Homes for Sale in Charlotte, NC:

    1. Why’s This Happening?

    North Carolina law requires all counties to conduct a property revaluation at least every eight years. Mecklenburg County currently conducts revaluation every four years. Don’t be surprised to find some bigger numbers compared to the last time your property was valued in 2019.

    The property revaluation is the culmination of more than 2 years of work. The Assessor’s Office monitors market data to accurately determine the market value of all properties. Staff visit and observe properties to verify characteristics, compare similar property sales and consider improvements or changes made. Revaluation captures these changes in value for property tax purposes. Properties are revalued to ensure assessed values are based on the current market and establish equalization for property owners throughout Mecklenburg County.

    Nearly all of the county’s more than 400,000 residential properties saw an increase in market value. The value of some parcels increased more than three-fold, according to a Charlotte Observer analysis of those parcels

    “Find what moves you”
    Contact us today

    2. Lower Value Homes See Highest Tax Value Increase

    The median value of real estate in Mecklenburg County is up by about 51% from 2022That includes a 58% increase for all residential properties and 41% for commercial. People with homes priced on the lower end of the spectrum should expect to see the biggest increases to their tax bills. That’s because less expensive homes jumped the most in value over the past four years. Neighborhoods to the north and west of uptown are expected to see some of the highest property value gains. 

     

     

     

     

    But higher values don’t necessarily mean your property tax bill will go up. Local governments will set tax rates this year, at which point property tax bills will be sent out. You don’t need to wait on your letter in the mail to check your updated tax value,  Click Here  to view your updated value.

    Selling A House Shouldn’t be Stressful

    There is a pro-active way to sell your home that gets results

    3. How The New Tax Rate Will be Determined

     

    The tax rates set by local governments could be lowered in favor of a revenue- neutral rate (the rate needed to bring in the same amount of money as the previous years budget). By law, local governments are required to publish the revenue-neutral rate, but can choose to set it higher or lower.  

     

    Mecklenburg County commissioners will consider the new property values when setting the new rate. After making the new revenue neutral rate public, the commissioners will determine what rate must be set to bring in enough revenue to pay for public services without overly burdening residents.  Commissioner Leigh Altman said she considers three things hone setting the rate: 

    1. Fairness

    2. Those already tax burdened 

    3. Quality infrastructure and services 

    That rate applied to property owners’ new value will determine the amount owed on tax bills this year.  Overall, property owners shouldn’t be surprised to see an increase in their tax bill.  

    “Find what moves you”
    Contact us today

    4. City & Towns Set Tax Rates

    If you live in the city of Charlotte or a town in Mecklenburg County, those boards will set a municipal tax rate, too.

    Things like inflation, recession fears and needs for city and county services and infrastructure will impact leaders’ decisions when setting the tax base.

    City Councilman Ed Driggs said inflation also has resulted in inflated incomes. Both the city and county gave their employees pay raises in last year’s budget. Social Security fixed incomes increased by 8.7% to adjust for the cost of living in 2023.

    “People have more capacity to pay property taxes as well,” Driggs said.

    5. Do you have Questions? Here’s Where You Can Get Answers 

    Staff from the Assessor’s Office are ready to answer questions and assist all property owners. Owners can call 980-314-4226 or email AssessorQuestions@meckNC.gov

    In addition, the Assessor’s Office has scheduled two Property Tax Resource Fairs, to speak with residents about their new values and options for property tax relief for eligible owners.


     

     

    Selling A House Shouldn’t be Stressful

    There is a pro-active way to sell your home that gets results

    6. How to Appeal Your Revaluation 

    Property owners who believe the new assessed value doesn’t align with what it could sell for have two options: an informal review and a formal appeal. An informal review allows the owner and assessor to review the revaluation notice together and correct errors without an appeal. However, a formal appeal is sent for review by the Board of Equalization and Review (BER), a citizen volunteer board that listens to the appeals.

    If you are a property owner and you would like to appeal the new assessed value, you can do this on the same page where you locate your new property revaluation.

    Overall, Mecklenburg County’s property tax re-evaluation is a necessary process that helps ensure that homeowners are paying a fair amount in property taxes based on the value of their property.  By understanding the process and taking proactive steps, homeowners can be better prepared for any potential changes to their property tax bill.

     

    7. Tax Relief Options 

    As a result of the revaluation, some property owners in Mecklenburg County may experience an increase in their property taxes. The county government has taken steps to make this process as transparent as possible, providing property owners with information on how their assessments were calculated and offering opportunities for appeals.

     

    However, for those who may experience an increase in their property taxes, the county has also introduced several tax relief options to help alleviate the financial burden. These include property tax exemptions for seniors, the disabled, and veterans, as well as programs that provide assistance to those who are struggling to pay their property taxes. Please Click Here for a complete list of the different tax relief options available. 

    8. What’s Your Homes TRUE Value?

     

    If you’re curious on what your home’s TRUE value is? Want to know how much it could be worth on the market? Sign up for a free home evaluation today! Our expert team will provide you with an accurate and comprehensive report, giving you insight into the current market and helping you make informed decisions about your property. Sign up now and take the first step towards unlocking the TRUE potential of your home!

     

     

    Sign Up To Our News Letter Below

    So you don’t miss any of the most up-to-date info 

    On the Greater Charlotte Area

    * indicates required
    Let’s Connect Today!

    Phone:

    704-631-3977

    Email:

    info@thefinigangroup.com

    Visit Us:

    3440 Toringdon Way, ste 205

    Charlotte NC 28277

    Home Ownership Education, Home Sellers and Buyers, Moving to Charlotte NC, Selling My House, Uncategorized

    How do rich people become wealthy?  How do successful individuals become generationally wealth?

    How do rich people become wealthy?  How do successful individuals become generationally wealth? Well, I was recently asked by a wise sage, "do you know how rich people become wealthy?"  Join Adam Kelly & I as we reveal how the wealthy build generational wealth!...

    Featured Suburbs

    Featured Neighborhoods

    The Truth About Solar Panels and Home Sales in North Carolina

    The Truth About Solar Panels and Home Sales in North Carolina

    If you’re anything like me not a day goes by that you don’t get a call, text, email, piece of mail, or a door knock from a solar salesman at least once a day. If not, multiple times a day! You might be thinking: Is solar actually a good thing if I live in Charlotte, or in the Carolinas in general?  Well, thats exactly what we’ll review today! Our goal is to give you a little bit of direction if you’re thinking of investing in solar panels.

    This article is your ultimate guide to navigating the factors you should consider before making a decision. We’ll explore everything from the cost, pros and cons, and some myths and truths. I’ll also give you my perspective as a real estate agent on if you should move forward and get solar. By the end of this article, you’ll have a better understanding of the benefits and potential drawbacks of investing in solar panels, allowing you to make a decision that aligns with your needs and priorities. In this article we’ll cover: 

    Homes for Sale in Charlotte, NC:

    “Find what moves you”
    Contact us today

    Find out how much your house is worth!

    1. Cost of Solar Panels in North Carolina:

    Factors influencing cost of solar panels: home age, size, and sun coverage. Solar panel costs range from $15,000 to $57,000, with an average of $32,500 in North Carolina.   

    Cost of Solar

    If you’re considering investing in solar energy, the first question that comes to mind is probably whether it will save you money in the long run. The answer depends on a few factors, such as where you live, the age and size of your home, and the amount of sunlight it receives. But before you dive into the pros and cons of solar ownership, there’s one important thing to consider: timing.

    In North Carolina, the average time it takes to recover your initial investment in solar panels is 13.5 years. So, if you plan to move in the near future, it may not be the best time to invest in solar. However, if you plan on staying in your home for a long time, then solar panels could be a wise investment.

    When deciding whether to invest in solar, it’s important to think about how long you plan on owning your home. If you’re planning to move soon, it may not be worth the investment, as you may not have enough time to recoup the cost of installation. On the other hand, if you plan on staying in your home for the long term, solar panels can save you money on your energy bills and increase your home’s value.

    So, if you’re in it for the long haul, solar panels can be a great investment. They’ll help you save money on your energy bills and reduce your carbon footprint, while also increasing the value of your home. However, if you’re planning to move in the near future, it may be best to hold off on investing in solar until you’re settled in your next home. 

    “Find what moves you”
    Contact us today

    2. Pros of Investing in Solar Panels

     There are may positives to consider when you look into solar panels. Here’s just a few: 

    1. 30% Federal Grant: You get a credit of 30% of the initial cost of the solar panels on your taxes. This can help you offset some of the costs involved in solar. 

    2. Selling Unused Energy: You may be able to sell your unused energy back to the grid.  

    3. Reduce Electric Bill: You can greatly reduce your electric bill! But remember, Duke Energy charges a fee to be connected to the “grid.” This could run you about $30 a month, no matter what. So you can never eliminate your electric bill, without disconnecting from the “grid.”

     

    Solar Panels

    3. Does Investing in Solar Panels Add to Your Homes Value?

    Now, if you add solar to your home, is it an actual “amenity?” Is it something thats going to increase the value of your home? Well, that depends! Before we identify if solar panels add value, lets review the 4 ways you can get solar panels on your home: 

    1. You pay cash for them. 

    2. Finance the purchase. 

    3. You can lease them

    4. Buy a home with solar installed

    Selling your home, with financed solar panels:

    If you financed your solar panels, you likely have a lien on your home for the balance of your panels. This means that when you sell your home, the buyer’s mortgage company may require the panels to be paid off at closing. But what if you want the buyer to assume your solar lien?

    Well, it’s not that simple. Some financing companies do not allow the lien to be transferred to a new buyer, leaving you with the balance to pay off at closing. And even if you can transfer the lien, the buyer may not want to assume the debt obligation.

    Why, you ask? It could be that they don’t see the value in solar panels or just don’t want to pay for them. As the seller, you may find yourself not only trying to sell your home but also selling the idea of solar panels to potential buyers. And if the buyer perceives the value of the panels as less than your balance, you may end up working to pay off the remaining debt on your own.

    But that’s not all. The buyer may not be able to assume the debt obligation and still qualify to purchase your home. This means you may have fewer potential buyers, which could affect your bottom line.

    So, what should you do if you’re thinking of selling a home with solar panels? First, read your financing paperwork carefully to see if you can transfer your lien balance to the buyer. Then, consider the potential buyer’s perspective and think about how you can make the solar panels a selling point rather than a liability. Finally, it’s important to work with a professional realtor who has experience selling homes with solar panels. They can help you navigate the potential obstacles and ensure a smooth and successful sale. With the right strategy and the right guidance, you can sell your home and your solar panels with confidence.

     

    Selling your home, with leased solar panels:

    So, you’ve leased solar panels for your home and are now looking to sell. But wait, there’s a catch. You may not be able to transfer your solar panel lease to the new buyer. This can create a potential headache for your prospective buyer who may not want to assume the lease, or they may not be able to qualify for a mortgage with the added monthly obligation.

    Even though the solar panel lease is technically a utility bill, many lenders see it as a monthly debt obligation, which could negatively affect the buyer’s debt-to-income ratio and potentially blow up the deal. This could reduce your pool of buyers, which could affect your home’s sale price and lengthen the time it takes to sell.

    To make matters worse, some solar companies do not allow the lease to be assumed by a new buyer. This means that the lease will need to be paid off before you can sell the home. This can be a costly endeavor, and it’s important to consider this before you put your home on the market.

    Before making any decisions, consult with a real estate professional who has experience selling homes with leased solar panels. They can help you navigate the potential obstacles and ensure a smooth and successful sale. With the right strategy and the right guidance, you can sell your home with leased solar panels without any headaches.

     

    Selling your home: Can you just remove the panels?

    I’m sure many of you are saying “well, I’ll just remove my panels.” You may be tempted to just remove the panels and call it a day, but it’s not that simple. You could run into some unique obstacles that may make you rethink your plan.

    First and foremost, removing your solar panels could make your warranty null and void. You’ll need to have the solar company’s team remove the panels, which could come with its own fees. You’ll also need to identify transportation and storage, which could be an added expense. These costs can add up quickly, and you’ll want to consider them carefully before making any decisions.

    But that’s not all. Removing your solar panels could also damage your roof. This could be a costly issue that needs to be addressed before you can sell your home. You’ll want to make sure that the roof is repaired properly to prevent leaks and other potential problems. Once again, the cost of repairing the damage is something you’ll want to consider before making any decisions.

    So, while removing your solar panels is a viable option for selling your home, it’s not without its potential obstacles. Before making any decisions, consult with a real estate professional who has experience selling homes with solar panels. They can help you navigate the potential obstacles and ensure a smooth and successful sale. With the right strategy and the right guidance, you can sell your home with solar panels without any headaches.

    Selling A House Shouldn’t be Stressful

    There is a pro-active way to sell your home that gets results

    Solar panel salesmen often tout the benefits of solar energy, claiming that investing $40k in solar will increase your home’s value by $40k. But is this really true? Let’s take a look at recent home sales in Mecklenburg County and compare homes with solar panels to those without.

    Surprisingly, the price per square foot of homes with solar panels is actually the same as those without. So, while buyers may appreciate solar panels, it’s unlikely that they’ll be willing to spend significantly more for your home over someone else’s.

    Sure, solar panels are like having really nice appliances or a pool. They’re things that buyers are going to appreciate and enjoy. But, they’re not going to cause buyers to break the bank to purchase your home.

    In fact, appraisers won’t give you a significant bump in sales price for your solar panels. Even if they wanted to, they would need a comparable property that sold significantly higher than other comps, with nothing else being different than the solar panels. And the reality is that there aren’t many solar panel comps out there, so the odds of this happening are slim.

    But that’s not to say that solar panels aren’t a valuable investment. They can help you save money on your energy bills and reduce your carbon footprint. Plus, they’re a selling point that can help set your home apart from others on the market. Just don’t expect them to be the sole reason for a higher sales price.

     

    If you’re considering investing in solar panels, it’s important to do so for the right reasons. Talk to a professional who can help you navigate the potential benefits and drawbacks, and make an informed decision. With the right strategy and the right guidance, you can make the most of your solar investment and sell your home with confidence.

     

    Find out how much your house is worth!

    Selling A House Shouldn’t be Stressful

    There is a pro-active way to sell your home that gets results

    Investing in Solar? Keep these in mind:

    1. Warranty: Read the warranty the solar company offers. The warranty’s are not always the same. If you invest in solar, make sure you hire a company that stands behind their quality craftsmanship and their product for 15, 20 and 30 years. 

    2. Age of your roof: Typically you want to avoid putting solar panels on a roof that has less than 5 years of life left. 

     

    Who Should Invest in Solar Panels?

    There’s plenty of people who would greatly benefit from investing in solar panels.

    Here are a few:

    1. If you’re looking to stay in your home for 13+ years.

    2. If you’re looking to be on a fixed income and want to hedge yourself against inflation and future energy costs.

    3. If you’re trying to get off the grid.

    4. If you’re looking for a good back up in case of storms.  

    5. If you’re trying to make a difference in the green movement.

     

     

    solar panels in North Carolina

    There are pros and cons to every decision when it comes to solar panels. Whether you’re considering installing solar panels to save money on your energy bills and reduce your carbon footprint, or you’re looking to sell a home with solar panels, it’s important to understand the unique challenges that come with them.

    Many solar salesmen only focus on the benefits of solar panels, but the reality is there are potential obstacles that you need to be aware of. From dealing with solar panel liens and leases to understanding the impact of solar panels on your home’s value, there’s a lot to consider.

    If you’re looking to sell a home with solar panels, it’s important to partner with a real estate agent who has experience with these types of properties. They can help you navigate the potential pitfalls and ensure a successful outcome.

    No matter what your goals are, a professional real estate agent with experience in solar properties can provide you with the information, guidance, and support you need to make the most of your investment. So, whether you’re installing solar panels or selling a home with solar panels, contact a real estate agent who can help you make an informed decision and achieve your goals.

    “Find what moves you”
    Contact us today

    Is NOW a good time to buy a house in Charlotte? Or WAIT for the bottom?

    Is NOW a good time to buy a house in Charlotte? Or WAIT for the bottom?

    Today, we will answer the #1 question that almost everyone is asking our real estate team.  Is now a good time to buy a house in Charlotte? 

    You might think the answer is obvious, right? There is a potential recession coming in 2023, mortgage applications have dropped to 25 year lows, and buyers affordability has diminished this year. To top that all off, we just had ANOTHER interest rate hike from the Federal Reserve.

    So isn’t it obvious? You shouldn’t buy, right? Well, maybe, maybe not. In this article we’re going to be digging a bit deeper than just the headlines. We will take a look at the actual sales data, economic trends, and some basic principles that will help guide you to a good decision for your personal situation.

    Is NOW a Good Time To Buy A House In Charlotte? 

     The reality is that some of you should absolutely not be investing in real estate right now.  But, there’s also some of you who should be taking action right now and buying property. 

    To answer the question of “Is NOW a good time to buy a house in Charlotte?” we will want to consider a couple important details like your personal financial situation and your job security.

    In this article we will cover:

    1. Who shouldn’t be buying a house right now?

    2. Who should be buying a house right now?

    3. Why waiting for the market to “Bottom” is a bad idea. 

     

    Homes For Sale in Charlotte, NC:

    “Find what moves you”
    Contact us today

    Who shouldn't be buying a house right now?

    1. Who shouldn’t be buying a house right now?

    Homeownership has long been the American dream. A picturesque house of your own with a bright green lawn is deeply ingrained in our culture as something to aspire to. It has helped generations of homeowners build wealth that has been passed down to their children and their children’s children. However, for some of us out there, now may not be a good time to purchase a home. 

    A. If you have to stretch yourself financially

    If you have to stretch yourself financially, you absolutely shouldn’t be buying a home right now. Think about it, we’ve been experiencing record high inflation right now. If inflation continues at even 4, 5, or 6% in 2023 and your wage doesn’t also increase by 4, 5, or 6% to match those. extra costs then it just means you’re going to feel even more stretched. You don’t want to be “House Poor.”

    Rapid inflation

    B. If you’re facing any job insecurity

    If you have any job insecurity right now, that would be the 2nd reason you wouldn’t want to purchase a property right now. Many experts are predicting that we could see layoffs and higher unemployment in 2023. If you lose your job and are forced to sell in the next 6 to 9 months then you will be in a compromising position. It doesn’t matter if prices don’t come down. Even if they go up a little bit, or stay the same, you could lose thousands of dollars. 

    The cost of moving is very expensive and you would be faced with different fee’s and expenses. You can experience mortgage fee’s, you will have to pay movers, and you will be subject to fees associated with agents commissions, lawyers, taxes, etc. These fee’s can add up to 5 to 10% of the value of your property. That’s not something you want to be facing when the economic outlook can potentially be leading towards a recession. 

    How much does it cost to sell a house? 

    If you are considering selling your home and would like to know how much it ACTUALLY costs to sell your home, then check out our article: Selling your home: How much does it cost to sell a house?  We specifically outline all of the expenses, fee’s, and costs you could experience when selling your home.

    Selling A House Shouldn’t be Stressful

    There is a pro-active way to sell your home that gets results

    C. If you’re not ready, don’t rush

    It seems like every time you turn on the news, they are talking about the recession coming in 2023.  It’s probably the most anticipated recession that’s ever been announced. It’s kind of like we penciled it in.  

    So, if we are headed into an economic recession, and you still want to invest in real estate BUT you are not quite ready, DON’T RUSH.  Use this time to prepare yourself to make a much better decision a little bit further down the road. 

    If you’re not ready, how should you prepare?

    Here’s what I would be doing to prepare myself:

    1. The first thing I would do is hop on a bit of a budget. 

    2. Lower some of your unneeded expenses (Netflix, Starbucks, things you may not need).

    3. Start saving as much as you can and build up an emergency fund. 

    4. Pick up a “Side Hustle” to earn some extra cash.

    5. Pay off as much debt as you can. 

    I know that’s not the sexiest advice, but its the truth.

    Anything you can do to prevent yourself from making a hasty, or quick, decision means you will likely put yourself in a better financial position down the road. If you can reduce your expenses, pay off debt, and save more money you will increase your debt to income ratio have a larger down payment.  This could lead you to getting better rates and terms in the future, when you are ready to purchase a home.

     

    Budget

    The Charlotte labor market is strong!

    When it comes to Job insecurity, we do have some great news. The Charlotte NC job market is still very strong. Even if we see higher unemployment rates, and more job loss throughout the US, we will be more insulated from these effects in the greater Charlotte NC area.

    So, being in the Charlotte area, you may be in a position to get a better job with better income. This will give you more permanence during uncertain times. 

     

    Selling A House Shouldn’t be Stressful

    There is a pro-active way to sell your home that gets results

    Who should be buying a house right now?

    2. Who should be buying a house right now?

    If you are someone who has strong job security, low debt levels, and will not be over extended by a home purchase then now may be a great time for you to buy a home. Here are a few reasons why:

    1. Rent prices have skyrocketed: Rental rates in the US and in Charlotte have skyrocketed over the past year, which means that purchasing a home may be more attractively priced than renting a home right now. 

    2. House prices have fallen: Pricing is a lot more affordable than it was just 6 months ago. Even in the Charlotte area, we have seen around an 9% decrease in the price of homes in some areas. So you may be able to get into a home at a much better price.

    3. Home buyers can now negotiate: Due to the economic trends, there are fewer buyers in the marketplace. This means you will be able to negotiate much favorable terms and can potentially get the home at a much better price.  Home buyers are now able to request the seller to pay for closing costs, request a home sale contingency, or other favorable terms!

    4. Charlotte’s Booming: The fundamentals we see here in Charlotte NC are still very strong.  The job growth is still robust, there are a ton of people moving to the greater Charlotte area every day, and the average cost of living is still very attractively priced compared to other metropolitan areas.

    Skyrocketing rent prices

    So, if you are thinking of making a move, and are in a good position to do so: Don’t worry!  You’re not alone! We have so many people moving to the greater Charlotte area because of the affordability, the high paying jobs, and the great things to do, that we should be insulated from the worst effects of any recession.

    It is true, over the past few months the Charlotte real estate market has softened, but not nearly as much as the United States real estate market as a whole.  Inventory is still very low in the greater Charlotte area and we are still selling many of our listings in just a couple of days. 

    These are the ingredients that will keep Charlotte insulated from the worst effects from this potential economic downturn we may see in 2023. 

    Find out how much your house is worth!

    Why waiting for the market to bottom is a bad idea

    3. Why waiting for the market to “Bottom” is a bad idea. 

    For those of you on the sidelines, waiting on the real estate market to “bottom,” you may have issues with this strategy. The problem with this is, even if you were able to predict the prices perfectly and they did go down, you’re not going to be able to call the bottom. The reason is, housing is a lagging indicator. This means the data that you would use to indicate we hit the bottom happened 3 to 4 months ago. By the time you knew to act, it would already be too late.  

    And if you were able to overcome all of that then you would probably lack the courage to act. It’s not because of something you’re doing wrong, it’s just in our nature. Once we hit the “bottom” we will have peak fear, uncertainty, and doubt. The headlines and news will be so bleak the last thing you will want to do is step into the housing market and make a purchase.

    Selling A House Shouldn’t be Stressful

    There is a pro-active way to sell your home that gets results

    There is also an opportunity costs for waiting on the sidelines. While you’ve been waiting on the sidelines, waiting for the bottom, you will be paying those record high rental rates rather than paying that money towards your own equity, in your new home. 

    The far better strategy than “trying to time the market” is “time in the market” because no one knows exactly what’s going to happen in the future. One thing we do know though, the longer you do own real estate as an asset, the more likely it is that you will see great returns.

     

    We know that all of our clients are looking to accomplish different goals on different timelines. If you are curious if NOW is the right time for you to make a move, we would love to sit down with you and discuss your personal situation and see if now is in fact a good time to sell. Feel free to call, text, or email us today! 

    Contact us through:

    📱Call/Text Direct (704)-631-3977

    📧Email: info@thefinigangroup.com

    💻Website: www.thefinigangroup.com

    If you are considering selling your home, make sure you choose the best Realtor. Watch this video to make sure you are asking your potential realtor the RIGHT questions:  10 Questions You Must Ask Your Realtor Before Hiring Them. 

     

    “Find what moves you”
    Contact us today