The first things homeowners look at when they want to know how much their home is worth are tax records and property sale records. Then, they compare their home to others in their neighborhood. Tax assessors tend to view homes in Atlanta with an upward microscope, so their estimates are sometimes in need of correction. Then, iBuyers look at the overall amenities of the home, and provide an estimate.
Within this post, we’ll dive into each section and provide you with the ‘need to know’ information about selling and buying real estate in Atlanta, GA.
Traditional Home Assessments
Traditional assessors estimate your home’s worth in just a few minutes’ time. They gather information first by driving by your property. They take pictures and check the exterior of your home and yard for changes made since last year. They take note of everything they see, from new windows and gutters to the condition of the garden shed in the back yard. After compiling the information, they come up with an estimate of your home’s value called the tax valuation. You pay a flat percentage of your home’s value in property taxes based on that assessment.
Is the property valuation for your home accurate?
If your home’s valuation has skyrocketed along with your tax burden, taking the time and energy to audit the assessor’s report is warranted. If you believe the tax valuation is inaccurate, you’re well within your rights to appeal the tax assessor’s valuation at the Fulton County Tax Assessor’s office.
The advantage of a high tax valuation
Before you start filing property tax appeals, stop and think for a minute. Ask yourself, “do I want to stay in the same home for a few more years?” If you like your home and it makes financial sense to stay in it, go ahead and appeal those high taxes. Are you considering putting your house on the market? If you want to sell your home in Atlanta, don’t file a tax appeal. A high tax valuation will help you get a higher price when you sell your house.
Thousands of people move to Atlanta each year. The city is expected to grow by more than 2 million people by 2030. Because Atlanta is such a desirous place to live and the population boom has been so prominent, home values have risen an average of 4.8% in the last year. They’re supposed to rise another 6.6% in 2020. The tax valuation of your home could be accurate.
iBuyer Home Assessments
iBuyer companies are primarily based online and they evaluate a homes value similar to real estate agents run comps on when buyers are looking to purchase, they don’t need to drive past the home (although some have staff that have jobs similar to that) and simply evaluate the home by the amenities the specific property has. All of which may include square footage, number of bedrooms/bathrooms, if there is a swimming pool, any major renovations or major upgrades over the last few years – so, an iBuyer home value may be more accurate than the traditional way of finding out how much your home is worth. Then, after the home assessment, most times, the iBuyer will provide you with a home purchase offer. According to Atlanta Business Chronicle, Atlanta is one of the top markets for the iBuyer home sale model.
Is it a good time to sell?
Right now, there is a perfect storm of factors that are aligning which can give homeowners and buyers incredible opportunities. America is in a trade war, there’s a pandemic disrupting global markets, banks are loosening purse strings to try to keep the markets hot, and interest rates are so low that it’s silly not to take advantage of the chance to save tens of thousands of dollars on mortgage products. It’s a great time to upgrade your living situation in Atlanta before there’s a recession. Sell high and buy low.
We’re on the precipice of a bear market. The average home price in Atlanta is nearly $300,000, but it might not hold that value for much longer. The marketing is moving but the pace is slowing. It takes longer to sell homes this year than last. It’s clear we’re at the beginning of an economic slowdown, which is a perfectly natural and expected economic pattern. If selling your home is on the agenda for 2020, do it soon or you could lose out on the highest possible return on your investment.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
