Profile picture for Luciano Leone

Luciano Leone

Agent

12 Recent Sales (last 12 months)

REALTOR (3 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Relocation,
Staging

Advice

  • (123 Contributions,
  • 4 Best Answers,
  • 28 Helpful)

Contributions are sorted newest to oldest.

tax assessment vs fair market value

Answer

Not sure what your specific question is, but I usually like to clarify to clients that assessed value is solely what the local tax assessor values your home at relative to similar homes for property tax, and NOT a basis for making an offer on home. Fair market value is what a buyer is willing to pay for a property. These figures can be drastically different, and even go in the opposite direction, so it's good to understand the difference. Best of luck, and please don't forget to give a thumbs up to the best response, thanks!

  (4)
Should the finished square foot number include the basement if it is a finished space?

Answer

Everyone has a different interpretation of what to include, or not include, but in my professional opinion if the basement is heated, finished, and the windows are of a fairly standard size...and all the work is properly permitted - then yes, that space should be considered in the overall square footage of a home. Public records doesn't always reflect an accurate number. Hope that helps!Please don't forget to give a thumbs up to the best response, thanks!

  (1)
Why is my Zestimate state "None" on my property?

Answer

Just a tip from a Realtor perspective...Zestimates are wildly inaccurate and SHOULD NOT be utilized by consumers like yourself to avoid confusion regarding actual fair market value of their homes. It's a data based algorithm that has no idea what the inside of your home looks like and what renovations have been made - only an actual qualified person (Realtor/appraiser) could give you that level of detail. Zillow even provides data showing how inaccurate they actually are. Just scroll to the bottom of the page on your property to see the Zestimate accuracy percentage. To get a TRUE valuation of your property, as you know, a Realtor who knows the market and can assess the condition relative to the neighbors, as well as how the local market is doing, which will tell you how to get top dollar and sell fast when that time comes. If that's something you're interested in at some point, click on my photo above to get in touch and discuss further, otherwise best of luck!

  (0)
Do I NEED to put down 20 percent? Massachusetts housing

Answer

From a personal standpoint, I had this same internal struggle at your age and was able to purchase a home in the burbs, unfortunately it took a while for me to get back into the city. I've since come back out to the burbs, while being able to retain the city property for some great rental income. From a professional standpoint, I have several lenders that can provide appropriate guidance and will go over your loan options you qualify for, many of which have a significantly lower down payment. Click on my photo to get in touch with me and don't forget to give a thumbs up to the best response. Best of luck!

  (0)
Will expanding my backyard add significant value to my home and help get rid of PMI if I refinance?

Answer

To expound on the previous answer and give you a Realtor perspective, those are all positive signs that do add value to your home, but honestly, it's unfortunately not as significant that your property will reappraise at a value that will remove PMI. The important thing to remember that refinancing also has a cost (appraisal, closing costs, etc.) so if those costs aren't outweighed by your savings in a year or so, it's not worth refinancing just yet. Best of luck, and don't forget to give a thumbs up to the best response, thanks!

  (0)
do most homes sell for asking price, and if not how much below is average (in the last year)?

Answer

As all my fellow agents have mentioned below, there are so many different factors that go into pricing a home and what price it ultimately sells for. If you're asking specifically about single family homes in Salem, MA, in the past 12 calendar months the AVERAGE list price for sold homesl was $201 per sq ft and the average sold price was $196 per sq ft, so slightly below. Of course that varies on an individual basis, but I hope that helps you understand the local market directionally. Best of luck, and if you'd like to discuss further, please click on my photo to get in touch.Also, don't forget to give a thumbs up to the best response, thanks!

  (0)