Market Appreciation is measured by calculating the median price of a home and comparing it to the same number at a different point in time, usually year to year. "Click on this link" to view our current MLS year to date statistics. The number can be deceiving if you are not familiar with the local market. Appreciation varies widely depending on price point and geographical location. Knowing and understanding the nuance of a local market can mean the difference in your home appreciating during the first couple of years or just catching up to the market. Remember, You make money in real estate when you buy it. You don't realize the profits until you sell it, but you make the money when you buy it.

I am always amazed at how a listing agent can value a home without measuring it. The basis of value begins with the heated square footage of the home. It is true that there many other factors that effect valuation, but in most markets, including ours, heated square footage is where you begin. You can't develop a intelligent negotiating strategy unless you know the fair market value of the property, and you can't know the fair market value of the property unless you measure it. Evaluating and Valuing property is one of your agent's most important skill sets, so before you hire an agent, ask them what type of due diligence they perform on the target property before making an offer. Most of them won't even be able to answer the question, much less, know how to perform it! If you would like to know the right answer to the question, call me on my cell phone and I'll be happy to tell you.

The next series of post will be about the numbers. Numbers like appreciation, taxes, insurance, principle and interest, and price per square foot. I often am asked "What are the typical property taxes in Greenville County". There are many individual tax districts, but you can estimate your annual property taxes at appoximately $600 per $100,000 of assessed value when calculating your payment. The Tax Assessor calculates the assessed value of your home, usually from 75% to 85% of the fair market value, but that number can be wildly inaccurate from time to time. There is a process of contesting the number if it is higher than fair market value, if it's lower than fair market value then you accept it. You can learn more about taxes at the county's web site http://www.greenvillecounty.org/County_Auditor/ or you can email me and I'll be happy to provide more details.