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WHAT IS THE DIFFERENCE BETWEEN LIST PRICE, SALES PRICE AND APPRAISED VALUE

When it comes to making money from real estate there are quite a few details and lingo, something first time sellers may find confusing. One such situation is the difference between list price, sales price and the appraised value of a property. Let’s break it down, shall we?

THE DIFFERENCE BETWEEN LIST AND SALE PRICES

The list price of your home is the price tag you set when you put it on the market. As a seller there several things that could cause you to adjust your list price. For example, if your listing has been on the market for months with no offers, then it may be time to make a price reduction.

The sales price is the amount the property sells for in the end after all is said and done. Sometimes the sale price and the list price are the same, but more often than not, they differ depending on a number of factors including competition, market conditions, and more.

WHAT ARE THE MOST IMPORTANT FACTORS WHEN SELLING YOUR HOME?

Apart from location, conditions and price are also crucial when it comes down to selling your home. The first step then is to focus on pricing the home right using market data and trends or calling in an appraiser. This will help evaluate your home more objectively so you can set the best, most realistic price. You should go through the home so you can repair any cosmetic defects and damage that may be present before you’re moving house for relocation. Ignoring much needed maintenance will only lower the value of your home on the market, especially if it is in need of any major repair jobs such as roofing or plumbing.

WHAT IS THE BEST TIME TO BUY?

Many buyers often prefer to make their move during the spring or summer, when the market heats up, so that’s one trend to keep that in mind. Families with kids will often be eager to buy during summer vacation, and move into before the new school year. However, there is a wide range of buyers on the market including Millennials searching for their first home and Baby Boomers looking to downsize so the best time ultimately comes down to when you’re ready.

WHAT IS THE DIFFERENCE BETWEEN MARKET VALUE AND APPRAISED VALUE?

The appraised value of your home is a certified appraiser’s opinion on the worth of your home at a specific moment. Lenders will require appraisals as part of the loan application process, with fees that may vary. A comparative market analysis will help with making an informal estimate of the market value of your home, based on the sales of properties in the same range made by a real estate agent. An appraisal or a comparative market analysis will be the best way to make this work.

WHAT IS THE DIFFERENCE BETWEEN LIST PRICE, SALES PRICE AND APPRAISED VALUE?

The list price is the advertised seller price, a figure which is the rough estimate of what the seller wants to receive as money for the property after moving house. These prices can be high, low or fairly close to what they are hoping to get. The sales price is the amount of money a buyer pays for the property, while the appraisal value is the appraiser’s estimate of the price of your property done through a comparative analysis.

This guest post is written by Ella Andrews, an avid blogger by hobby, and copywriter by profession. Article granted by Andrews on behalf of: Ealing Man and Van Ltd.

CITY DWELLERS | TIPS FOR FINDING THE BEST CONDOS IN YOUR AREA

Does the fast paced city life of Friday nights out, restaurant openings, comedy shows, and shopping call to you? Then you’re probably in the market for a condo if you’re ready to set down some roots and invest in real estate where you want to be. With the space crunch and high prices, a condo is the perfect stepping stone for a city dweller like you.

When searching for a new condo to live in, there are a few tips to follow to find the best ones that are available in your area.

CONTACT PROPERTY MANAGEMENT COMPANIES

Make it a point to contact property management companies in the city to inquire about current or upcoming condos that are available. This will allow you to get information that you might otherwise not obtain from a general search that you perform online.

CHECK NEWSPAPER LISTINGS

Newspaper listings are constantly updated with condos that are available to rent or buy in the local area. Stay updated by reading the newspaper throughout the week and contacting any listings that provide the amenities that you’re looking for in a property.

DON’T BE SHY – ASK AROUND

Sometimes the best way to get a great deal on an incredible condo is simply to ask around. Word of mouth is the best way to find condos that are currently available or will soon be listed in the coming months. Ask your family members, friends, and colleagues if they know of anyone who is moving soon or needs to rent out their property. That being said, it doesn’t hurt to befriend a real estate agent or two.

STAY DEDICATED TO YOUR FAVORITE REAL ESTATE SITE

Visit real estate websites each day to look at what’s available and find properties that are newly listed. On Firstteam.com you can search by property type, bed and bath count, draw a polygon to narrow down your search area and more. It’s easy to have new listings that match your criteria come straight to your email as well when you start a saved search just by clicking the heart next to the properties you love. It pays to be vigilant when you’re searching for

JUST START DRIVING AROUND YOUR FAVORITE AREAS

You’ll be surprised at the amount of condos that you’ll find that are available in the city simply by driving around and performing a manual search. Many ads and signs are posted in yards when condos are available to rent or buy, making it important to explore certain areas or neighborhoods that you’re looking to live in. Write down properties that catch your eye and take your time when searching.

MAKE A LIST

It’s important to make a list of must-haves and wants before really searching in-depth for a condo. For example, if you like to be in the middle of city life, consider high rise condos, like those at citycreekliving.com. If you have pets, be sure to find a condo that accommodates your pet’s needs.

Knowing these things ahead of time will help you pinpoint exactly what you need. Although you may not know where to begin when it comes to finding the best condos in your area, you can always reach out to a real estate agent for help. Whether you’re looking to buy or rent, a First Team agent can help you through the process to make it all that much simpler and easier.

This guest post was written by Anita Ginsburg. Anita is a freelance writer from Denver, CO and often writes about home, family, real estate and finance. A mother of two, she enjoys traveling with her family when she isn’t writing. 

THE PRE INSPECTION-INSPECTION | 6 THINGS TO LOOK FOR BEFORE THE HOME INSPECTOR SHOWS UP

Preparing your home for inspection helps you find property conditions that can affect the value of your home when negotiating with realtors and potential buyers. Finding problems early on allows you to handle repairs on your own terms, instead of facing difficulty with making repairs on the buyer’s terms.

Preparing your home for inspection helps you find property conditions that can affect the value of your home when negotiating with realtors and potential buyers. Finding problems early on allows you to handle repairs on your own terms, instead of facing difficulty with making repairs on the buyer’s terms.

Preparing for an inspection also helps improve your odds of selling your house within a shorter time, since a clean, tidy home is more aesthetically pleasing to potential buyers.

If you’re ready to sell your home, here are six things to look for before the inspector shows up at your door.

MAKE DOORS, ROOMS, AND HALLWAYS ACCESSIBLE

A home inspector needs complete access to your entire house, including the attic, basement, crawl spaces, gates, furnace, all bedrooms, and the garage. Clear all furniture and objects from hallways and entrances to rooms so the inspector can comfortably do his or her job without having to move your personal belongings.

CLEAN THE INTERIOR AND EXTERIOR

A clean, tidy home gives the impression that you know how to take good care of your property as a homeowner. Dust, vacuum, and tidy up your belongings before the inspector arrives to make your home look clean and functional with no signs of neglect. When preparing the exterior, remove all dirt and debris from gutters, wash all windows, and trim trees, bushes, and roots away from your home’s foundation.

CHECK YOUR HOME APPLIANCES

The inspector will test all major appliances included with your house, such as the washer and dryer, dishwasher, oven, stove, thermostat, and heating and cooling system. Remove all laundry from your washer and dryer, remove pots and pans from your stove, and take steps to make sure your HVAC system is in good working condition.

GATHER HOME PAPERWORK

Collect all paperwork associated with home repairs and maintenance, including plumbing receipts, roof and chimney repairs, past inspections, and insurance claims. These types of documents prove to the inspector that you have addressed major problems in your home when the need arises.

SECURE ALL PETS

Place all pets and animals into cages or crates as necessary before the inspector arrives at your house. This prevents your pets from distracting and interfering with the inspector during the home inspection process.

REPLACE LIGHT BULBS

Do a walk-through of your home before the inspection to check for and replace faulty or burned out light bulbs. This allows the inspector to confirm all lights and fixtures are in optimal working condition without having to question whether fixtures and wiring need repairs.

A general rule of thumb when preparing your home for inspection is to make the home look and behave like it first did when you moved in. This means cleaning the home’s interior and exterior, replacing light bulbs, having HVAC filters cleaned and repaired, testing smoke detectors, and repairing windows, doors, and plumbing fixtures. The better you prepare your home for inspection, the better luck you’ll have at selling your home.

This guest post is written by JT Ripton, a freelance writer out of Tampa. JT writes on a myriad of topics, real estate and home improvement being a couple of them. You can follow him on Twitter @JTRipton

Preparing for an inspection also helps improve your odds of selling your house within a shorter time, since a clean, tidy home is more aesthetically pleasing to potential buyers.

If you’re ready to sell your home, here are six things to look for before the inspector shows up at your door.

MAKE DOORS, ROOMS, AND HALLWAYS ACCESSIBLE

A home inspector needs complete access to your entire house, including the attic, basement, crawl spaces, gates, furnace, all bedrooms, and the garage. Clear all furniture and objects from hallways and entrances to rooms so the inspector can comfortably do his or her job without having to move your personal belongings.

CLEAN THE INTERIOR AND EXTERIOR

A clean, tidy home gives the impression that you know how to take good care of your property as a homeowner. Dust, vacuum, and tidy up your belongings before the inspector arrives to make your home look clean and functional with no signs of neglect. When preparing the exterior, remove all dirt and debris from gutters, wash all windows, and trim trees, bushes, and roots away from your home’s foundation.

CHECK YOUR HOME APPLIANCES

The inspector will test all major appliances included with your house, such as the washer and dryer, dishwasher, oven, stove, thermostat, and heating and cooling system. Remove all laundry from your washer and dryer, remove pots and pans from your stove, and take steps to make sure your HVAC system is in good working condition.

GATHER HOME PAPERWORK

Collect all paperwork associated with home repairs and maintenance, including plumbing receipts, roof and chimney repairs, past inspections, and insurance claims. These types of documents prove to the inspector that you have addressed major problems in your home when the need arises.

SECURE ALL PETS

Place all pets and animals into cages or crates as necessary before the inspector arrives at your house. This prevents your pets from distracting and interfering with the inspector during the home inspection process.

REPLACE LIGHT BULBS

Do a walk-through of your home before the inspection to check for and replace faulty or burned out light bulbs. This allows the inspector to confirm all lights and fixtures are in optimal working condition without having to question whether fixtures and wiring need repairs.

A general rule of thumb when preparing your home for inspection is to make the home look and behave like it first did when you moved in. This means cleaning the home’s interior and exterior, replacing light bulbs, having HVAC filters cleaned and repaired, testing smoke detectors, and repairing windows, doors, and plumbing fixtures. The better you prepare your home for inspection, the better luck you’ll have at selling your home.

This guest post is written by JT Ripton, a freelance writer out of Tampa. JT writes on a myriad of topics, real estate and home improvement being a couple of them. You can follow him on Twitter @JTRipton