According to realestate.usnews.com, the value of your home can vary widely based on the purpose of the appraisal. Understanding your home’s value is an important part of knowing your net worth, what you’ll likely receive if you sell the property and how the local real estate market is faring. Home value is also an integral part of determining how much property tax you’re required to pay the local and state government annually. But depending on where you look, your home's value may appear as wildly different numbers. Different valuations can mean different things and are often used for different reasons. The two types you’ll most likely encounter are market value and assessed value. Here's a quick explainer on market value vs. assessed value: Market value is the estimated amount active buyers would currently be willing to pay for your home. Your home’s market value is determined by a real estate appraiser, who is typically hired when your lender is deciding how much money to provide in a loan or you are setting the list price when putting your home on the market. Assessed value takes the market value and puts it in the context of your property taxes. In many counties throughout the U.S., assessed value is a portion of the market value, calculated as a percentage of the market value of the property. As a result, the assessed value of a property is typically lower than appraised market value. Keep reading for a more in-depth look at market value and assessed value and what they mean for your home's price point and property taxes. Market Value Danielle Hale, chief economist for a real estate information company, explains that market value is based on the expectation that the property would sell during the period the value is calculated. “When people think about home values, they often mean, ‘This is the price that I could sell it for if I were to sell it today,’ or ‘This is the way a bank would value it if I were to go talk to the bank about getting a home equity loan or maybe refinancing my mortgage,’” she says. The gray area of market value is determining whether the value you assign to your home is based on what current market conditions say a person would pay for your house or what you think a person should pay for it. For this reason, basing market value on recent sales of similar properties is key to ensuring the number is as accurate as possible. Professional appraisers are an instrumental part of the process because they examine a property, nearby recent sales and the factors that may add to or detract from interest in a property, and then assign a value to the house based on the information. A Home Appraisal Helps Determine the Home's Market Value Appraisers are often hired by a mortgage lender, and it's best if they are local to the area so they understand nuances that may not be obvious to an out-of-towner, though sometimes an algorithm will be used to determine values quickly or on a larger scale. A lender can have a property valuated to issue a mortgage for a home purchase, for refinancing or to issue a home equity loan. Individual homeowners can also order their own appraisal to get a better understanding of their home’s current value, if they’re considering selling but don’t know what the asking price should be, or simply to get a better grasp on their net worth. Home Appraisals vs. Home Value Estimators An appraisal looks at the sale information of nearby homes with a similar square footage, age, number of bedrooms and other features of your property that have sold recently – most often in the last six months. Appraisers will also factor in major differences that may make your home’s valuation different. Because the market determines the value, it's easier to pinpoint a more accurate value for homes that are similar to others in the neighborhood than for houses that are unique. A three-bedroom house in a neighborhood of matching three-bedroom houses is relatively easy to appraise, but a Victorian home on a busy street surrounded by condos and apartment buildings will be more difficult to valuate. Hale says online tools serve as a great jumping-off point, but they fail to take into account current and local events that may play a more immediate factor into buyer interest and the ultimate value. “Market conditions can affect that valuation,” Hale says. Assessed Value Market value even becomes part of the calculation of your home’s assessed value. But because assessed value is used for the sake of calculating how much you owe in property taxes, the assessed value is also based on the laws of your state, county and even city, explains Margie Cusack, research manager for the International Association of Assessing Officers. “The assessed value will be defined by the legal framework of that jurisdiction,” she says. “A lot of states have value limitations in law, so they might have a market value for the property. But then they have a per law allowable assessed value that they work off of, so it becomes very localized.” Because of the specificity of assessed value to your exact location, Cusack recommends all homeowners – as well as homebuyers who don’t yet pay property taxes – become well-versed in the statutes that apply to the area, how the assessment is calculated and where your property taxes go. “You really need to read your assessment notice,” she says. “Usually that will define what assessed value means for that property.” The exact steps to assessing a property also vary by jurisdiction. Some assessor’s offices will use a predictive algorithm to help determine assessed values for more properties quickly, while others will address assessments on an individual, in-person basis, Cusack says. Many assessors’ offices keep online databases open to the public that allow you to access information on the history of your property – including the deed from previous sales – and information that factors into the assessment of your property. What if You Disagree With Your Home’s Appraised or Assessed Value? At times, homeowners will disagree with the appraised or assessed value assigned to their property. In both scenarios, there are options for contesting the valuation. For market value, a homeowner or buyer may be able to request a property be appraised a second time with new information the appraiser may not have been aware of before – a finished basement, for instance, can change the value of a home if it can be counted in the square footage. An appraiser may be willing to take a second look at the property without extra charge if something was missed, but you may also need to pay for another complete appraisal to have your house fully reevaluated. When it’s a lender issuing the appraisal and considering the value, however, there’s not much chance you’ll be able to convince the lender to change his or her mind on issuing a loan or refinance. For assessed value, many assessor’s offices have contact information listed and occasionally host public forums to discuss individual issues with property value information. Like the calculation of assessed value itself, the process for petitioning a reassessment varies widely between states and counties, so it’s best to explore your local assessor’s office website for information on discussing the matter. Curious about your home's true value? Whether you're considering selling or just want to understand your property taxes better, knowing the difference between market and assessed value is key. Contact Benson Group today for a professional appraisal and personalized insights into your home's worth. ---------- Source: realestate.usnews.com

According to goodhousekeeping.com, designing a home that reflects your personality can be challenging in a rental with landlord-imposed limitations. Most standard lease agreements outline that you can't damage or permanently change walls, floors, cabinets — the list goes on. But there are plenty of ways to flex your design creativity without stressing over your security deposit. Here, we've rounded up the best designer-approved, renter-friendly upgrades that can be completely undone before you move out. Hang Wireless Lights Statement lighting elevates any space — and luckily, this DIY project doesn't require any skills or understanding of electrical wiring. Adhere LED puck lights to wicker baskets, then hang new fixtures from the ceiling using twine. Most puck lights can be controlled with a remote control; you just have to replace the batteries from time to time. Mount Temporary Wall Molding Picture frame molding gives simple white walls more character. Instead of using nails, blogger Anna Page relies on mounting tape to secure the panels to her walls, making it easy to remove when she inevitably moves out. Experiment With Peel-and-Stick Wallpaper Jessica Teich, Good Housekeeping Institute deputy editor and self-proclaimed "peel-and-stick queen," revamped her New York City apartment with a floral accent wall just outside her bedroom. Peel-and-stick wallpaper is beginner-friendly and designed to be easy to remove — so there's no sticky residue left behind for the next tenant. Make Faux Stained Glass While it may look permanent, this striking stained glass panel is simply leaning against the window sill (you can also try mounting it with mirror hanging hardware). To personalize a rental, design blogger Mandi Johnson creates custom stained glass using a glass panel, lead adhesive strips and glass paint. Create the Illusion of Built-In Shelving Decorate a blank white wall with floor-to-ceiling bookcases that are lightweight and easy to mount (helpful for when it's time to move to your next apartment). You may need to drill a few holes into the wall, but it's easy enough to patch them up when the lease ends. Consider a Peel-and-Stick Backsplash Your rental may not have your dream kitchen, but small changes — like an earth-toned mosaic backsplash — can have a huge impact. Peel-and-stick kitchen backsplashes look like ceramic or porcelain tiles, but are mostly commonly made from thick vinyl. They typically come in 10- to 12-inch square sections that can be arranged and cut to fit your space. Swap out Light Fixtures Trade boring light fixtures for flush mounts, pendants and chandeliers that spark joy. Design influencer Bridgette Muller thinks it's well worth hiring a professional. "I've been told it's not super hard to do, but I live in a 96-year-old building, so I definitely don't want to be messing with wires of that age," she says. If you plan to take the fixtures when you move out, hold onto the originals so you can swap them back in again before you go. Embrace Tile Stickers in the Bathroom Waterproof vinyl tile stickers make it easy to cover dated bathroom floors with a playful pattern of your choosing. You can even use tile decals on shower floors or walls. Keep in mind: Tile stickers won't work on every surface, so make sure to read product descriptions before purchasing them. Replace Light Switch Covers My Jersey City rental has been given the "landlord special" in more than one way, but what drove me crazy were the outlet and light switch covers dotted with black wall paint. Light switch covers cost around $1 and a fresh one makes the room look newer! For a pop of personality, there's plenty of funky light switch covers, too. Change the Shower Head Of course, if your showerhead doesn't work properly, your landlord should be responsible for replacing it. But, feel free to tackle the project on your own if you prefer something more aesthetic (like the gold fixture pictured here, chosen by Arterberry Cooke) or a shower filter option. For the most part, replacing a showerhead doesn't require any technical skills or knowledge of plumbing. Divide Rooms With Curtains Designer Brigette Muller, who lives in a railroad-style apartment in Brooklyn, uses curtains to create a bit of separation between her bed nook and living room. "Curtains — and textiles in general — are the key to making a space feel like home," she says. "They really help soften the space, and are such a great way to add a little bit of color, pattern or texture." Try Removable Tiles in the Kitchen Shelby Turner recently removed these blue geometric peel-and-stick tiles from her kitchen floor. Although it took a lot longer than expected to clear all the residue, Turner says "I would totally do these renter-friendly upgrades again!" "When it comes to flooring, I would never lay peel-and-stick floor directly onto the floor in my rental again," she adds. Try putting a layer of poster paper or a shower liner between the original floors and the peel-and-sticks. Cover up Old Countertops In the same apartment, Turner covered her plain white kitchen countertops with marble contact paper for a more luxe look. Following the process of removal, which involved using a hair dryer, a bottle of Goo Gone and manual scrapping, the influencer rated the removal a 7 out of 10. Build a Faux Fireplace Recreate the beauty of a real fireplace by crafting an antique-inspired mantel. Shelby Vanhoy of Pretty in the Pines created this statement piece using MDF board and roman clay, plus peel-and-stick brick panel for the center. The best part? You can take it with you when you move out! Update Cabinet Hardware Swap out simple kitchen knobs and pulls — just be sure to store them somewhere safe and replace them before you move out. Here, Kitchen Design Group’s Caren Rideau pairs statement gold hardware with white cabinetry for a chicer style. For expert guidance and support throughout your journey, reach out to Benson Group  when you're ready to take the next step towards finding your dream home. ---------- Source: goodhousekeeping.com

For expert guidance and support throughout your journey, reach out to Benson Group  when you're ready to take the next step towards finding your dream home.

According to realestate.usnews.com, navigating the real estate market can be challenging, with various pitfalls for both buyers and sellers. Here are some common mistakes and tips to avoid them. Mistakes Buyers Make 1. Getting Bad Advice Many buyers fall into the trap of taking advice from well-meaning but uninformed friends or family. Real estate markets are highly localized, and what worked in one area might not apply to another. Trusting a knowledgeable real estate expert is crucial for making informed decisions. 2. Waiting Too Long to Engage a Buyer’s Agent Prospective buyers often delay hiring a buyer’s agent, only to find themselves scrambling to make a competitive offer. Engaging an experienced agent early ensures you understand the market dynamics and mortgage options, helping you make strategic offers. 3. Relying on Online Listings While online searches are a great start, they can't replace the experience of visiting a property in person. Photos can be misleading, highlighting a property's best features while hiding flaws. Visiting in person provides a true sense of the home's layout, lighting, and surrounding area. 4. Searching for the Perfect Home The perfect home rarely exists. Buyers who are too fixated on specific criteria might miss out on great opportunities. Being open to different neighborhoods and property types can lead to finding a home that meets most of your needs and might even exceed your expectations. Mistakes Sellers Make 1. Hiring the Wrong Agent Choosing an agent who promises the highest price might lead to disappointment if the price is unrealistic. Interview multiple agents, review comparable properties, and be realistic about your home's value and shortcomings. 2. Neglecting Staging and Repairs First impressions matter. Homes that look lived-in or tired can struggle to attract buyers. Staging your home to look fresh and addressing minor repairs can significantly increase its appeal and value. 3. Ignoring Open or Missing Permits Unresolved permit issues can delay or derail a sale. Ensure all work permits are closed before listing your home. Addressing these issues early prevents last-minute complications and delays during the closing process. Avoiding these common mistakes can help you navigate the real estate market more effectively, whether you are buying or selling a home. Working with trusted professionals and staying informed about market conditions can make the process smoother and more successful. For expert guidance and support throughout your journey, reach out to Benson Group  when you're ready to take the next step towards finding your dream home. ---------- Source: realestate.usnews.com

If you haven’t purchased a home before, you probably have lots of questions about the process. And if you’ve recently overheard a work colleague talk about buying a house without a real estate agent, you might wonder if you really need one. Yes, you can buy a house without an agent, but for buyers, a good agent can make all the difference — simplifying the process and ensuring you find the right home for your lifestyle and budget. They can also help you navigate market conditions and maximize your dollar. An agent is your advocate Your agent works on your behalf, handling everything from finding available homes and arranging viewings to advising on first-time buyer programs and recommending mortgage lenders. They help you write a compelling offer, guide you through due diligence, inspections, and coordinate with the closing attorney and seller’s agent to finalize the sale. Agents really know the real estate market Agents have deep market knowledge beyond what you find online. They can direct you to homes that match your preferences and budget, and advise on neighborhoods that offer good deals or are becoming overpriced. Is the price right? An agent will know Agents understand market conditions and can advise on making competitive offers, navigating contingencies, and closing timelines that work for both you and the seller. An agent can help you find a home faster Agents often know about properties coming on the market before the public does, crucial in competitive markets with low inventory and multiple offers. You won’t just have an agent; you’ll have a network Agents have connections with mortgage lenders, inspectors, appraisers, and more. They can recommend trusted professionals and help you access 'coming soon' listings. Agents can expand your horizons They can introduce you to neighborhoods and homes you may not have considered, broadening your options based on your needs and budget. Agents can help you spot red flags Experienced agents can identify potential issues with homes that you might overlook, potentially saving you money and future headaches. Agents can help you be more competitive They can offer creative solutions to make your offer stand out, like unique clauses or programs that enhance your buying power. Agents know how to write a contract Agents are skilled in drafting legally binding contracts and guiding you through the complex transaction process, ensuring everything meets legal requirements and timelines. Agents know how to negotiate Whether it's price, terms, or contingencies, agents are adept at negotiating on your behalf, ensuring your interests are protected throughout the buying process. Ready to navigate the path to your dream home? Contact Benson Group today for expert guidance through every step of the journey. ---------- Source: homelight.com

On Fed Day, the Federal Reserve announced another hold for its benchmark federal funds rate. While many believe the central bank's actions influence mortgage rates, inflation plays a much larger role in determining the rates mortgage lenders offer. Coincidentally, significant inflation news was also released. The May Consumer Price Index (CPI) was released, showing that May prices were flat compared to April, an improvement from April's 0.3% uptick. Year-over-year inflation also dipped slightly from 3.4% in April to 3.3% in May, surprising economists who predicted a May increase of 0.1% and an unchanged yearly rate of 3.4%. The Impact of Inflation on Mortgage Rates The mortgage lending market is influenced by inflation, consumer demand, housing supply, economic strength, and the bond market, especially 10-year Treasury yields. While any downturn in inflation is good news for home buyers, inflation rates remain elevated. After hitting a 40-year high of 9.1% in June 2022, the Federal Reserve aggressively raised rates, resulting in a lower inflation rate of 3.0% by June 2023. However, inflation has since wavered above 3%. Inflation's impact on mortgage rates is evident. When inflation readings in September and October were 3.7%, mortgage rates surged to their highest level in over 20 years. Rates later sank in February after inflation dipped to 3.1%, but then jumped again after a 0.3% increase in March. Wednesday's inflation report was welcome news for those hoping for lower mortgage rates in 2024, though the immediate impact may be minor due to the slight dip from April to May. Mid-Day Mortgage Rate Movement At the time of publishing, mid-day mortgage rate movement showed a 9 basis point decline in the 30-year average, with a further drop of 16 basis points to 6.83% by 5 p.m. Eastern. What 2024 Fed Decisions Could Mean for Home Buyers The Federal Reserve announced that it's holding the federal funds rate at its current level. While Wednesday's inflation reading suggests a downward trend, the Fed needs more evidence of sustained inflation reduction before cutting rates. It's expected the Fed will hold its benchmark rate steady for one more meeting in July. According to the CME Group's FedWatch Tool, traders predict the first Fed rate cut will be announced at the Sept. 18 meeting, potentially leading to mortgage rate declines in 2024. How We Track Mortgage Rates The national and state averages are provided via the Zillow Mortgage API, assuming an 80% loan-to-value (LTV) ratio and a credit score in the 680–739 range. These rates are representative of what customers should expect when receiving actual quotes from lenders based on their qualifications. The latest inflation report offers hope for lower mortgage rates in 2024. While the immediate impact may be modest, the trend suggests potential rate reductions. With the Federal Reserve holding the federal funds rate steady, staying informed is crucial as the real estate market evolves. For personalized guidance and to navigate these changes effectively, contact Benson Group for expert real estate advice and support. ---------- Source: investopedia.com

The Bay Area's real estate market has seen a significant shift, with 33 cities now boasting typical home values exceeding $2 million. This exclusive list includes both well-known enclaves and former farm towns transformed into affluent communities. New Entrants to the Two-Million-Dollar Club Danville is a notable newcomer. This town of 43,000 near Mount Diablo has seen its median home price nearly double from $1.2 million in 2016 to $2 million. Residents like Jennifer Youngblood have witnessed dramatic changes. Her parents bought their home in Danville in 1970 for $37,500, and the town has since evolved with modern schools, upscale mansions, and a scenic 30-mile trail replacing old train tracks. Pandemic Effects on Real Estate Real estate agent Kevin Cox noted that the pandemic spurred demand for homes in communities like Danville, where larger lots and a suburban lifestyle became more appealing. Danville's home values surged by 7% in a year, one of the highest growth rates among the two-million-dollar cities. Despite its growth, Danville retains a small-town charm, making it an ideal place to raise a family. Limited Development Fuels Value A significant factor driving up home values is the limited availability of new construction. Many towns in the two-million-dollar club maintain their status by restricting new developments. Woodside, with typical home values at $3.8 million, declared itself a mountain lion habitat to avoid new state housing laws. Lafayette residents fought a developer for 12 years over a 315-unit project, while Atherton's elite, including tech executives and celebrities like Steph Curry, opposed plans to add new housing units. Bay Area Real Estate Trends The trend shows no signs of slowing. In May 2024, the median price for single-family homes across the nine-county Bay Area was $1.46 million, marking the fourth consecutive month of price increases. Santa Clara County's median home price exceeded $2 million for the first time in April 2024, indicating that more cities could soon join the two-million-dollar club. Are you looking to navigate the Bay Area's dynamic real estate market? Whether you're buying, selling, or investing, Benson Group is here to help you make informed decisions. ---------- Source: eastbaytimes.com

When you’re ready to find your dream home, rely on the expert guidance and support of Benson Group . Reach out today to take the next step!

Real estate is a cornerstone of wealth building and financial stability. Unlike other investments, it offers tangible assets that appreciate over time and generate consistent rental income. Explore how leveraging property investments can enhance your financial future and contribute to achieving your long-term goals. Wealth Building : Real estate is a crucial asset class for building wealth. Unlike other investments, real estate provides a tangible asset that can appreciate over time and generate rental income. Diversification : Investing in real estate allows for diversification of an investment portfolio, reducing overall risk. It complements other asset types like stocks and bonds, offering stability through property values and rental income. Long-Term Growth : Historically, real estate has shown consistent long-term growth. Property values tend to increase over time, contributing to capital gains for investors. Rental Income : Real estate can provide a steady stream of income through rent, which can be a reliable source of cash flow and contribute to financial stability. Tax Benefits : Real estate investments come with various tax advantages, such as deductions for mortgage interest, property taxes, and depreciation, which can enhance overall returns. Leverage : Real estate allows for the use of leverage, meaning investors can purchase property with a relatively small amount of their own capital. This can amplify potential returns. Financial Planning : Integrating real estate into financial planning can help achieve long-term financial goals. It’s important to evaluate individual financial situations and goals to determine the right real estate investment strategy. Market Conditions : Understanding current market conditions is crucial. Investors should stay informed about local real estate trends and economic factors that could impact property values and rental income. How to Start Investing in Real Estate Starting with real estate investment involves educating yourself on market dynamics and identifying viable opportunities. Begin by assessing your financial situation to determine how much capital you can allocate. Getting pre-approved for a mortgage can clarify your budget. Define your investment goals, whether seeking short-term gains through flipping or long-term income through rentals. Conduct thorough market analysis to find high-growth locations. Networking with experienced investors can also offer guidance and opportunities to learn from their experiences. Ready to start your real estate investment journey? Contact Benson Group for expert guidance and personalized support to help you get started and achieve your financial goals. ---------- Source: smdailyjournal.com

With August just around the corner, it’s the perfect moment to turn your home into a stylish summer sanctuary. Whether you're planning lively gatherings or seeking a serene getaway, these interior design tips will help you craft a luxurious retreat that embodies the season's spirit. 1. Embrace Light and Airy Spaces Maximize natural light with light, sheer drapes or keep windows bare. Opt for a soft, airy color palette—think pastels and neutrals—to create an inviting ambiance. 2. Bring the Outdoors In Incorporate natural elements like houseplants, floral arrangements, or botanical prints to infuse freshness into your interiors and enhance the summer vibe year-round. 3. Statement Lighting Choose eye-catching lighting fixtures such as bold pendant lights, chandeliers, or stylish floor lamps to add glamour and character to your space. 4. Luxurious Textures Layer plush fabrics like velvet, silk, or linen for a touch of opulence. Add visual and tactile interest with throw cushions, faux fur rugs, and woven baskets. 5. Art and Decorative Accents Select distinctive art pieces and decorative items that reflect your personal style. Whether it's a striking sculpture, vivid painting, or artisanal ceramics, unique accents will add personality to your home. 6. Smart Storage Solutions Keep your space organized and clutter-free with stylish storage options. Invest in chic storage ottomans, colorful baskets, or built-in shelves to maintain a tidy environment. 7. Create Relaxation Zones Designate areas for relaxation, such as a cozy reading nook or a serene meditation space, complete with comfortable seating and calming decor. 8. Stylish Outdoor Spaces Transform your patio or deck into an inviting retreat with high-quality outdoor furniture, plush seating, and elegant accessories for ultimate comfort and style. 9. Personalize with Signature Scents Set the mood with summer-inspired scents using aromatic candles, essential oil diffusers, or fresh floral arrangements to create a welcoming atmosphere. 10. Balance Opulence with Simplicity Achieve a refined look by balancing luxurious elements with simplicity. Remember, a touch of understated elegance often enhances the overall grandeur. Embrace these design strategies to turn your home into a summer sanctuary where luxury and relaxation meet. For personalized real estate advice or to find your perfect summer retreat, conta ct Benson Group t oday! ---------- Source: brabbu.com

According to nar.realtor, the National Association of Realtors (NAR) recently reached a settlement that brings significant changes to real estate transactions. Whether you’re buying or selling a home, understanding these updates is crucial for navigating the market effectively. Here’s a breakdown of what the settlement means for you. For Home Sellers Compensation Choices : You can still offer compensation to buyer brokers if you choose, but this information won’t be included on Multiple Listing Services (MLS). Instead, your agent can promote your listing through other channels like social media and flyers. Disclosure Requirements : Your agent must provide written disclosure of any payments made to other brokers before finalizing any agreements. This ensures transparency about compensation offers. Negotiability : While you can offer buyer concessions and advertise them on the MLS, you should discuss and negotiate compensation with your agent directly. Your agent is committed to working in your best interest and must abide by ethical guidelines . For Homebuyers Written Agreements : Before touring homes, you will need to sign a written agreement with your agent. This agreement will clearly state the compensation terms and ensure transparency regarding the services you will receive. Compensation Clarity : The agreement must detail the specific amount or rate of compensation. It must be objective and not open-ended, ensuring no hidden costs or surprises. Negotiation and Concessions : You can still receive concessions from sellers, such as assistance with closing costs. Although MLSs will not list compensation offers, you can discuss and negotiate these terms with your agent. Virtual Tours : Written agreements apply to both in-person and virtual home tours, ensuring consistent practices across all viewing methods. What Doesn’t Change Ethical Standards : Agents remain committed to acting in your best interest and following ethical standards. Negotiability : Compensation for agents is fully negotiable. Always discuss and confirm these terms before engaging in any transactions. These updates will take effect on August 17, providing you with new guidelines for how to approach buying or selling your home. For personalized advice and to navigate these changes effectively, contact Benson Group . We are here to guide you through every step of the process and ensure a smooth transaction. ---------- Source: nar.realtor

When it’s time to find your perfect home, count on Benson Group for expert guidance and support. Get in touch with us today to start your journey!