Do you ever wonder what all of that real estate jargon really means? Wednesday is the day where we take those crazy phrases, tell you what they mean, and explain how they are relevant to you!
Today’s Wednesday Word: Assessed Value
When it comes to home values, there is often confusion about the terms and what comprises a home’s assessed worth. Let’s clear the waters for those who find the issue a bit murky.
The purpose of assessed value is to determine how much property tax you should pay (based on the value of your property). This property tax is used to fund counties, cities, school districts, and other local community services. In Iowa, assessing takes place every other year (the next time will be 2011). The county assessor estimates the value of each property, taking into account the value of the land, constructions on the land, fences, paving, and other improvements. The assessor is trying to get an estimate of fair market value, so the assessor also compares recently sold properties to find the most probable sales price of the property.
Assessed value should not be confused with appraised value. An appraisal is completed for a fee, usually for a bank when they are deciding how much money to lend on a property. Appraisals also estimate the fair market value, but they include a greater level of in-depth analysis and a tour of the inside of the property.
Ideally, the two values should be similar. If they are not, one possible explanation is time lag: Assessed values are only conducted every other year, so the value may not reflect market changes or recent home improvements. If you feel that an error has been made by the assessor, you may protest the assessment from April 16 to May 5 every year.
Many sellers are confused when their REALTOR® estimates the value and it is different than the assessed value. It is essential to remember that a REALTORS’® market analysis is more precise and timely, and considers more factors than the assessor. These factors include market trends, desirability of the property, and the interior condition of the home (assessors generally do not enter homes). If you would like to know the market value of your home, contact a REALTOR®, as they will be able to tell you the most accurate value for today’s market.
For more information about assessed value, visit Iowa’s assessor and property taxes page at:
Post by Lyndsey Van Soelen, Communications Intern
If you are thinking about purchasing a new home, building a home, or just enjoy seeing the newest trends in residential homes, we invite you to join us for the 2010 Parade of Homes. The tour, which is put on by the Ames Home Builders Association (ABHA) will be held from Wednesday, June 9 to Sunday, June 13, and will feature eight new construction homes in a variety of price points and neighborhoods. Two of the featured homes were built by HCS Builders, a sister company of Hunziker & Associates, REALTORS®.
Not only will you enjoy the homes and decor on display, but you will also have a chance to win prizes! Hunziker & Associates, REALTORS® will be giving away 5 themed prize bags, valued at a minimum of $25 each. The bags will be featured at the HCS Builders homes. Additionally, if you visit all eight homes, you will be in the running for a raffle prize.
Tickets for the event are $5.00, and are good for all eight homes on all five days. Tickets will be available on or before the days of the Parade of Homes at the Greater Iowa Credit Union (Somerset location) as well as the Hunziker & Associates, REALTORS® office at 105 South 16th Street. On the days of the Parade of Homes, tickets will also be available at a ticket tent located on the corner of Stange Road and Northridge Parkway in Somerset Village. Hours of the ticket tent are 4-8pm Wednesday through Friday, 12-7pm on Saturday, and 12-3pm on Sunday. All proceeds go to community projects and the AHBA scholarship fund
The Parade of Homes schedule is as follows:
Wednesday, June 9: 5pm to 8pm
Thursday, June 10: 5pm to 8pm
Friday, June 11: 5pm to 9pm
Saturday, June 12: 1pm to 8pm
Sunday, June 13: 1pm to 5pm
For a list of homes featured, visit http://bit.ly/as93eR
Post by Lyndsey Van Soelen, Communications Intern
Hunziker & Associates, REALTORS® has all of the required resources at our disposal to make your dream home come to life. Besides selling existing homes, we also sell lots and build new homes through our affiliated companies: Hunziker Land Development and HCS Builders. In this newsletter we highlight these companies and the homes they have featured in the 2010 Ames Parade of Homes.
View our June 2010 newsletter at the link below to see the Parade of Homes schedule, a quick video about the United Way Food Drive, information on increasing curb appeal, and a snapshot of market numbers from May.
Post by Lyndsey Van Soelen, Comunications Intern
When you are marketing your home, experts recommend featuring the best aspects of your home while minimizing the negatives that potential buyers might notice. Generally this strategy will reward you with a higher sales price and by reducing the time your home is on the market.
However, there is a big difference between highlighting features and hiding flaws. It is crucial to disclose ALL problems with your home on the Seller’s Disclosure provided by your REALTOR®, whether the flaws are past or present, even if the problem has been corrected.
If the buyer of your home later finds out something was not disclosed, there is a risk that a lawsuit may follow, which could cost you a substantial sum of money. Buyers find out about undisclosed details more often than you might expect: Whether it be from conversing with a well-meaning neighbor, their insurance agent who can search for previous claims, or a contractor who finds evidence that repair work had been done previously.
To avoid this situation, take the Seller’s Disclosure seriously- no fix or problem is too small to report. Read each question carefully, and be sure you understand it. Write clearly and specifically, with dates and accurate details when possible. Note if additions or repairs were completed with or without a permit. Explaining what repairs were completed and noting there have been no problems since is fine as long as it is accurate.
Understandably, buyers want to know everything that has been wrong with a property before purchasing it. Although some seller’s worry that mentioning all the problems they have had could hurt their selling position, it is far better to tell all than to put themselves at risk legally.
Post by Lyndsey Van Soelen, Communications Intern
Everyone likes windows. They add value to a home, bring the outdoors in, and make a room feel bright and airy. Recently Italian designers took this ideal to a whole new level… This home, pictured, is made almost entirely from an ultra-clear and strong variety of glass. The designers, Carlo Santambrogio and Ennio Arosio, even included such elements as a functional kitchen, bathroom, and beautiful staircase entirely from glass. Beautiful, but not the best when it comes to privacy.
While it may not be necessary to go to such extreme lengths to bring the outdoors in (especially with our Iowa seasons- glass is not the best insulator), showcasing the windows you have adds beauty and value to your home. If you are trying to sell your home, make sure to highlight windows and clean them until they sparkle. Buyers will definitely notice and appreciate their beauty!
Post by Lyndsey Van Soelen, Communications Intern
http://www.interioranddesigns.com/search/house+glass+carlo+santambrogio+y+ennio+arosio
http://www.hottestnewstoday.com/transparent-house/
http://www.hottestnewstoday.com/transparent-house/
http://www.hottestnewstoday.com/transparent-house/
The photos at the link below show a powerful gas line explosion. Although the cause turned out to be from corrosion and not someone hitting the line with an auger (according to Snopes), it is still a good visual reminder of why you need to have the utilities marked in your yard before you dig.
So the next time you are planning to plant a tree or install a fence, remember to call 811 a few days before hand. It’s much cheaper than having to pay to replace a cable or phone line; in fact it’s free!
bit.ly/avowOY Post by Tabitha Zesch, Relocation Director
After the long hard winter, everyone in our office is a buzz about the beautiful weather we are having here in central Iowa! The joy of seeing green shoots emerge from the muddy ground drew many of us outside to freshen up our yards over the weekend. Cleaning away the last of the winter debris is not just emotionally therapeutic, but it also prepares a clean slate for planting spring flowers. In case you have noticed any raggedy weeds rising near your daffodils or tulips, here are some great organic weed killers you can use to wipe them out without expensive or hazardous chemicals.
http://bit.ly/d42DHz Post by Tabitha Zesch, Relocation Director
Will a home improvement project add as much value to your house as it costs? You might be surprised. Find out before you invest.
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