Automatic estimator tools are popular amongst homeowners and sellers, but they aren’t always the most reliable.
In some instances, these estimators can be off by thousands of dollars due to inaccurate data.
If you’re looking for a better way to determine your home’s market value, give us a call to get started!
Exposing the Inaccuracies of Automatic Home Estimators
If you own a home, you’ve probably wondered how much its value has increased since you first moved in. And while using an online estimator might seem convenient, you could end up with some pretty inaccurate numbers—and that’s bad news for sellers in today’s competitive market.
Want to make the most of your equity and find out how much your home is really worth? Here’s why working with a local real estate agent will always be better than trusting an “automatic” estimate.
Most estimators rely on user-reported data or algorithms
Many homeowners believe that instant estimates are similar to a professional appraisal, but this simply isn’t the case. To generate a possible selling price, these real estate sites rely on potentially outdated algorithms that use property tax assessments, historic sold data, and user-reported information. Some estimators even use AI to scan photos of your home, which leaves ample room for error.
Estimators won’t take recent improvements into account
If you’ve made any larger improvements to your home, they may not get calculated into your instant estimate. Generally, most estimators will include any permitted work that’s noted on your latest tax assessment. But if you completed a project that didn’t require permits, it probably won’t influence the estimate.
For example, if you recently finished a kitchen renovation and didn’t have to take out a construction permit, an estimator could value your kitchen based on how it was before any upgrades. And if you rely on these incorrect numbers, you could shortchange your equity without even knowing it!
Your estimate could be off by thousands of dollars
Perhaps the biggest issue with automatic home estimators is their overall accuracy—or lack thereof. While most claim to be within 10% of a home’s real market value, that 10% could equal tens of thousands of dollars. When you look at the numbers, that’s a potential difference of $30,000 for a home worth $300,000!
Above all, it’s important to remember that these estimators will never substitute a professional valuation. If you’re really serious about selling your home or learning its value, it’s better to work with a local real estate agent instead—and take an estimator’s opinion with a grain of salt.
Bottom Line: Only Price Your Home with a Local Agent
Want to know your home’s true value? Don’t trust a computer—start by consulting your local real estate agent! As area experts, we know how to calculate just how much your home could sell for in today’s competitive market. We can even take your renovations and recent sold data into account for an added level of accuracy.
Get Top Dollar for Your Home
Whether you’re thinking about selling your home or just want to know its value, you can trust us to help with all of your real estate needs. Contact us to request a complimentary home valuation, or just give us a call with any questions—we’d be happy to chat!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
There are so many incredible aspects to working in the modern era, and one of them is the simplicity of setting up a home-based business. Running your own business has numerous advantages, but it can also require some changes, such as relocating to a bigger home. If you are set on starting a business but your place isn’t suitable for both living and working, expert real estate agency The Licata Group offers a few things to keep in mind.
Moving to Accommodate Your Business
Starting your business and moving at the same time is no joke; however, it is doable. It will take energy, time, and money, but what will help you the most is significant planning ahead of time and a checklist to keep you on track.
What Goes Into Home Buying
Before planning to buy a new home, it’s crucial to check your credit score to see what you can and cannot afford. The next step is working with a professional from The Licata Group who can help you with the process to figure out what type of house will fit your needs.
The home-hunting process can be daunting, especially when you’re also starting a business, but it is essential to keep a few things in mind, such as finding out which location will be ideal for your new clients. You should also make a list of aspects you want in your house, such as a workspace or a garage, to allow your business to function at its maximum – both for now and in the future – and enable you to live comfortably while running a startup.
Once you’ve found the right home, make an offer and schedule the inspection to ensure the house doesn’t have any underlying issues. What you need to do next is secure your financing, get a homeowners’ insurance policy, close the sale, transfer your information to the new place, and move in.
Whether you decide to use a moving company or handle everything yourself, set up a budget for this process to keep yourself on track financially. If you’ve decided on a DIY move, make a point to stay organized by packing room by room, labeling your inventory, and finding cheap packing supplies. Sorting your stuff first when relocating will help you tremendously and allow you to get working sooner than later.
Starting a Successful Business in a Bigger House
Today, more people are starting businesses, and they are doing it from the comfort of their homes. Still, not all states allow this, so make sure you research your state’s regulations to avoid mistakes and make your business legal.
To lead your small business to success, look for gaps in the market – this means you need to find a need that’s not met in the industry and fill it by delivering more than expected. You must then choose a business structure and put together a business plan. Your business should also have an online presence, so look for cost-effective marketing tactics, such as using social media and email to make you and your services known.
To start most businesses – depending on the service or product you plan to offer – you don’t necessarily need a degree; however, having a master’s certification can gain you some leverage, such as higher pay, a broader network, and increased credibility. If you find that you need to boost your business acumen, consider enrolling in an online degree program that doesn’t cramp your ability to run your business at the same time.
Starting a home-based business is attractive for many because it offers a work-life balance. While moving to a bigger home to accommodate a new business may seem lofty for some, it is the best decision you can make if you consider the costs, future profits and choose the right property.
When you’re ready to find the perfect home, connect with a professional from The Licata Group to find the perfect Home. Call today to begin your house hunting journey! 540-388-2541
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
If you ask a homeowner what it was like to buy their first home, they’ll probably mention a few things they’d change if they could do it all again. While it’s impossible to know everything about the home-buying process beforehand, you can still prepare yourself for what lies ahead—and figure out how to avoid some potential pitfalls. Not sure where to begin? Here are some key pointers to keep in mind before starting your search.
You’re Buying More Than a House
We all know the phrase “love at first sight,” and it can certainly apply to homes, too! Even if you step inside a home and instantly fall in love, it’s crucial to step back and consider the whole picture before making a purchase.
When you buy your first property, you’re investing in more than just four walls. It’s worth paying attention to things like a home’s location, neighborhood, and physical condition, too. Even if you find that open concept kitchen you’ve been dreaming of, it might not be the right fit if it’s in the wrong community or if the rest of the house requires out-of-budget repairs. It’s best to stay realistic and listen to your agent’s (and home inspector’s) advice. Remember, this is likely one of the biggest investments you’ll ever make, so spend your money wisely!
Down Payments Are Different for Everyone
So many would-be buyers are scared of homeownership for one reason: the down payment. Traditionally, you’d put down around 20% on a home and spend anywhere from 10 to 30 years paying your lender back. However, you actually have more flexibility than you might expect.
Depending on your credit history, location, and occupation, you could be eligible for loans that require as little as 0% down. However, making a larger down payment means you’ll pay less interest to your lender in the long run. Be sure to shop around for the right fit and reach out to your agent with any questions—they’re always available to help you out.
Prepare for Extra Expenses
Homeownership often comes with unexpected expenses, especially right after you move in. When you’re setting a budget for your big purchase, consider adding some wiggle room to allow for any additional and long term costs. You don’t want to realize that you can’t afford your home after you’ve purchased it!
Wondering what kinds of expenses can come up? Inspections, homeowner’s insurance, prepaid taxes and other various closing costs, HOA dues, and repairs are just a few possibilities. You’ll pay for some of these before or at the closing, but certain recurring costs will have to be factored into your monthly budget.
Get Pre-Approved Before You Start Searching
Once you’ve made the decision to buy, it’s tempting to start looking at listings right away. However, you might want to press pause and complete an essential step before you start scheduling showings. Getting pre-approved for your loan will show sellers and agents that you’re serious about buying—and it can tell you exactly how much you can afford to spend.
Ready to start the pre-approval process? First, you’ll want to get your finances in order and shop around for the right lender. Be sure to have all of your important documents on hand, such as your W-2 tax form, paystubs, and social security card. Most lenders allow you to apply online, and within a few business days, you’ll know whether you’ve been approved or not, as well as the conditions of the loan.
Are You a First-Time Buyer?
Buying your first home is a big deal, and it’s important to have the right agent by your side throughout the process. If you’re ready to start your search, feel free to reach out to us with any questions. We can’t wait to help jumpstart your journey to homeownership!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Norther Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
Research is essential before renovation, as it will help you scope your options and choose quality.
When you plan to renovate your house, the
renovation is an investment in your home. When doing so, you are not only
fixing it and redecorating for yourself. You are also adding value to it
should you ever choose to sell it in the future. Furthermore, as renovating
your house is a form of investment, it should
definitely be well planned and thought out. In addition, as we continue
discussing this topic, we are also going to delve deeper. We will discover the 10 essential and beneficial things one should do before renovating a house.
Renovating a House 101
A written plan and a mood board will be so
helpful throughout the renovation.
Renovating a house can be a small project or a very big
one. Whether you are fixing a bathroom or redesigning the entire interior look
of your home, there are multiple elements to be
considered beforehand. Why is a renovation something you should not rush into?
The answer to this is because a single renovation should withstand time and
have the quality to it. This takes good research, a solid plan and professional
help, amongst many other details.
Tips 1 and 2
Meanwhile, what do you think the number one thing on the
list is? When renovating your house, our number one tip to do first is creating
a mood board. Gather images, samples of textures, materials and more and place
it all on a board to visually create a concept and style. Placing everything in
one spot will help you view what your renovation could possibly look like. A
mood board is also a great idea because sometimes it is difficult to imagine
patterns and textures and colors in your head at once. Having them one beside
the other will help you make decoration ideas as well.
Make sure you set a budget before your renovation so that you don’t exceed your financial limits.
While we are on this topic, the mood board also ties into
our second tip. Placing everything on the board helps you create a visual plan,
which can also help you figure out your budget and the limits of it. Entering a
renovation without conceptualizing your finances and having a budget is a bad
idea altogether. You can get carried away and not even realize how much you are
actually spending. Moreover, adding the cost of all your ideas will help you
understand where you stand and how much you would like to spend on renovating
your house.
Tip 3
Now that you have an idea of what your renovation could
become visually, sit down and create a plan. This plan should consist of all the
changes you plan to implement within your home. Any necessary fixes and
additions you would like to see, along with the timeline of all of this. A
solid list with a good schedule will help you down the road and keep this
renovation organized.
Tip 4
A team of professionals will help guide you
through this process with beneficial advisement.
Consult with a team of professionals. If renovating your
house becomes a big project and you are unsure as to how to proceed, hire a
reliable contractor and decorator to help you. A team of professionals will
know and understand the standards and laws they must adhere to, taking that
stressful aspect away from your to-do-list. Additionally, a team of
professionals will also help you visualize your renovation and help you
understand the possibilities of your house. Sometimes the layout of the house
might not allow you to break down a wall, or add something, and it is good to
know ahead of time what you can do and what you cannot.
Tip 5
Renovating your house is easier if you move your
furniture out and have an empty space to work with. Whether you are renovating
a home you plan to stay in, or are renovating a house in another city, take
care of your furniture and belongings ahead of time. Meanwhile, if you are
moving away, we advise on getting your household belongings to another state before you start renovating. Place your belongings in
storage and keep them there until you complete and finish your new house.
Tip 6
Once your house is furniture free, our next tip is to
scope out space. Once you can evaluate the empty space, it will enable you to
visualize all the possibilities of your renovation. You could also check back
with your mood board and written plan to see if all of that can be done within
the dimensions your space allows you.
Tip 7
When it comes to the fun shopping part, don’t purchase
the first option you come by. If you are going to the hardware store on your
own, talk to the department associate there as they can advise you on the best
options. That way you won’t buy the wrong thing or spend more money than you
should have.
Tip 8
Don’t forget to prep your house for renovating. Details
such as priming the walls before painting them are crucial for the wall color.
Priming the walls creates a better canvas for wall paint and helps the paint
look fresher and stay on for longer.
Tip 9
Check your renovation timeline once again to ensure that
most things will run on schedule. Once you have your belongings in storage,
it’s also beneficial to know that your renovations will be timely so that it
all works out.
Tip 10
Our last but not least tip of this topic is good
communication. This is important before renovating your house but also just as
important throughout the renovation. Good and open communication with your
contractor or whomever you are renovating your house with is very important so
things would run smoothly and successfully.
In Progress
Simply being on top of everything, communicating and
being guided by your plan will be more than enough for a successful renovation.
Stay on schedule, and enjoy this investment into your new home.
Author’s Bio
Troy Thompson is a 35-year-old teacher, with experience in renovations and decorating homes. Not only is he a fan of HGTV, where he has learned a lot about renovating a home from various TV shows, but he has also moved a few times and renovated a few homes with his girlfriend. Troy loves sharing his advice for unexperienced renovators and hopes that his tips will help someone get started and learn more.
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Norther Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
