How Much Is My Home Worth? [The Ultimate Guide]

How Much Is My Home Worth? [The Ultimate Guide]

by | Aug 22, 2023 | Home Ownership Education, Home Sellers and Buyers, Selling My House

You’ve worked really hard to turn your house into your home, and chances are it’s your most valuable asset. But how do you determine its actual value?

Checking your home’s value isn’t as easy as quickly checking a random stock price, right? It takes a little bit more time, knowledge, and finesse.

Your home makes up a large chunk of your net worth, not to mention it’s a really big deal. You know, I’ve heard that half of Americans actually cry when selling their home, and those may be tears of joy, tears of sadness, or, frankly, tears of stress. You know, I get it because your home is probably one of the most valuable things that you own.

Today we’ll dive into the different types of home value, the different factors that affects your home’s value, and different market conditions you want to pay attention to as well. We’ll also discuss the online home value estimators and much, much more. Our goal is to lay out a roadmap for you to help you determine your home’s value!

  1. Types of Home Values

  2. How to Determine Your Homes Value

  3. Home Value Estimator 

  4. Reach Out to a Professional Realtor

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  1. Types of Home Values 

First off, there’s a few different types of values that we can look at. You have the fair market value, you have the appraised value of your property, and the as is value, or the value an investor would give you for your property.

 

Fair Market Value 

Fair market value is what your home would sell for on the open market, giving every buyer a potential to bid on your home. So you can find the buyer willing to pay you the most amount of money.

But in layman’s terms, the fair market value is what the buyer and seller agree the home is worth and agree to sell the home for. This would be done by having a professional Realtor perform a comparative market analysis and an absorption rate. Statistical analysis is the best way to really determine your fair market value for your home.

How Much Is My Home Worth? [The Ultimate Guide]

Your Home Apprasial

 Your appraised value is how much your mortgage lender determines your home’s value to be at. They come to this value by hiring a licensed appraiser appraise your home. The appraiser will actually take a look at your home, take into account the square feet, bedrooms, bathrooms, the location, the updates you have compared to other properties in the area. They put this in an analysis and put it in an appraisal report to help lenders determine your home’s value.

You’ll usually run into this scenario if you’re selling your home on the open market and the buyer that’s buying your home is planning to finance the property. The lender wants an appraiser to give their opinion on the value to make sure they’re not lending $1,000,000 on a home that’s worth $200,000. You will also find this when you are refinancing the property. A lot of the times, the lender will hire an appraiser to go appraise the value and to get a true estimate of your home’s equity.  

How Much Is My Home Worth? [The Ultimate Guide]

As-is Value | Investor’s cash offer

If you’re considering selling to an investor, your home usually needs some work, and the homeowner doesn’t want to do the work. Your home may not be quite move and ready now, so you just want to sell it and be done with the property.

A lot of times, you’re not going to get the most amount of money for the home, but you may be able to avoid some costly repairs that you may need to do to get that fair market value. Investors usually pay anywhere between 60-80% of fair market value for the home.  Are you interested in learning more about the different types of investors? Click Here to view the blog where we dive deep in the different types of cash offers. 

How Much Is My Home Worth? [The Ultimate Guide]

2. How to Determine Your Homes Value

So now that we know the three different types of home values, we’ll go through the steps that you need to take so you know your home’s value. Step number one, you want to make sure you learn the facts about your home in particular, and also the facts about your local housing market.

1. Learn the facts about your home

Believe it or not, your home’s value is not based on what you purchased it for or how great you think your home is. In a nutshell, your home’s value is basically what buyers are willing to pay you for it. So it may be worth a lot more than what you paid for it, or it may be worth a little bit less.

It really comes down to the condition of your home, the features of your home, and the overall market conditions. Here are some of the main factors you’ll want to consider when you’re really trying to determine your home’s value.

          • Location: One of the biggest factors is location, right? Location, location, location. We all know it. Everybody says it. So, is your home located in a good part of town? Is it close to a lot of shops, restaurants, dining? Can you walk to certain places from your home? Is there a certain aspect of your location that adds value or makes your home less desirable? Is your home waterfront? Does it have a golf course view? Are you on a busy road? A lot of these questions will affect your homes value. 
          • Curb Appeal: Does your home really have that wow factor? When buyers pull up, will they be instantly impressed with your home? 
          • Size: You want to pay attention to your homes square feet. How many bedrooms & bathrooms do you have? How big is it compared to some of the other recent sales in the area? 
          • Layout: Do you have an open concept? Is your home a little more congested and closed off? 
          • Stories: How many stories does your home have? The most expensive thing on any home is the roof and the foundation, so it’s cheaper to build up than it is to build out. What this means is when you’re comparing your home to other homes, pay attention to the amount of stories the home has. If your home is a two story home and has 2,500 square feet and you compare your home to a one story home with 2,500 square feet, it could lead to an incorrect valuation. The one story home is much more expensive to build than your two story home is. 
          • Updates/Renovations:  Buyer’s preferences always change, does your home possess the most modern and desired updates? Do you have granite countertops, quartz countertops? Do you have nice hardwood floors throughout? Is your home freshly painted? Does your home possess a more modern color palette?
A lot of things like that will really play into your home’s value and there is frankly a ton of different factors that go into your home’s actual value and buyers weigh them all differently. It’s a little more of an art than a science. Are you interested in learning more about the updates that will maximize your homes value? Click here to learn the 5 updates you can do to MAXIMIZE your homes value.

2.  Learn The Factors Affecting Your LOCAL Housing Market 

Let’s delve into the core elements of the Charlotte housing market that influence your home’s value. While some of these factors are beyond your control, being aware of them can help you make informed decisions.

          • Mortgage Rates: Now a mortgage is a huge financial decision and a higher rate means higher monthly payments. Buyers don’t buy for price point, they buy for payment. So if you see higher mortgage rates, that could actually discourage a lot of buyers from purchasing properties.
          • Seasonal Trends: You also want to consider the time of year. There’s definitely a lot of seasonal trends at play. When you look at the real estate market, statistically, most homes go under contract March, April and May. So you’re going to see a lot more activity then. Now if you get towards the end of the year when school is already in session, maybe November, December, you’re going to see fewer buyers in the market at that time. So that’s something you want to make sure you consider.
          • Supply vs Demand: If you’re looking on the market and you see that there’s a lot of homes currently sitting on the market, that means you got a lot of competition. This could make it harder for you to sell your home.  Now, if you don’t see many homes for sale and the homes on the market are selling quickly, that probably means there’s a lot of buyers and there’s not much to choose from. This has pretty much been the market that we’ve been in for the past few years. If this is the case, you can be more competitive with your price and really push the envelope to get top dollar. A really good way to judge supply versus demand in your market is really take a look at that absorption rate statistical analysis that judges the amount of months inventory currently in your area.

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3.  Look at Similar Homes that Have Recently Sold

When determining your homes value, you want to take a look at some of the recent homes that have sold either in your neighborhood or right in your area.  Please note, location is key. There can be BIG differences from neighborhood to neighborhood. The farther away you get from your home, the worse that comparable property is.

When you take a look at the homes that have recently sold, it gives you a good idea about what buyers have proven they’re willing to pay for homes in the past. You can compare those homes to your house to help you determine how you compare to them. 

I know there’s a lot of things to take into account when you’re trying to determine your home’s value, but a quick online search going to some of the national websites out there can help you find some recent solds near you.

Reaching out to a trusted Realtor is a great way to streamline the process and really help you determine your home’s value. Realtors have access to much better data sets and can help find and determine the best comparable properties, to ensure that you can get top dollar for your home.  

Mortgage rates

3.  Home Value Estimator 

Another great place to start is to get a free online home value estimate or get an AVM, which means Automated Value Model. If you put your address in Google, a lot of different websites will pop up such as Zillow and Redfin.

You can go on those websites and it’ll give you a lot of facts about your home like the square feet, beds, baths, what you bought it for, and what the previous owner bought it for. All that data is public record. It’ll also give you a rough estimate of your home’s value. Now, a lot of times that value is pretty inaccurate. If you have any questions about the Zillow’s estimate and how accurate it actually is, we shot a video diving deep into that very question. Feel free to check it out below:

There are a lot of AVMs out there and not all of them are created equal. So there are some that are a lot more accurate than others. So if you do want to make sure you follow your home’s value like a pro, we actually have a very accurate AVM model that we offer to all of our clients, friends and neighbors. You can sign up below: 

Our tool is completely free. It’s just a service to help you stay up to date on your home’s value. It gives you monthly reports, and it’s actually powered by CoreLogic, so you know it has the most up to date information available. It pulls tons of different data and resources like market conditions and recent sales in your area to give you an automated value so you can track it month to month.

Our system can also keep you up to date on your home’s equity position based on the estimated price. It’s a great way to really stay in touch with how much money you’re sitting on your home and also track your net worth.

There’s a lot that you can actually do to utilize your equity to build wealth. And if you have any questions or want to know more about that, I shot a video diving deep into that with my buddy and lender, Adam Kelly. Feel Free to check that video out below: 

Those are things that will help you determine how you fit in the market. This is all really great data and information that you can give to your Realtor. When you meet with your Realtor you will discuss your home selling goals and what’s the optimal price that you want to put your home on the market for.

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4. Reach Out to a Professional Realtor

The most accurate way to determine your home’s value is to reach out to a professional Realtor you trust in your local market. Realtors have access to better databases, and can look at your home’s nitty gritty details and compare to the most accurate recent sales and current listings and frankly, no algorithm can do that.

A good Realtor will personally come out and take a look at your home. They will take into account the landscaping, the condition of your home, the layout, and the upgrades that you have spent time and money putting into your property as well.

They’ll also take a look at the local market conditions to really help you determine the best price range so you can maximize your profit. One thing you definitely do not want to do is you don’t want to overprice your home. You definitely don’t want to underprice your home either. There’s definitely a sweet spot that’ll help you maximize your value without putting you in a bad position to lose money.

The true value of your home is not based on a formula. It’s based on what a buyer is willing to pay for your home. There’s a lot of factors to consider when you’re trying to determine the best price point, and these four steps will be your roadmap and your guide to help you find the optimal price point to make sure your home sells as quickly as possible for as much money as possible, while making the process easy as well.

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If you are considering buying, selling, or investing in real estate in the Greater Charlotte area, myself and my team would love to be your real estate resource of choice. So feel free to give us a call, text us, email us. We would love to sit down with you, discuss your home’s true value, and create that game plan that helps you and your family achieve your goals.

Contact us through:

📱Call/Text Direct (704)-631-3977

📧Email: info@thefinigangroup.com

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Zillow Zestimates: How Accurate Are They?

Zillow Zestimates: How Accurate Are They?

by | May 11, 2023 | Home Ownership Education, Selling My House

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:

 

  1. What is a Zestimate? 

  2. How is a Zestimate Calculated

  3. Zestimate’s Accuracy

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

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

  6. What’s Your Home’s True Value?

 

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.

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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!

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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.  

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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.

Contact us through:

📱 Call/Text Direct (704)-631-3977

📧 Email: info@thefinigangroup.com

💻 Website: www.thefinigangroup.com

 

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Is Zillows Zestimate Accurate?

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?

by | May 3, 2023 | 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? 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?

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. 

 

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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!

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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.

 

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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.

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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.

Contact us through:

📱Call/Text Direct (704)-631-3977

📧Email: info@thefinigangroup.com

💻Website: www.thefinigangroup.com

 

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Mecklenburg County Property Tax Revaluation: Tax Relief Options

Mecklenburg County Property Tax Revaluation: Tax Relief Options

by | Apr 4, 2023 | Home Ownership Education, Uncategorized

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.

 

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.

 

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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.

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

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

by | Mar 24, 2023 | Home Ownership Education, Selling My House

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

 

Mecklenburg County Property Tax on the rise

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

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2. Lower Value Homes See Highest Tax Value Increase

The median value of real estate in Mecklenburg County is up by about 51% from 2022. That 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.

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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.  

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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.


 

 

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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!

 

 

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The Truth About Solar Panels and Home Sales in North Carolina

The Truth About Solar Panels and Home Sales in North Carolina

by | Feb 21, 2023 | Home Ownership Education, Selling My House

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: 

  1. Cost of Solar Panels in North Carolina

  2. Pros of investing in Solar Panels

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

  4. Who Should Invest in Solar Panels 

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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. 

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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.

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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.

 

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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.

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