August, 2017 | Sarasota FL House Values | 941-321-3916 Beverly Bowen

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Monthly Archives: August 2017

Just Sold – 413 Rubens Dr Nokomis FL

We have SOLD this home and we are ready to sell yours next.

If you are thinking of selling and/or buying give us a call and we will see if we can be of help to you.

What Has a State Park in Your Backyard and is a Short Drive to the Beach?

Savor this private and peaceful setting with the 1400 acre Oscar Scherer State Park as your rear neighbor.413 Rubens Dr Nokomis FL 34275 back yard

Discover this updated home in popular Sorrento East, a very friendly neighborhood.  This home offers 6 rooms, with a sensible split plan.
The foyer leads to a formal living room and dining room, however you may use the rooms however it suits you.

413 Rubens Dr_Nokomis_FL_34275_dining_room

413 Rubens Dr_Nokomis_FL_34275_living_room

The kitchen has just been updated with new maple cabinets, Hawaii granite counters, stunning back-splash, new sink and faucet. The kitchen has a bright breakfast nook and is open to the family room.413 Rubens Dr_Nokomis_FL_34275_kitchen

The kitchen/family room and living room all spill over onto the spacious lanai –  and provide ideal places to entertain family and friends.

The master bath has new maple cabinets, Hawaii granite counters, linen storage, new tub, tile, plumbing fixtures and Travertine floor.

Master bedroom at 413 Rubens Dr Nokomis FL 34275

The main bath has a new shower stall with tile up to the ceiling, new fixtures and new shower door.

413 Rubens Dr Nokomis FL 34275 bedroom 2

Surround yourself with nature on the screened lanai or paver patio and enjoy the fenced yard teeming with butterflies and birds.
413 Rubens Dr Nokomis FL 34275If you like to walk early in the morning you will see awe-inspiring sunrises and likely meet your neighbors out walking with their dogs.
413 Rubens Dr Nokomis FL 34275

Then be sure to head over to the beach for stunning sunsets – just 5 miles away.
Sunset Nokomis Beach Nokomis FL

Nokomis is conveniently located between Sarasota and Venice.
413 Rubens Dr Nokomis FL 34275
Offered at $267,000. Call us for a private showing – 941-321-3916

Bringing Families Together is Our Joy

Nokomis FL real estate. Waterfront home recently sold by Beverly Bowen and John Schnackenberg

Want to hear a wonderful story? This story starts with a family in the cold northeast – Pennsylvania specifically.

A couple of years ago a young couple contacted us about one of our listings and we met them and showed it to them. The wife had been an “Apache” helicopter pilot in Desert Storm and we so appreciated her service to our country. That initial house was not right for them however we continued to work with them showing more houses, writing a few offers and eventually finding them the right house, complete with a pool. Soon after they had a baby and then the fun starts.

The wife’s father came for a visit and of course, loved it here. “Paradise” he calls it and we agree. Serendipity – we had listed a house within walking distance of his daughter and new grandbaby. We helped him buy it last year and he is loving it.

The next chapter is when his other daughter and her husband decided they love it here too. They have a little daughter the same age as the other grand-daughter. Their dream was to give up the big house in the cold Pennsylvania weather and have a house here on the water, with a pool, near the beach. So we helped make that happen just recently and now all 3 families live quite close to each other.

Pool at Waterfront home in Nokomis FL

The grandparents now get to enjoy the 2 toddler girl cousins playing together and growing up together.

They have all been such a joy to be with and to work with – we would love to clone them.

Our work helping families is very rewarding. This story really has no end.

Our relationships continue to flow and to grow.

So who is next – whom do you know that does not want to spend another cold winter up north? Or what other families can we bring together?

Give us a call or message us so we can see if we can help. 941-321-3916

Real Home Value Calculator: Assessed Value vs Market Value

Assessed Value vs. Market Value

Understanding a home’s true market value is about more than pictures, software assessments and price-per-square-foot. Whether you’re a current homeowner thinking of selling or are house-hunting, it’s crucial you understand what factors affect home valuation. By partnering with a local market expert, sellers will avoid pricing their house out of the market (the kiss of death in real estate) and buyers will ensure they get a good deal on their next home.

So, how do you accurately calculate a home’s value? After all, the value a home is assigned by its town or county and the one it’s given when it’s listed are often dramatically different from one another. Which one is accurate and what does it all mean? Read on to learn more.

Assessed Value vs Market Value: What’s the difference?

When it comes to home value, you’ll often hear two terms, assessed value and market value.

A home’s assessed value is often the lower number of the two, and is the value given by your municipality or county. Investopedia defines assessed value as “the dollar value assigned to a property to measure applicable taxes.”1 Although property tax laws vary, assessors commonly arrive at this number by taking into account the following:

  • What comparable/similar homes are selling for in your area.
  • The value of recent improvements.
  • Income from renting out a room or space on the property.
  • How much it would cost to rebuild on the property.

A home’s market value, or Fair Market Value, is the price a buyer is willing to pay or a seller is willing to accept for a property. Skilled real estate professionals, like us,  will arrive at the value using a variety of metrics, including:

  • External characteristics, such as lot size, home style, the condition of the home and curb appeal.
  • Internal characteristics, such as the number of rooms and their size, the type and condition of the heating or HVAC system, the quality and condition of construction, the flow of the home, etc.
  • The sales price of comparable homes that have sold in your area.
  • Supply and demand; that is, how many buyers and sellers are in the area.
  • Location; that is, the quality and desirability of your neighborhood and other community amenities.

Why are these values often so different? An assessor usually estimates your property’s market value during a reassessment or if you make a physical change or improvement to it.2 As a result, a property may not be reassessed for many years. While your home’s market value may fluctuate with the market, your home’s assessed value is more likely to remain steady.3

What Determines a Home’s Value?

You’ve likely heard the motto of real estate: “Location, location, location.” This means a home’s value relies on its location. While the home and structures on the property will likely depreciate over time, the land beneath it tends to appreciate. Why? Land is in limited supply and a growing population puts increased demand on the housing supply. As a result, values increase.4

Other factors that affect your home’s value include the function and appearance of the property, how well the home and other structures are maintained and whether the home is a lifestyle property, such as a ranch style with mountain views or beach bungalow.

Ultimately, the best indication of a home’s value is the overall supply and demand of the market. This is why we recommend you partner with real estate professionals, like us, who take all of these factors—the assessed value, local market conditions, home features and has physically walked through and experienced your home— into consideration to determine the most accurate market value.

How to determine if a property is comparable to yours.

Both assessed value and market value are partially determined by the sales price of similar, or comparable, homes in the area. To determine if a home is comparable to yours, look for the following characteristics:

  • Lot size
  • Square footage
  • Home style or similar architecture
  • Age
  • Location

While you may not find a home with the same exact characteristics as yours, you’ll likely find a few that are close. To account for any disparity, adjust the sales prices of the comparable properties. Look at the differences between your property and the one in question and determine if the differences increased or decreased the sales price and by how much. For example, if your home has two bathrooms and a similar home only has three, estimate how much that extra bathroom increased the sale price of the similar home. The adjusted sale price is the estimation of what the property would sell for if the properties were exactly the same.2

Where can you find comparable sales?

Fortunately, you can find comparable home sales in a variety of places.2

  • Your local assessor’s office is able to provide a list of recent sales you can browse and compare or a sales history of a particular house, home style or neighborhood.
  • Your municipality. Many cities keep local sales information in their offices or post it online.
  • Online databases, such as a real estate database
  • Your local newspapers may offer some real estate information in the form of quarterly sales reports in the business or real estate sections of the newspaper.
  • Contact us. We regularly do Comparable Market Analysis of homes in our local area. Call 941-321-3916

How to calculate your home’s value.

By answering a few questions about your home, property and the local market, you can begin to estimate your property’s value. We’ve also included a worksheet for you below…

Home Value Questions:

When was your home last assessed?

What was its CMA assessment value?

What is your area’s average sales price?

What is your area’s average price/square foot?

Structure:

  • Is the architecture and exterior structure of the home consistent, superior or inferior to other homes in the area?
  • Does the era or genre (Modern, Victorian, Ranch, Cottage, etc.) add a premium based on current design trends?
  • How does the floor plan and room size proportions of the home compare to other homes on the market?

Interior Structure:

  • How does the kitchen compare to others on the market?
    • Updated or outdated
    • Floor plan
    • Appliance packages
  • How does the Master Suite compare to others on the market?
    • Size
    • First/second floor
    • Updated or outdated
    • Access to Master Bath
  • How does the Master Bath compare to others on the market?
    • Updated or outdated
    • Shower and bath
    • Flooring

Outside Areas:

  • Are there views, outdoor living areas or recreational areas?
    • Pools
    • Ponds
    • Patios
  • How does the landscaping and hard-scaping compare to the market? (e.g., built elements such as walkways, patios, decks, etc.)

Overall Condition of Home

  • What is the level of repair needed to compete with other homes?
  • Does the home need to be staged? How does it show?
  • What curb appeal projects are necessary to be consistent with others on the market?

Beverly and John’s

Home Assessment Worksheet

Home Assessment Worksheet

 

If you want to accurately assess a home’s value, it’s crucial to know about the market activity of our local area. We can help! Give us a call to get the scoop on the local market.
Call 941-321-3916 or Send us an email at SellingFL@gmail.com

 

Sources: 1. Investopedia http://www.investopedia.com/terms/a/assessedvalue.asp

  1. New York State Department of Taxation and Finance https://www.tax.ny.gov/pubs_and_bulls/orpts/mv_estimates.htm
  2. Realtor.com http://www.realtor.com/advice/sell/assessed-value-vs-market-value-difference/
  3. Investopedia, http://www.investopedia.com/articles/mortgages-real-estate/08/housing-appreciation.asp?lgl=myfinance-layout