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AUGUST 2024 | What’s in this issue?>> Do you know the market and assessed price of your home?>> Why people are moving from cities to suburbs>> Real Estate scams to avoid in 2024 |
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Do you know the market and assessed price of your home?If you’ve had your home for a while, chances are it has increased in value. A home’s value tends to gradually increase over time. On average, a home in the U.S. appreciates 3% per year. Still, given inflation and low housing inventory, your home may be worth even more than you realize. According to Newsweek, median home prices increased by 29% from 2020-2024. If you bought your home during the pandemic when interest rates were historically low, you’ll likely see a much higher return on your investment if you sell your home. If you’re considering selling your home, don’t rely solely on the market value. To get a complete picture of a fair home price, you’ll also need to know the assessed price. What is an assessed home price? You’re likely familiar with your home’s market value, also known as the fair market value. This price is determined by an appraiser and represents the estimated price a seller would be willing to pay for your home in the current market. Your home’s market value plays a part in your assessed value, but it’s also determined by local property taxes. In many U.S. counties, the assessed value is calculated as a percentage of the market value of the property. Knowing your home’s market and assessed value will give you an edge when selling your home. This information can prevent you from underpricing your home and losing out on potential revenue or overpricing, driving away potential buyers. If you’re ready to sell your home, let’s chat about securing an appraisal and assessment of your home. Tip: You’re probably familiar with your home’s market value, but that’s not the whole picture |
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Why people are moving from cities to suburbsMany cities benefited when millennials came of age. According to a report from the Joint Center for Housing Studies of Harvard University, between the 2000s and early 2010, millennials moved away from suburbs to cities, reshaping urban neighborhoods. However, as millennials age, this trend has seemed to reverse. The U.S. Census Bureau found that during the pandemic, many Americans left city living behind for suburban living or, at the very least, for the outskirts of metro areas that have some urban and suburban elements. There is no single reason for this shift, but a few factors that have likely led to this shift in residential moving patterns include:
Of course, moving to the suburbs does mean that many millennials must give up the benefits of city living, such as its central location. However, settling for lighter amenities may make it more feasible for younger generations to achieve other milestones like homeownership and starting a family. |
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Real Estate scams to avoid in 2024Homebuyers and sellers should be aware of potential scams. Some of the most common scams to be on the lookout for in 2024 include:
Work with a trustworthy professional to protect yourself from fraudsters. |
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For a home property valuation, please reach out to me at antonio.pea@gmail.com
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