Homeowners really don’t know their homes value

Just under 50% of homeowners with a mortgage (about 66% of all homeowners) in the U.S. expect their equity will increase in 2016, even though about 60% say equity in their homes already increased during the last three years of the housing recovery, according to research conducted for loanDepot.

Of those expecting a change in their equity, about 85% expect it to rise as much as 10%. Many of the experts are already reporting that we should see between a 1% to 2.5% increase this year.

More than half, 58%, are expecting their equity to increase between 1% and 5%. The other 27% are expecting an increase between six and 10%. About 3% expect the equity to fall, and 27% say they expect it to remain the same.

Although about 57% of homeowners believe their home’s value appreciated in the past three year. Even so, loanDepot studies show about 80% of them underestimate how much their home value has increased during the housing recovery.

The Standard & Poor’s Case Shiller 20-city index shows home values rose twice as much as one in every four homeowners believed.

“Homeowners who bought during the housing boom are regaining equity many thought was lost forever, yet too many are not aware of the equity they have gained or they are unclear about how to determine changes in their equity,” loanDepot chief financial officer Bryan Sullivan said.

“People who bought after the housing boom when prices were low are realizing homeownership can be a great investment and an asset that they can now leverage through equity to realize many dreams,” he said. “Whether they choose to leverage their home equity now or reserve it for future needs, millions of homeowners have choices today not available just a few years ago.”

loanDepot studies have shown that timing has an impact on how homeowners feel about their equity. Those who have bought homes after 2009 are generally more cautious, but more optimistic.

Zestimate Accuracy

Nationally, the Zestimate has a median error rate of 7.9%, which means half of the Zestimates in an area are closer than the error percentage and half are farther off. For example, in Seattle, Zestimates for half of the homes are within 6.6% of the selling price, and half are off by more than 6.6%.

To improve Zestimate accuracy, we allow homeowners to edit their home facts and then we incorporate this information into our Zestimate calculations. So if you obtain an MLS account and input all the sales from the last 60 days that happened in your neighborhood, that may improve your chance of getting a closer value to your own.

Be aware that in some areas, we might not be able to produce a Zestimate at all, but we do have some basic information on the homes. The tables below show you where we have Zestimates and other home information.

Lets take Orlando, FL –  875.5K homes on zillow – 803.0K have the zestimate – only 37.1% of those come with in 5% of the real value – only 61.9% come with in 10% –  and 83.0% make it with in 20% of a homes REAL Market value.  And this is taken right from the zillow web page What is a zestimate.

    Want to Really Know what your home is worth today?Go to www.WhatsMyMarketValue.com

Paul Antonelli

REALTOR Professional
Broker / Owner of NextHome Antonelli Realty
The Future Of Real Estate is HERE !
Cell; 321-443-4028       Email; Info@PaulAntonelli.com

Painting Tricks Update Your Homes Look

When it comes to painting the walls of a house, sometimes subtle is best. You want to add design, color, and texture to the walls, but you don’t want it jarring to the eyes. Here are a few painting techniques you can try on your home walls.

Tissue Paper Texture

One easy way to add texture to walls is to use tissue paper, formerly known as Faux painting. You apply with tissue paper to the walls and the desired effect stays there until you want something new.

Crumple up a piece of tissue paper into a tight ball and then open it up and smooth it out and remove. Small textured lines will appear on the paper do this as often as you like across the wall.

Sponge Color-on-Color Technique

Natural sponges create a unique look on painted walls. If you use two versions of the same color, satin and semi-gloss, then it creates a subtle look that isn’t shocking to the eyes. The color is the same but the shine is different.

Paint your wall with the satin color paint. Let it dry completely. Dip the top of the natural sponge in the semi-gloss paint. Dab the sponge to the wall over and over. It’s OK to overlap the paint in areas and you aren’t going to completely cover the wall.

Once dry, the satin paint will show from beneath the semi-gloss paint creating a neat shine effect.

Taped Stripes

You don’t want bold multi-color stripes on your wall because it will stand out too much. Subtle stripes create a beautiful effect.

Choose two colors that sit side-by-side on the color spectrum. Or, choose two similar colors from different companies. Paint companies tend to have slight differences in colors.

Paint the walls your first color choice. Let it dry completely. Tape the walls using painters tape to make stripes. Make them horizontal, vertical, or diagonal. Make them wide or thin. It’s up to you. Paint the walls again with the second color choice. Paint right over the tape. When you remove the tape, the first color will show.

These simple and subtle paint techniques will make your walls beautiful. This is especially useful if you plan to sell your home and want to increase its value. Talk with us for more information on simple ways to make your home more inviting to potential buyers.

Has your property value gone up or is it a victim of the latest Neighborhood Foreclosure Syndrome. Find Out Now For FREE !!
Go To: www.WhatsMyMarketValue.com !

Paul Antonelli

REALTOR Professional
Broker / Owner of NextHome Antonelli Realty
The Future Of Real Estate is HERE !
Cell; 321-443-4028       Email; Info@PaulAntonelli.com