What is an assessment and how does it differ from an appraisal
Each week we try to help you to understand some of the expansive, and often confusing Real Estate jargon. Last week we talked about appraisals, and how they can often be confused with the Home Inspection. We also receive many questions from our clients about the difference between an appraisal and an Assessment. These terms are very similar, yet quite different.
An appraisal, we learned, is a detailed single property valuation performed by a licensed appraiser. Appraisals can be used for obtaining a mortgage loan, home equity loan, home sale or estate valuation.
An Assessment, however, is a mass appraisal of property, that is usually conducted at the beginning of the year by local counties. They are based on the areas sales, which helps to determine the value for a large group of similar properties (like a neighborhood, for instance). This information is generally used to determine property tax amounts.
As you can see, appraisals are more exact, since they tend to be performed to determine the market value of a specific property. Whereas the purpose of an assessment is to determine the value for a large number of similar properties.
Questions about the value of your home or the local real estate market in general? Drop us a line!
Here are some of the parameters of this grant that buyers must follow:
Since 1980 a satirical newspaper called “
In the past, in many European countries, Leap Day was considered the only acceptable day for a woman to propose marriage to a man. If said man refused, he must then purchase 12 pairs of gloves for the woman (to hide the fact that she isn’t engaged). In Finland, however, the refusing man must purchase the lady fabric for new skirts.
In February of 1988, the city of 
THE most important tip to buying your first home is to find an experienced Realtor and have an initial consultation. Your Realtor will lay out the entire buying process and give you an idea of what to expect, along with a timeline of the events leading up to you closing on your home. In today’s ever changing market place, being represented by a strong Realtor is paramount. New lending laws, called 
-What type of home are you looking for?
a certain amount and being comfortable with the payments at that amount can sometimes be different. Say you buy a house worth X amount of dollars, then the down payment and closing costs will be X, and the PITI (principal, interest, taxes, insurance) plus HOA/Condo fees will be X. Once you are comfortable with those amounts, you will have less anxiety looking at homes in your price range. Another reason to get pre-approved is to find out what type of loan you will be using. The type of loan – whether it’s conventional, VA, FHA, or some other program, could make a difference in your home purchase. For example, some condos are not FHA certified, meaning they would not qualify for a FHA loan. This would be important to know before you got your heart set on a condo only to find out you cannot purchase it with your preferred loan program.
Setting out to tour luxury homes can be a fun way to spend an afternoon, and a great way to get design ideas! But don’t set yourself up to be disappointed when you fall in love with a home who’s price is double (or more!) what you have been pre-qualified for. Know your price range, and stick to viewing homes within that budget. You can always incorporate some of those design elements you admire and give your new home that luxury feel.
Pay close attention to your home inspector at the 
of Scott’s for more than 11 years, and he has represented more than $120 million in real estate transactions over his career. As a homeowner, Scott has walked in the Buyer’s & Seller’s shoes many times. Scott’s personal experience with Real Estate inspired him to want to be a leader in the industry to ensure all real estate clients have a positive experience. This inspiration is what lead him to co-found the JS Realty Team with his partner, 
Sarah Taylor is one of the Co-Founders of the 
more difficult. If this is the case, but you definitely want to rent, you should consider using the experience of the Property Management Team at the JS Realty Team. Our Property Management Team will make the managing of your home as stress-free as possible. And if you do plan on returning to the area after a couple of years away, then you need to determine if you are going to want to move back into the same home, or find a new one.
This is another major factor to consider. How tolerant will you be of strangers living in your home? For example, if having your prized landscaping not kept up to your standards would make you upset, you may want to reconsider if renting is right for you. No matter how well you screen your potential tenants, there is still the potential that they will not treat your home like you do. The JS Realty Team performs our due diligence when screening potential tenants and we have had tenants that have left our clients homes in better condition than when they first moved in. On the flip side, we’ve also had tenants that did not fare as well as we would like. You are always taking a chance when you let strangers live in your home.
You see flags all the time; in front of schools, public offices, even homes. But did you know there is an official Flag Code? This code formalizes and unifies the traditional ways in which we give respect to the flag, and also contains specific instructions on how the flag is not to be used. According to the code, “The flag represents a living country and is itself considered a living thing.”
Initially, there were no reasons left as to why Red, White, and Blue were chosen to represent the USA. However, in 1782, Congress chose the same colors for the Great Seal and offered this designation:
New Year’s Day—January 1
Independence Day—July 4
In addition, half-staff the Flag (sunrise to sunset) on these days:
LOWER INTEREST RATES – Interest rates can be lowered due to a change in the industry as a whole, such as the example above. Interest rates can also be lowered by shortening the term of the loan. 15 year rates will be lower than 30 years loans. Adjustable Rate Mortgages (ARM’s) are loans that are fixed for a specific time period such as 3, 5 7 or 10 years and will typically be offered at rates lower than a 30 year fixed loan.
mortgage loan. The fees can be separated into several categories: lender fees, escrow deposits, prepaid items, title fees, government recording and transfer fees, and additional settlement fees.
Most loans require the borrower to pay for property taxes and homeowner’s insurance on a monthly basis as part of the mortgage loan payment. When property taxes are due (typically twice a year), and homeowner’s insurance (annually) the lender will pay the bills out of the escrow funds.
–Government Recording Fee – fee charged by government to record the deed of trust