If you're like most folks with a mortgage, you'll be getting a tax form soon from your mortgage lender after the first of the year indicating several things, including how much interest you paid in 2019 and the current balance on your mortgage.
So it's a good time to talk about equity. Remember, equity is the difference between the fair market value of your home and what you still owe on the mortgage. If you sell, equity is what you receive after any liens against the property or other required costs are paid. It represents the part of the property you really own.
Two things have happened that could have had a positive impact on your equity:
No! Using a website such as Trulia or Zillow (where you'll get a "Zestimate") is OK if you want a starting point for the value of your Roanoke or Smith Mountain Lake home, but even then, you need to take it with a grain of salt.
Third-party real estate sites aggregate listings from all over the country. An algorithm analyzes the listing data and produces an estimated home value.
So what's the problem?
Well, as Realtors, we see it all the time: A seller comes in and tells me what the real estate site said her home in Southwest Roanoke County was worth. Then I go out to do the comparative market analysis and arrive at a list price that's far more or, more troublesome, far less. Of course that causes frustration for the seller, who has been making plans based on the website's estimate.
Here's what I...
When Realtors talk about home improvements, we usually focus on two things: the value a project adds to your home and the cost of the improvement compared with the amount recovered at resale.
Those things are obviously important and should be at the forefront of your mind when making...
Winter is coming soon! Not long now, night temperatures will be regularly dipping into the 30s, then the 20s, and all of a sudden we'll be talking about snow!
Wintertime can be hard on your house — and your wallet. Tending to a few improvements now can ensure your home — and your bank account — survive till spring!
The days are already getting shorter, school has started in most of the region, and before you know it, the mountains will turn an array of Blue Ridge autumn colors. If you're a homeowner, you should leave some room in your fall schedule to complete some home maintenance that will leave your home ready for winter.
Plan for leaf collection
Localities around the region handle leaf collection differently, so check with your municipality's solid waste department to find out how to properly dispose of leaves. Or, mulch yo...
