How is a Home’s Fair Market Value Determined?

October 23, 2023 by chorton Leave a Comment

Fair market value is a real estate term that both buyers and sellers should be familiar with. The fair market value is the amount a house would sell for if logic were to be the only factor. The fair market value is what a seller could get if he or she waited to receive the best offer.

Both buyers and sellers will negotiate until they reach a price that they both agree upon.

While negotiation is a big part of buying a home, understanding fair market value is also relevant.

Fair market value is not everything. Fair market value is not just what the appraised price is or what the parties think the value is. Tax value is not included in the fair market value. Fair market value can include these factors.

Calculating fair market value

Home values are affected by the fluctuations of the market. There is no specific formula for determining fair market value. The value of a house is primarily determined by supply and demand.

When calculating the fair market value, some elements can be taken into consideration.

* Current market trends
* Comparative market analysis of similar properties in the same area
* Having an appraiser determine the value
* Calculating fair market value using price per square foot

You can use any of these factors in combination to arrive at a fair value.

Real estate agents excel at determining the fair market value, and this is why people hire them instead of trying to sell their home independently. You should know the facts about the property, but also the market in your area and the overall economy.

What is fair market value?

The fair market value will be used to determine a home’s sale price. However, there are caveats. If the fair market value of a home is $250,000, but the house is in a popular area, then the asking price could be as high as $300,000.

Fair market value can be applied in other contexts besides real estate, as well as other real estate-related applications.

The property tax you owe your municipality will likely be based on your home’s fair market value. The longer you own your home, the higher your FMV will be. This means that your property tax will also increase.

Your home’s value can also impact your tax credits, gift tax and estate tax.

If you give your home as a gift or include it in an inheritance, the recipient may be required to pay tax based on its fair market value.

If the person sells their home for more than it was appraised at when they received it, then they will have to pay capital gain tax on the difference.

The term fair market value can also be used in the insurance industry. Fair market value can be used to determine the amount of money you will receive for repairing your damaged property.

If your home is affected by a natural disaster and it’s evaluated below FMV, you might not get as much compensation.

Fair market value is not a formula that can be applied in all cases. The formula is often based on a combination of key metrics to determine the value of a house at any time.

Original Blog: How is a Home’s Fair Market Value Determined? – Realty Times

6 Things That Happen When You Become a Homeowner

October 4, 2023 by chorton Leave a Comment

Being a homeowner means more than just having a set keys and your name written on the deed. You may feel a rush when you finally take possession of your home and realize that you have a place in the world, literally. That’s only the beginning. Here are some more things to expect.

You learn what pride of ownership is

Nothing compares to being a proud homeowner. You may be proud of your car, your clothes and other small possessions. Buying your first place is an accomplishment, and you get to come home to that accomplishment every day.

You’ll enjoy greater peace of mind

After you have moved in, unpacked and taken a deep breath, you will have that moment. That moment when you realize “This is mine.” Fortunately, this moment occurs often. You’ll know when you see your countertops and realize that you can change them in any way you like. You can also get a pet without asking permission. You can paint your walls any color you like.

You’ll be obsessed with paint colors

Spend hours at Home Depot collecting paint chips. Even if all you want to do is paint the walls white, it’s not easy. “There are hundreds and hundreds of white paints available, and most of them are considered white,” said The Spruce. “This makes choosing a plain white paint color nearly impossible.”

You’ll learn skills that you never imagined

You may soon be able refinish your floor, tile a backsplash and snake a toilet. You can hire people to do these tasks and any other you may need in your home, but doing it yourself can be more satisfying and cost-effective.

If you have a limited budget after purchasing your first home, it’s likely you’ll also need to learn how to maintain your lawn. Get your edging skills down.

Prioritize your tasks differently

Oooh! That skirt is so cute. But if you buy it, you’ll want the shirt and the jacket and the boots, and the jewelry, and, before you know it, you’ve spent half the money it would take to update your fireplace.

Invest in yourself

When you invest in your home with money and sweat equity, you impact its value. This is an investment not only in your home but also in you and your family’s future.

Original Blog: https://realtytimes.com/archives/item/1035879-6-things-that-happen-when-you-become-a-homeowner?rtmpage=

Just Listed!! Beautiful Home in Irving, Tx

September 21, 2023 by chorton Leave a Comment

Welcome to your dream house! This beautiful 3 bedroom, 2 bathroom residence features an open concept with recessed lighting and an oversized, spacious living room. This living room features a stunning stone fireplace, which is adjacent to the dining room and kitchen. Granite countertops with stainless steel appliances in the kitchen. The master bedroom is very spacious with a walk-in tub and shower, Travertine flooring and his and her vanities, as well as dual closets. The guest bedrooms are spacious. The property is situated in a quiet cul-de-sac on a large lot. Enjoy the serenity of the mature trees and the manicured St Augustine yard. The 8ft cedar privacy fence in the back yard includes a covered patio and large stained concrete pads. It is perfect for outdoor events. Additional 22×16 outbuilding with nice trim, lots of shelves and a finished interior. A second 12×10 storage building is also included. Do not miss this opportunity to make it your home!

https://www.preferredpropertiestx.com/listings/new-listing-3000-parliament-st-in-irving-tx/

Donna Wagner- Real Estate Agent

Real Estate Agent

(254) 967-0562

Email Donna

With 25+ year background in real estate, my knowledge of different types of real estate is an asset to any buyer or seller. My goal is to help you make the best possible decision about your real estate investments. I am beyond blessed to meet and help so many amazing individuals and families achieve their homeownership and other real estate goals. No transaction is too small, large, or complicated for my commitment.

If you or someone you know is interested in buying or selling a home or would simply like more information, please call or email me.

Lets work together to meet your real estate needs!

4 Sources for Down Payment and Closing Cost Cash

September 14, 2023 by chorton Leave a Comment

The majority of loan programs require some form of down payment. Some programs require as little as 3% of the purchase price, while others do not. The VA home loan program, and the USDA rural area program are two of the most popular programs.

VA loans are only available to veterans and a few other borrowers. The USDA program is designed to help populate rural communities by providing financing in areas that conventional programs will not touch.

There are also closing fees associated with obtaining a home loan. At the settlement table, there are certain costs that must be paid. These include an appraisal and credit report. Other charges, also known as recurring charges, are repeated over and over. Interest and homeowners insurance are examples of charges. Where does one get these funds from? Where do you get your funds?

Bank Account

These accounts will be checked by your lender, to ensure that you have the money you claim to have. Lenders will also want to know that these funds are ‘seasoned’, meaning they cannot just appear. A seemingly random deposit is not eligible for use.

Retirement Account

Many retirement accounts let you borrow money from them. Ask your employer if you can borrow from your 401(k). If you are eligible, the lender may have set repayment terms which will be deducted from your paycheck at each payment period. There are no universal 401(k), loan terms. Instead, lenders set their own. The lender sets the terms.

Financial Gift

You may be the lucky recipient of a financial donation from a qualified source or a member of your family. There are non-profit organizations that provide home buying assistance. Donors will need to provide proof that they are making a financial contribution. These funds are typically wired to settlement agent at the closing date. A signed letter from a donor may be required.

Asset Sales

You may also be able sell an appraisal asset in order to raise funds for your down payment or closing costs. Appraisable assets are those whose value can be documented by third parties. You might be able to sell an automobile loan because third parties can provide a current market valuation for the property. It is important to document the sale and the value. The proceeds from the sale must be matched with a deposit into an account that you own.

You can tap into any of these sources. Talk to your loan officer if you have any questions and work out all the details before.

Original Blog: https://realtytimes.com/mortgage-advices/item/1047550-4-sources-for-down-payment-and-closing-cost-cash?rtmpage=null

New Listing! 119 & 117 Willow Lane in Stephenville, Texas!

September 5, 2023 by chorton Leave a Comment

Stephenville is now offering a rare opportunity with the availability of full duplex properties. Located at 117 Willow Ln, you’ll find a meticulously maintained 2-bedroom, 1-bathroom unit, while next door at 119 Willow Ln, there’s another gem with 3 bedrooms and 2 bathrooms. Both of these properties are currently occupied by month-to-month renters, making them an attractive investment option. This duplex is a must-see for all investors, as opportunities like this don’t come along often. Don’t miss your chance to explore these promising properties – schedule your showing today and seize this exciting investment opportunity! https://www.preferredpropertiestx.com/listings/just-listed-great-investment-opportunity-in-stephenville-texas/

The New Real Estate Trend: What Makes Barndominiums Unique

August 29, 2023 by chorton Leave a Comment

People who are in the market to buy a home have specific needs and expectations. The differences in the personalities and decorating preferences of homeowners makes things even more diverse. Real estate is constantly changing due to all of this. Pole barn houses have been making waves in the real estate market and offer a lot to potential homeowners.

What makes pole barn houses stand out?

Pole barn houses are relatively new to the real estate market. They’re also called Barndominiums. Pole barns are converted into living quarters. They can be constructed as homes or combined with other structures and workshops. This makes them a truly unique option for potential homeowners. Check out some of the reasons why pole barn houses are the latest trend in real estate.

Customization Options

Barndominiums are popular because of their many customization options. They are one of the most versatile housing solutions available today. They are available in a variety of sizes and shapes, and their designs can be tailored to suit almost anyone’s needs. They can have an open floor plan or be divided into separate rooms like traditional homes. There are also endless compromises that can be made between the two extremes.

Pole barn houses allow for customizations that go beyond the interior and exterior space. The exterior and surroundings of the house can also be customized. Pole barn houses can be customized with different colors and siding options. Also, they can add wraparound porches and patios. These options can extend to outdoor kitchens, entertainment areas, and other features. The design options for outdoor areas with pole barns are endless.

Cost-Effectiveness

Pole barn houses are also becoming more popular because of their cost-effectiveness. They are much more affordable than traditional houses. They require less resources and don’t require as much site preparation. They can also be built quickly. Barndominiums are cheaper to build because of this, as well as other factors. Pole barn houses are affordable, making it easier for many people to become homeowners.

Sustainability

Pole barn houses are also attractive because of their sustainability. They don’t use as many materials and therefore have a smaller footprint than traditional houses. Many of these materials are more sustainable than the ones used to build traditional houses. Pole barn houses can also incorporate a number of energy efficient and sustainable features, such as solar energy, environmentally friendly materials, and energy saving layouts. These are some of the most sustainable housing options available.

Faster construction

Barndominiums are often built faster than other types of homes. Barndominiums can be built in a few short months, depending on their layout and other factors. After site preparation and other factors are taken into consideration, it can take a long time to build a conventional house. This is a very attractive feature for many potential homebuyers.

A Different Route to Homeownership

Although there are many housing options available, they may not meet everyone’s requirements. Pole barns offer a range of unique features that make them a great solution for potential home owners. Pole barn houses are a viable alternative because they offer a range of customization options, as well as greater affordability and sustainability. Barndominiums are the newest trend in real estate.

Original Blog: https://realtytimes.com/headlines/item/1047566-the-new-real-estate-trend-what-makes-barndominiums-unique?rtmpage=wishes

Explore Our Unique Barndominium Listing: Your Dream Combination of Barn and Home https://www.preferredpropertiestx.com/listings/just-listed-3219-lakeside-drive-in-granbury-tx/

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