A public tax assessor gives the assessed value for a property. This assessment typically occurs yearly for taxation purposes. The fair market value is an agreed-upon price between a willing buyer and seller. There is usually a difference between the assessed value and market value. For homeowners, the assessed value is a double-edged sword. Because, if their annual assessed value increased then their yearly taxes will also be raised.
On the flip side, when selling a house it can help boost its market value. To get a market value, Individuals can purchase an appraisal on their own or hire a real estate agent to perform a comparative market analysis. You may want to do this if you’re thinking about selling and want to know how much to list the property for, or have your eye on a home for sale and are curious if it’s a fair price.
As a homeowner, there are many reasons to know your market value. For example, if you bought a home several years ago and the value increased, you have more home equity. You can leverage this to qualify for refinancing or secure a home equity loan.
When it comes to assessed value, you might wonder what happens if you live in an area where the housing market is hot and homes are selling for far more than they’re worth. After all, that’s not exactly fair to homeowners who don’t want to sell and are stuck with the rising tax bill. The good news is that many states and municipalities have laws in place to prevent property taxes from jumping along with inflated property values.
As always, I am here to help you figure out the best value for your home in this market or if you have any questions feel free to reach out. Gary Cardillo 941.676.1008
Source: Forbes
Recently we had dinner with a couple who introduced Gail and me on a blind date 35 years ago. They are from New York where the husband has had a jewelry business in the heart of New York’s Diamond District for many years. We were dining outside in St. Armand’s Circle in Sarasota and this couple was looking around like two kids entering Disney World, amazed at the number of people out and about enjoying the shops, restaurants, and beautiful evening weather. They had been to Florida many times before but this time was extra special as New York has been shut down to a large degree, and according to the husband, New York City has become a ghost town of sorts with rising crime rates and the closure of many businesses. However, despite the depressing news from New York, our conversations are always full of laughter as the husband has an uncanny sense of humor and like most wives, she just rolls her eyes.
While many have grown depressed being quarantined in their homes for months up north, the husband has maintained his sense of humor. He said, “You try to get creative, and when weather permits, you try to make the most of your time outdoors.” Being an avid tennis player who also enjoys the game of golf I asked, what other things he had tried. He replied, “Skeet shooting.” Detecting the puzzled look on my face he said, “I thought I’d give it a try….As a Jew we don’t hunt, we order in, but I figured it was something new and different. Unfortunately, birds were dropping from the trees and a plane fell out of the sky, but while I seemed to hit everything else, I couldn’t hit those clay pigeons.” I was so glad he hadn’t lost his sense of humor!
found it amazing to see the change in perspective as years ago Florida was only seen as a place to retire, and now couples like our friends are giving serious consideration to possibly making the move themselves in the not too distant future, which we couldn’t be happier if they did. What I also found interesting is most of the husband’s Florida clients are in the Palm Beach area, which years ago seemed like the place they would eventually relocate, however, they shared with us how they wanted to get away from the stress, congestion, and the “personalities” they deal with daily and are finding southwest Florida provides everything they could want. I have to agree as I still find myself wondering in amazement that we live in a place people come to vacation.
With inventory levels so low, if there was ever a time in which to sell your home, this would be it! As of July, the median is 49 days on the market, a trend that is 9 days less from last year, and I see it moving lower in the next few months. Looking at sales of homes over the last year, the market in our area is highly active. In July of 2019, there were 345 homes sold in our area where for July 2020 we had 488 sales. Recently Punta Gorda was in the top 3 cities for people who are relocating to Florida. A lot of interest in our housing market is coming from people relocating from the north looking to escape the harsh winter weather and high taxes, but with concerns from this pandemic are looking to move to areas with less congestion where they can work remotely and avoid mass transit. With the influx of those moving to the area competition is fierce which has resulted in the median price of homes rising to $237,450. So not only are our sales looking good, but the price of our homes are attractive as well. Homes valued in the $250,000-$350,000 range are the most popular among buyers right now.
An article I read recently, “More Buyers Nix Inspections as Bidding Wars Heat Up”, a Redfin agent study found that almost one in five offers (19.9%) waived the inspection contingency to make their offers more attractive. This study was done with agents in select major US markets. The previous year it was 13.2%. Although, I understand why some are doing this I do feel this is a major part of home buying not to skimp on.
Our local newspaper mentioned how single family home permits in Charlotte County were on the rise with 216 permits were issued for the month of July which is up over 189 from the same time period a year ago. The value of the permits were $58.5M which is a $9M jump over the previous two July’s. This also represents a 14.3% jump year to year which runs from October to September. 1,791 single family home permits have been issued representing a 22.7% increase over 2019 year to date, and we still have 2 months to go. Total permits account for $487.9M, more than 2019 with 2 months to go and Charlotte County has outpaced the rest of the state which had a 17.1% increase over 2019.
We have a good education system, good government and we offer a vibrant waterfront town with many medical options nearby and our crime is low. It is just a great place to live and why we love to call it home!
Closer to home in the smaller cities like Venice and Punta Gorda you are seeing the embrace of a community and a quiet enthusiasm that is translating into new developments and business. Once seen only as places to escape the cold weather up north, we are now seeing somewhat of an exodus from those looking to escape the high taxes and congestion for a better way of life.
H e said while it was important to make sure the airline remained on solid ground during this time, which led them to delaying the development of Sunseeker , the 18 month delay was seen as a conservative estimate and that they hope to resume the project prior to then . He said as a company they are cautiously optimistic, but optimistic nevertheless!
And most recently, Punta Gorda was named #2 in USA Today’s Readers Choice Awards for “Best Small Town Food Scene.” 
While most people would like to talk about themselves, Gary and Gail have always put their clients first, and their diverse backgrounds have provided their clients an unparalleled level of service and knowledge throughout the past years.