Appraisal

Why is the assessed value different than what my realtor says my home is worth?

Assessed value and market value are not the same and it is not uncommon for homes to sell at prices significantly below or above assessed value.  The assessed value of a home is used for the purpose of taxes and has little to no impact on how much your home is worth to a potential buyer in the open market. The true market value for your home takes into account many factors outside the purview of a home assessment – including recent market activity and local competitive inventory.

Why are refinancing rates higher than mortgage rates?

Great question. Ace Watansuparp, Executive Vice President at Citizens Bank, has your answer.  All things equal, refinance and purchase have the same rates. But in a refinance boom with interest rates at an all time low, as we have now, two things tend to happen: 1) Refinance volume dramatically increases. Because purchase transactions have hard deadlines - closing dates, etc. - many times refinances can affect the banks ability to deliver the loans to meet those hard deadlines. Interest rates on a refinance slightly increase to dictate the amount of volume coming in relative to the banks capacity in order to maintain a high level of service on the purchase transactions. 2) We see lock-jumpers. When a client applies for a refinance it is not always guaranteed that the loan closes: – there could be appraisal issues where the value does not come in at the target value. – if rates … Read More.

Would solar power increase my home’s value?

Q: Does having solar power for your home increase its value when you go to sell? Read More.

Is landscaping a good investment for a seller?

Q: I’m looking to sell my home. Should I spend money on landscaping to increase curb appeal? Or invest the money elsewhere?   Read More.

How can I tell if our home appraisal is too low?

Q: We are trying to refinance our home and we think the appraisal value is too low.  How can I tell? Read More.

I am trying to determine the rate of appreciation of a co-op I owned on the Upper West Side

Q: I am trying to determine the rate of appreciation of a co-op I owned on the Upper West Side (82nd St) from the period 1998 – 2006, and then from 2006-2010. Do you have a resource which I could use as evidence in a divorce matter? Thank you. Read More.

Do finished basements add value to my home?

Q: If I am paying higher property taxes on a finished basement and additional full bath in the basement….Then why is that not considered added value $ to my house when selling? And why can’t I advertise such when selling? Read More.

How is the Westchester housing market for single family homes?

Q: How is the Westchester housing market for single family homes? Read More.

We pay higher taxes, are being compared to houses in undesirable locations and the location cannot be valued?

Q: we recently had our 2-family in north jersey appraised for refinancing. the only other 2-fam in the area are 2-3 miles away and not in desirable locations. we live across(50 ft) from a historic park and pond that can never be developed and pay higher taxes because of that . the appraiser said there is no avail calculation for appraisers to consider this type of issue. this cannot be right. we pay higher taxes, are being compared to houses in undesirable locations and the location cannot be valued in what do you think please advise thank you? Read More.

What’s the average charge per square foot for co-op maintenance for a studio and one-bedroom in the West Village?

Q: What’s the average charge per square foot for co-op maintenance for a studio and one-bedroom in the West Village (Manhattan)? Read More.