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| Mar. '06 |
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Welcome to the March 2006 edition of our Newsletter! This month we have included a very interesting article about Online Appraising. If you have spent any time on a computer lately, you know there are numerous websites that entice consumers to find out the “value” of their home. This article gives us a good look at what the consumers are really getting from these types of sites. Also included just in time for Income & Property tax time are a couple of articles that will help you in preparation for these events. Enjoy! |
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Realty Tax Tips
Checklist of 10 often overlooked real estate tax deductions...
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Online Appraising: Looking online at the value of real estate...
Looking online at the value of real estate and the process has been illuminating -- arguably not accurate or especially useful, just illuminating.
If you want a satellite photo of a home, there's no shortage of locations that can provide such art, much of which is excellent. If you want a street map, that too is easily found online.
But when it comes to figuring out the market value of a property -- the magic question of how much to pay or how much to accept -- a recent look at online valuations was wildly disappointing.
- For one property I checked the value is some $90,000 below the price paid last summer. Everyone seems to know the number of baths as well as the size of the property, but no computer seems able to fully value a home that backs up to a creek or has a hot tub on the deck. For this, apparently, you need human eyes.
- Then there is a Cape Cod home which sold last year for $485,000 and now, says the computer, is worth a mere $429,000. This would no doubt amaze the new owner, an individual who has beautifully remodeled the house, landscaped the entire property and lives in a ZIP code where typical home prices increased $95,000 last year.
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