Determining Home Appraisal Value: 7 Contributing Factors

The valuation of your home will consider a variety of contributing factors. The appraised value will weigh everything from location and demographics to the physical attributes of your home. These are key influences.

1. First is the location. The neighborhood’s location value will be relative to its proximity to area schools, amenities and accessibility to those amenities. A home’s location within the neighborhood can add positive value if it is in a cul-de-sac or on a large lot and does not back up to any main roads. Location value is reinforced if surrounding homes are clean, neat and owner-occupied.

2. Value will be influenced by what upgrades and updates are contributing to making a home more current in quality, energy efficiency and safety.

3. Appraised value is enhanced when a home has been built in the last 20 years because it presents a lower risk for needed repairs and has newer amenities.

4. Buyers will pay higher prices when the design of a home is timeless and has good appeal for the majority of buyers.

5. As important as the value of the interior of a home is in the appraisal process, so is the exterior landscaping and overall curb appeal. Landscaping that is easy to care for and complements the home’s exterior will yield more value.

6. The value of the number of bedrooms and baths will be of prime importance when comparing to competing sold and listed homes. As the bedroom and bath count goes up, so does the value of the property.

7. The square footage and the efficiency of the floor plan contribute to the value. Finished livable basements add value, but not to the same extent as those living spaces that are above grade.

If you have any questions about home appraisals, call or email us. We are always here to help guide you so you can make the decisions that are best for your goals.

Wire Fraud in Real Estate: How to Protect Yourself

In a world of scamming via Internet connections and communications, we want to warn you of the wire fraud that could be a product of sending or receiving emails that takes root during the closing process in a real estate transaction where large sums of money are being transferred to consummate home sales.

Once scammers gain access to a real estate agent’s or title company’s email account, they can deceive home buyers by “forging” emails to falsely convey closing money wiring instructions. If successful in convincing a buyer to send closing funds to an account other than that of the title company’s financial institution, the scam won’t likely be discovered until the funds cannot be recovered.

It is important to protect yourself from this potentially huge loss of your life savings. Whenever you receive an email from a title company or your agent with wiring instructions for closing, you always need to call the source to confirm the content of the instructions that you have received. Typically, real estate agents should not be in receipt of wiring instructions because it provides another avenue for potential fraud.

Most title companies protect themselves and their clients by communicating wiring instructions via encrypted email once the buyer calls to ask for those instructions. While nothing is foolproof, email encryption helps assure the secure transfer of closing funds.

We are aware of the perils associated with this part of the closing process and are here to assist you in the verification process. We can direct you to title companies with encryption capabilities.