Robert W. Bowen

As odd as this may seem, this time of year often has home owners arguing that their property is in fact worth less than it actually is. If you don’t agree with me, ask any home owner how they feel about their property taxes that come due November 30 every year in Utah.

Recently, I was at the Cache County Assessor’s Office waiting to speak with the County Assessor. While waiting, I witnessed numerous Cache County Residents come in asking the lady at the front desk why their taxes were so high this year. As the lady explained that the taxes are based on property value, each and every one of the people claimed their home was not worth nearly what the Assessor’s office claims it is worth. I sat there quietly thinking how odd that people think their home is worth very little when it comes time to paying taxes, but when I go on a listing presentation homeowners usually argue that their home is worth much more.

What’s Your Home’s Real Value?

The value of homes is determined by the market. Basically this boils down to what a willing buyer and a willing seller are willing to accept in making a deal on the sale of a home. As homeowners are well aware, the real estate market tends to imitate a roller coaster.

In the real estate market banks ask that homes be appraised to determine their market value before they are willing to issue a loan to purchase the home. Appraisers visit the home to determine the size, quality, age, etc of the home. Once they know what they are dealing with they find comparable homes that have sold recently to determine what the subject property is worth. Consumers are usually overjoyed to have an appraiser value their home for more.

The county assessor makes similar determinations when determining the value of the home for tax purposes, only the tax assessor’s appraisal is not as intimate as they do not have access to view the home’s interior. A tax assessor bases their opinion of value off a smaller amount of information. The county goes off of the recorded square footage, age of the home, and location. Generally, the county’s opinion of value is much lower than the home could actually be sold for in the market. This is actually a good thing for you as a tax payer because it means you are being taxed lower.

How Can You Get Your Home’s Value Reassessed?

Some consumers still feel that their property is not worth what the county claims it is worth. I have recently been asked by some homeowners what they can do. As a homeowner you do have the right to have the home reassessed. The process can differ from county to county, so check with your local assessor’s office.

The process is basically for you to get an opinion of value from either a licensed real estate agent or a licensed appraiser. You can then take that report and present it to the county assessor’s office. Sometimes they may require more than one opinion of value.

Is It Worth It?

The real question becomes, is it really worth it? Like I said earlier, generally the county’s value is less than a home will actually sell for. If you do believe that your home really is worth less, it can’t hurt to look into having it reassessed. Most real estate agents will give you an opinion of value as a free service. If the home truly is worth less, then getting the county to lower your taxes will make it worth it. Even if your home is worth what your county says it is at least by talking with a real estate agent you will have a better understanding of your home’s value.

Robert W. Bowen is a professional REALTOR® with RE/MAX Excel in Logan, UT. You can contact him with questions through his website, www.RobertWBowen.com, or calling (435) 770-1352.

Disclaimer: Information in the post is deemed reliable, but cannot be guaranteed as many sources may have been used and may or may not have been reliable at the time of sourcing. The information in this post is an opinion of the author, may be time sensitive, and is subject to change without notice.

When searching for a place to live and raise your family there are many things to consider before just throwing a dart at the map and packing the moving truck. Many people are concerned with safety, educational opportunities, jobs, health, prosperity, and more before making a move. In your search you will have a hard time finding a better place to live than Logan, Utah.

Lately the media has reported Logan, Utah as ranking at the top of many national polls ranging from low unemployment, low crime rate, affordable home prices, and high home value appreciation. Logan is now in the spot light for being named as one of the most secure communities among U.S. cities with fewer than 150,000 residents by Farmers Insurance.

The Farmer’s report looks at crime statistics, extreme weather, risk of natural disasters, housing depreciation, foreclosures, air quality, life expectancy, and unemployment rates. The study examined the data from 379 municipalities across the U.S. The cities were organized in three different groups of large metropolitan areas, mid-size cities, and small towns. Logan ranked fifth among the small town category and in sixth place for the overall list of 379.

The local residents of Logan choose to stay in Logan because it is such a great place to live, work, and play. If you’re looking for a change, give Logan as chance.

Robert W. Bowen is a professional REALTOR® with RE/MAX Excel in Logan, UT. You can contact him with questions through his website, www.RobertWBowen.com, or calling (435) 770-1352.

Disclaimer: Information in the post is deemed reliable, but cannot be guaranteed as many sources may have been used and may or may not have been reliable at the time of sourcing. The information in this post is an opinion of the author, may be time sensitive, and is subject to change without notice.

Utah has made National headlines once again giving added relevance to the statement of Utah being one of the best places to live. Forbes listed the top ten most affordable cities to raise a family. Salt Lake City came in at number four. Forbes Magazine based the article off statistics from the Economic Policy Institute and the U.S. Census Bureau.

The determining factor was the cost of basic living expenses as a percentage of income. Salt Lake City came in at 68%. With the cost of living going up all around us and the threat of a looming national recession residents of Utah can rest easy knowing they don’t have it all that bad.

The complete list is as follows:

1. San Jose, Calif. , 55 percent
2. Austin, Texas, 64 percent
3. Kansas City, Mo. 67 percent
4. Salt Lake City, 68 percent
5. Baltimore, 68 percent
6. Detroit, 68 percent
7. San Francisco, 68 percent
8. Seattle, 70 percent
9. St. Louis, 71 percent
10. Chicago, 72 percent

Source: Forbes, Francesca Levy (12/02/2008)

Robert W. Bowen is a professional REALTOR® with RE/MAX Excel in Logan, UT. You can contact him with questions through his website, www.RobertWBowen.com, or calling (435) 770-1352.

Disclaimer: Information in the post is deemed reliable, but cannot be guaranteed as many sources may have been used and may or may not have been reliable at the time of sourcing. The information in this post is an opinion of the author, may be time sensitive, and is subject to change without notice.

Image by Getty Images via Daylife

With all of the news of the slowing housing market and the condition of the economy it seems that everyone is waiting to find the best deal before purchasing. And why wouldn't you want to get the best deal? I get calls from people every week wanting to buy a foreclosure. How many foreclosures are available in the area and should you buy a foreclosure?

A foreclosure happens when someone is no longer able to pay their mortgage payments on their home. A foreclosure is the last step that the bank takes. After a person is past due 90 days the bank issues a Notice of Default. The Notice of Default is public information and is filed at the County Recorder's Office. The Notice of Default tells the homeowner that they need to catch the mortgage up, sell the home and pay off the mortgage, or risk losing the home to the bank.

Pre-Foreclosure

After the Notice of Default has been filed the property is put up for auction. Depending on the state where the home is located will tell you how long before this happens. Investors looking for a good deal usually target homeowners prior to the auction offering the homeowner enough to pay their mortgage off and walk away. This can be a good deal for the homeowner because often they don't have enough time to sell the home on the market before the auction. This can also help salvage the homeowners credit.

Should the homeowner not catch up the mortgage payments or sell the home, the next step is for the bank to take the property to auction, depending on the state depends on how this process happens. At the auction, usually held on the steps of the courthouse, anyone can come and bid on the home. Auctions can be a source for a great deal on a home, but not everyone has the ability to buy at an auction because you must pay cash for the home.

Foreclosure

This is the step that most people are familiar with. If the home is not purchased at the auction and the homeowner is still unable to catch the mortgage payments up, then the bank takes ownership of the property. At this point the bank will list the home for sale with a real estate brokerage. Generally, when the bank lists the home for sale they list it at or near market value.

Benefits of Buying a Foreclosure

The reason people want to purchase foreclosures is to get that good deal they've been searching for. With foreclosures, you often get the home for below market value and have instant equity in the home. Investors love buying foreclosures that they can go in and quickly fix up and sell for a quick profit. This is known as 'flipping' a home. There are many television shows that get people excited about flipping homes. I'll save the process of doing this for another blog post.

Negatives of Buying a Foreclosure

Buying foreclosures can be a risky investment. Often times foreclosures are in need of some much needed repairs that the previous owners neglected to perform. And when you buy a foreclosure, especially at an auction, you don't have the time to perform inspections before purchasing. Before jumping into buying a foreclosure, do your homework. Talk to real estate professionals about the market prices of homes similar to the one being foreclosed on and give yourself enough cushion to be able to perform the repairs and still have your total invested less than the market value.

Purchasing a home when the bank gets involved can be very stressful and require a lot of extra paperwork. It is best to have a knowledgeable real estate agent assist you through this process. For some people buying a foreclosure is a great deal, for others it may be too much of a headache to get involved in.

How Many Foreclosures Are There?

After watching the nightly news, one might be led to believe that there is an overabundance of foreclosures on the market. The reality is that every local market varies. Here in the Logan, Utah area we currently have about 13 bank owned homes, and less than 20 homes in pre-foreclosure. This means that competition is high which will increase the odds of these homes selling near market value. In other markets there are a larger number of homes facing foreclosure or are already bank owned.

For more information about buying a foreclosure, give me a call.

Robert W. Bowen is a professional REALTOR®with RE/MAX Excel in Logan, UT. You can contact him with questions through his website, www.RobertWBowen.com, or calling (435) 770-1352.

Disclaimer: Information in the post is deemed reliable, but cannot be guaranteed as many sources may have been used and may or may not have been reliable at the time of sourcing. The information in this post is an opinion of the author, may be time sensitive, and is subject to change without notice.

Living in Cache Valley, we are blessed to live in one of the most beautiful valley's in the country. With picturesque views from every direction this valley really is a great place to live. Doing our part to help keep the local beauty, this morning the Cache-Rich Association of Realtors Good Neighbors task force went out to Richmond, Utah to do some road cleanup.

Apparently the drink of choice on this stretch of road is Mountain Dew as we picked up several cans.

In Cache Valley, we as Realtors are doing our part to keep our community clean.

Robert W. Bowen is a professional REALTOR®with RE/MAX Excel in Logan, UT. You can contact him with questions through his website, www.RobertWBowen.com, or calling (435) 770-1352.