What Is A Home Valuation?

home valuation

Maybe it’s just time to move on, you’re itching for a change of scene. You’re looking at homes across the country, and wondering what kind of home you’ll be able to afford. It just might be time to consider scheduling a home valuation. Home Valuations are an incredibly important, and yet underutilized tool offered for free by many businesses. In short, home valuations are an estimate of the properties’ value. This value is used by many industries, and is not exclusive to real estate, but it can be a great way to get a ballpark idea of what you can expect to receive for your home, and where you should start setting your price.

When Are Home Valuations Used?

Home valuations are frequently used when looking to sell homes, but are also often used when financing homes, businesses, or anything else. Calculating insurance, Taxes, and much more!

What Factors Make Up A Home’s Value?

A Home’s value takes a lot more into consideration than simply the historical prices of a home. In general, the value is based upon 4 determining factors. These factors include:

  • Demand
  • Scarcity
  • Utility
  • And the ease of Transference

Each of these factors play a major role in determining the value of a home.

Demand

The most obvious determiner of value is the demand for a home. The higher the desire for homes of your size, and style, or in your region, the higher the value of your home. But on the other end of the spectrum, the lower the desire for homes of your size and style in your region, the lower the value of your home. For example, Ontario Canada as a whole is a very desirable place to live, The demand for homes there is very high and it drives home values through the roof. But the demand for homes is not consistent all across Ontario. The Toronto area while clearly having the greatest supply, has a demand that outstrips the rest of Ontario by a long shot, and home pricing reflects it with an average home price of about $805,000 according to Zoocasa.

Thunder Bay on the other hand is located miles away from Toronto and the job opportunities it brings, subsequently decreasing demand significantly for homes in the area. As a result, the average home price in Thunder Bay plummets down to an average of about $218,000. Everything from economic development, to neighborhood, home style, and size all play a role in the amount of demand there is for a home. Any good home valuation will look at several of these factors in determining current demand for your home.

Scarcity

Scarcity, or availability plays another huge role in determining a homes price. Scarcity in this instance does not specifically refer to the lack of supply, but is a double edged sword when used in home evaluations. The harder it is to find homes, the more they are worth, but the easier it is to find, the less each home is worth.

Utility

This factor is a much more fun and interesting factor than the relatively cut and dry scarcity factor. Utility is the property’s ability to meet the needs and wants of it’s future owners. This factor is not completely summed up in the present, but also extends far into the future. For example, A young couple booking for a home would find many 1 and 2 bedroom houses available at better prices than the 3 bedroom variety even when the square footage is relatively comparable. This is mainly due to the 3 bedroom’s future utility. The couple may really only need one bedroom at the time they are looking to purchase a house, but as their family expands, 2 and 3 bedroom houses are able to meet those expanding needs, unlike the 1 bedroom homes. The price of each home is adjusted by its ability to meet both current and future needs. The larger a home’s utility, the higher it’s value.

Ease Of Transference

Despite the scary name, this factor is another simple one. The value of a home increases or decreases depending on the ease with which it can have it’s deed transferred, or, the ease with which it can be sold. The more complicated, and the harder it is to get sole ownership rights, the less the home is worth.

Closing Remarks

Finally, it’s important to remember that while the terms are often used interchangeably, the value and the price of the home are not equal. In a perfect world, they are the same, but in reality, sometimes the purchase price can be more than the value of the home, and though possible, it is less than the value of a home much less often. An example of this is if you were to purchase a home for $200,000 in a good neighborhood, great yard, and decent space inside. You’d be pretty excited about it! But all of a sudden you pull down some of the sheetrock in an attempt to do a slight remodel, only to discover the house is infested with termites! All of a sudden what seemed like a decent purchase price has proven to far exceed the value of the home. 

5 Common Reasons Trademark Applications Get Rejected

There Is “Likelihood Of Confusion”

A mark being confusingly similar to an existing mark is easily the most common reason for USPTO rejection.

This doesn’t just apply to logos or color themes – if you wanted to sell computers and had your own unique name, logo, and color scheme, but wanted to sell them under the name “Appl”, your mark will be rejected.

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Starting a Business? Here’s Why You Need an Attorney

Business People

If you’re starting a business, you know there are a lot of things you are responsible for. A lot of problems can easily arise during your entrepreneurial efforts, and potential legal issues are not to be taken lightly. 

There are 3 main areas of law that you will need to become more familiar with if your business is to succeed.

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Trademark Registration, Protection, & Enforcement

What Are Trademarks?

Trademark Registration

Trademarks come in many forms, but their defining quality comes down to one simple thing: they represent and identify products, content, and/or services from a specific entity (specifically, an individual, business, or legal entity).

A trademark is a kind of intellectual property, thus there are many things that can be trademarked, including:

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Can I Go to Jail for Giving False Evidence?

black and white photo of evidence

Evidence is used in criminal and civil cases to help win your case or prove that the other person is guilty (depending upon what side of the law you are on). When false evidence is given or tampered with during a criminal trial, the consequences are severe. It doesn’t matter in what manner the evidence was fabricated in favor of the person presenting the false evidence, giving false evidence is an automatic felony. If you have been charged with giving false evidence, contact a Springfield criminal defense attorney immediately, your future depends on it. 

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Traffic Control Plans For Events In Sacramento

Block Party, Man Playing Bass

Traffic control plans are a large part of planning an event in Sacramento. Whether you’re planning a parade, farmers market, or block party, you’ll need to make the appropriate plans. Applying for an event permit is a huge part. Unfortunately it’s not as user friendly as we’d hope it would be. So we’ll give you the rundown of what to do to ensure you get that event off the ground without too much turbulence. 

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Unhealthy Relationship Signs That May Surprise You

upset man on chair -Springfield domestic assault

Like most things that are worthwhile, relationships take constant work. No matter how long you’ve been with someone, whether in a romantic or platonic relationship, things will never be perfect. Yes, there will most definitely be some highlight reels that you can look back on with fondness, but the perfect relationship doesn’t exist. What does exist, though, are healthy and loving relationships. And, with determination from both parties, many healthy relationships can stand the test of time. However, some relationships, either with family members, friends, or a romantic partner, can take a turn for the worse in some cases and may even lead to domestic assault in Springfield. Before this happens, we want to make sure that you are able to spot the signs of an unhealthy relationship before something terrible happens. 

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Bizzare DUI Arrests of 2019

man confused while driving - DUI Missouri

Most of the time, DUI arrests in Missouri are relatively uneventful. 

Officer pulls a person over under suspicion of intoxicated driving, assesses their state, and determines whether or not that person is or is not under the influence of drugs or alcohol. However, whenever you throw alcohol or drugs into the mix, things are bound to get weird. Here is the latest roundup of bizarre drunk driving tales from across the United States. Buckle up. You’re in for a wild ride.  

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What To Do When You’ve Been Pulled Over

Police Car Lights - DUI attorney Springfield

Like many things in life, we all drive a bit differently. For some of us, this can mean getting pulled over more than average, while others can go five to ten years without ever having an encounter with the police for breaking the rules of the road.

For those in the latter camp, getting pulled over can be incredibly stressful. It often happens when you least expect it. You’ve driven for so long without a police encounter that when those red and blue lights flash in your rearview mirror, combined with that ear-piercing siren, you might not know what to do at first.

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