March Madness is Here!
Whew…the first two months of the year have flown by and now we are embarking on another incredibly busy month with St. Patrick’s Day, Spring Break, and Easter all rolled up into one. That coupled with the unpredictable weather that typically occurs in the early Spring can make
for a roller coaster with plans and chores both indoors and outdoors. This year as you begin to work around your house and spruce things up for the Spring, Summer, and Fall months ahead, I would like to encourage each of you to take a serious look at the value of your property. Why?
We all know that the cost of real estate has escalated throughout the country and Mesa County is no exception. There are many reasons for it and one big reason is the building costs for materials and manpower, not to mention other requirements from the City and County municipalities. Please ask yourself this question, “If something major happened to my home, would I be adequately insured to rebuild or repair the property?”. A home is the largest investment that most people will make in their lifetime. It is estimated that nearly two out of three homes in America are underinsured. The average underinsurance amount is about 22%,
though some homes are underinsured by 60% or more, according to Nationwide Mutual Insurance Company.
In the past 10 years, the value of property in this area has steadily increased. If you have not taken a look at the true value of your property in the very recent past, then you need a current valuation on your property. I am not talking about a quick look at Zillow, I am talking about a properly prepared and researched valuation that can be a much more accurate assessment of your home’s replacement cost. Once you have that information you can make a call to your homeowners insurance carrier and have the conversation to make certain that you have the proper coverage that you need for your property.
There is another reason to have a current valuation prepared for your property. If you have a conventional mortgage loan and are currently paying Private Mortgage Insurance (PMI), your property’s value may have reached the 20% loan-to-value percentage that could enable you to have that additional monthly fee removed from your mortgage payment. That could amount to hundreds of dollars in savings each year. There are many reasons to have an accurate valuation provided for your property. Remember this is probably the largest investment that you will make in your lifetime. Take the time to protect your investment and also
to know the true value of your property.
The Shafer Team is committed to assisting our clients and we will offer all of our clients in the Western Colorado area the opportunity to have a complimentary Home Valuation of your property at absolutely NO COST to you. We use the same process that appraisers utilize to provide our Professional Property Valuations for our clients. Please feel free to reach out to one of our licensed real estate agents to schedule your home valuation today. The Shafer Team is proud to be your professional real estate partner.
Cheers!
-The Shafer Team
We Are Western Colorado Real Estate
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