Allisen Appraisal Consultants

Homes On The Block – Selling Advice* To Get Your Best Price!

Author: Brooks Allisen

 A: The Professional Appraisal:

 4. Independent & Objective Opinion :

Clients hire professional appraisers for their independent & objective opinions, not to rubber-stamp pre-determined sales prices, lending values, assessment values, cost estimates by builders, reconstruction cost for damaged properties, or market values for third party uses such as the income tax department or financial projections. As mentioned in the previous section, a professional appraiser treasures his/her credibility and likewise his/her right to have an independent and objective opinion regarding the value of the particular property that he/she is appraising. This opinion may or may not confirm another party’s estimate of value, such as: a sales price, a lender’s indicated loan value, an assessment value, a cost estimate by a builder, or a price on a private or MLS listing. Where another person’s estimate of value accurately reflects current market value, the two should be in alignment.

Homes On The Block – Selling Advice* To Get Your Best Price!

Author: Brooks Allisen

 A: The Professional Appraisal:

The type of appraisal we are talking about here is the one which is completed by a certified, designated, and/or licensed real estate fee appraiser. There are three Approaches to Value available to the appraiser. The Market Approach to Value considers recent comparable sales in the subject area. The appraiser utilizes dollar or percentage adjustments to the selling prices of these comparable sales to reflect the differences between the comparables and the subject property and arrives at an Indicated Market Value of the subject property. The appraiser may also include the Cost Approach to Value where appropriate, incorporating current building costs and depreciation for age, condition, location, deferred maintenance, and obsolescence, etc. to arrive at an Indicated Cost Value. The Cost Approach is not typically used by purchasers or sellers in the market place. Further, there is little or no evidence to support the rates of depreciation used in this approach. If the subject property is rented, the third approach, called the Income Approach to Value, may be included. The Income Approach basically takes the net income of the subject property and capitalizes that income using various methods to arrive at an Indicated Income Value of the subject property. The appropriate Approaches of Value are considered and reconciled within the residential appraisal report to arrive at a final Estimate of Value. It should be noted that the Market Approach to Value is generally the most prevalent indicator of value for most owner-occupied single family residences, since this is most reflective of the process most purchasers go through in their quest for a new home.

March 1, 2010

VIREB reports active market continues

NANAIMO, BC – Single family unit sales last month were up 47% from February 2009 and up 28% from the previous month on a Board wide basis. The average sale price meanwhile is 11% above February 2009 according to Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for February 2010. There were 289 single family unit sales across the VIREB region in February 2010.

VIREB President Cliff Moberg said, “We continue to remain busy, and are slowly starting to see our inventory levels recede. I am very happy with the direction the market is heading.”

Jim Stewart, VIREB’s President Elect said that, “The market is much stronger than a year ago, homes priced well are selling in a reasonable length of time. I am cautiously optimistic moving forward.”

The average sale price across the VIREB region for February 2010 was $$342,047 up 11% from the $307,919 posted in February 2009, but very close to the January 2010 average price of $339,327.

For the period comparing data from the end of February 2009 to the end of February 2010, average sale prices in VIREB’s six zones saw: Campbell River increase 7% (to $282,235), the Comox Valley decreased 4% (to $341,003), the Cowichan Valley was up 14% (to $359,169), Nanaimo also increased 14% (to $370,747), Parksville/Qualicum was up 12% (to $388,339), and Port Alberni slipped 2% (to $194,040).

There were 11% more single family residential properties put on the market in February 2010 compared to 12 months earlier, but overall there are 14% fewer homes for sale now than a year ago.

Consumers should check with their local REALTORS® for specific neighbourhood price information.

VIREB represents approximately 1,070 licensed REALTOR® members in more than 84 member offices on Vancouver Island (north of Victoria).

VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

NANAIMO, BC – Single family unit sales last month were up 97% from January 2009 but down 24% from the prior month over a Board wide basis. The average sale price meanwhile is 6% above January 2009 according to Multiple Listing Service® (MLS®) sales summary information released through the Vancouver Island Real Estate Board (VIREB) for January 2010. There had been 225 single family unit sales throughout the VIREB area in January 2010.

VIREB President Cliff Moberg stated, “We are seeing continued optimism from buyers, as we move into 2010. There’s activity in all categories of the market”.

Jim Stewart, VIREB’s President Elect mentioned that, “We are seeing inventory levels starting to rise. It’s most likely a great time for sellers to place their house on the market if they’re thinking about selling this year.

“We need to keep in mind that a year ago the world was in economic turmoil and real estate has helped lead in our recovery. Our market is strong on Vancouver Island and real estate is still a solid, reasonably priced investment here, “says Stewart.

The average sale price throughout the VIREB area for January 2010 was $339,327 up 6% from the $321,425 posted in January 2009, but very close to the December 2009 average price of $341,974.

For that period comparing data with the end of January 2009 towards the end of January 2010, average sale prices in VIREB’s six zones saw: Campbell River increase 9% (to $288,541), the Comox Valley improved 6% (to $323,860), the Cowichan Valley was also up 6% (to $379,489), Nanaimo increased 4% (to $363,093), Parksville/Qualicum was lower 8% (to $346,207), and Port Alberni jumped 18% (to $253,575).

There had been 15% extra single family residential properties placed on the market in January 2010 in comparison to 12 months previously, but overall there are 28% additional homes for sale now than a year ago.

Buyers ought to check with their neighborhood REALTORS® for particular neighbourhood price details.

Why You Should Make the Decision to Remodel Your Bathroom

Each year, thousands, if not millions, of homeowners make the decision to remodel their bathrooms. Are you looking to become one of those individuals? A large number of homeowners are, but despite wanting to remodel their bathrooms, many do not end up doing so. One of the reasons for that is because of uncertainty. You and other homeowners just like yourself often wonder whether or not they could benefit from having their bathrooms remodeled. Of course, the final decision is yours to make, but you will find that you can benefit a number of different ways from having your bathroom remodeled.

One of the many benefits of bathroom remodeling is the possibility of an increased home value. This bathroom remodeling benefit is one that is important, but it is also one that tends to go unnoticed. A large number of homeowners do not realize that by remodeling their bathrooms, the value of their homes could increase. Although most bathroom remodeling projects do result in an increased home value, not all do. The increase in value, if there is any at all, will depend on the type of bathroom remodeling that is done, as well as the quality of the remodeling. That is why it may be a good idea to have a professional remodel your bathroom for you.

Another one of the many reasons why you should make the decision to remodel your bathroom is because what a bathroom remodeling project can do for you. If you are even thinking about having your bathroom remodeled, there is a good chance that you are unhappy with the current state of your bathroom. Since the bathroom is often considered one of the most used rooms in a home, you will likely be spending a fairly large amount of time in there. When you are in your bathroom, it is important that you feel pride, not disgust. That is why if you are unhappy with the way that your bathroom looks or the way that it makes you feel, you may want to think about starting a bathroom remodeling project soon.

In addition to how a bathroom-remodeling project will make you feel, it is also important to examine what it can do for your home. Aside from increasing the value of your home, a bathroom-remodeling project will likely increase the appearance of your home. This appearance will not only be noticed by you, but your guests may also notice it. An attractive home or at least an attractive bathroom may help to make your home feel more welcoming and inviting. In fact, once you have your bathroom remodeled, there is a good chance that you may be more willing to invite your friends or relatives into your home, whether it is for a party or just a small social call.

As you can see, there are a number of different reasons why you should want to remodel your bathroom, or at least think about doing so. What is even more amazing is that the above mentioned reasons are just a few of the reasons why a bathroom remodeling project may be just what you need. In fact, there are not only a large number of reasons why you should remodel your bathroom, but there are also a large number of benefits too. That is why it is, at least, advised that you sit down and think about remodeling your bathroom. After a close examination, there is a good chance that you would like to get started right away.

Where to find the best landscaping idea picture

There is nothing that is more useful to someone trying to create a new look and feel in their yard than a good landscaping idea picture. With a landscaping idea picture you will not only get inspired you will learn so much. Yes, I said learn, you can learn a lot by looking at a landscaping idea picture. You can learn what looks fabulous and you can learn what does not look so hot. All that from a little tiny landscaping idea picture. Don’t you think that it is time that you go out and got yourself one?

Where can you find a landscaping idea picture you ask? You can get a wonderful landscaping idea picture from many different places. Your best bet is to get as many as you can and take notes about which ideas you liked and which you really didn’t like. This way when it comes time to start work you will know exactly what you want. You can even show your landscaper the landscaping idea pictures so that he or she can see exactly what you are talking about. This kind of communication is very important because the landscaping contractor may not know what you are talking about otherwise. This way he will see it for himself.

You can get a great landscaping idea picture from the library. In fact you can get hundreds of them there. Visit your library and find the Landscaping and Gardening section, if you are having trouble then ask the librarian, they are there to help you. Explain that you are after a landscaping idea picture or two and you need help. They might even have some books of that kind in a different section as well, who knows?

You can then photocopy any landscaping idea picture that you think may be of help to you. Bring a folder with you so that the landscaping idea picture will be protected and then go home and start making the things that you like in each landscaping idea picture and the things that you hate. If you do not want to write right on the landscaping idea picture then write on the back. This is good because if you were to write about the landscaping idea picture on a different page you could get things confused, this is easy to do if you are dealing with all kinds of landscaping idea pictures.

Always make sure that when you are selling your house that you clean up the outside more than the inside.

Curb appeal is the first impression of your house. Keeping the grass cut and the area tidy will help make a great first impression. Paint or wash the exterior of the house including window casings, shutters, and doors. Wash the windows inside and out. Check the gutters and chimney.

Also make sure to touch up the interior of your house before selling, Put a fresh coat of paint in the most used areas of the home. This will clean as well as brighten up the rooms. Wash all floors and bathroom tiles.

Get rid of clutter. Clean out your closets, garage, basement, and attic. Use self-storage if necessary. Replacing air filters will help keep the dust down.

Remember that you do not need to spend money to improve to sell unless the house is in such poor condition that it cannot be sold without improvements. Your investment in extra improvements or upgrading to the property should add to the final selling price and/or make it sell quicker than if it did not have these extra improvements or upgrades.

For example: the house needs a new roof to keep out the rain, or a modern bath with a shower. It is usually a waste of monery to install a new roof if the existing roof has more than 50% of its useful life remaining. The exception is if the style of the roof covering does not suit the style of the house, such as having an existing red inter-locking asphalt shingle roof in an area where all the roofs have been upgraded to modern hi-profile fibreglass shingle roofs.

Improvements might make sense if you can do the work yourself. If you can add or upgrade kitchen cabinets for $500 rather than $1,000, you can still expect the $990 increase in the value of the home.

On the other hand, shoddy work on those kitchen cabinets can reduce the value of your home.

Many home owners have the same question regarding selling their home -  How do I prepare my house to sell?

First and foremost, put it in the best condition possible, especially if you are in a market with few buyers and lots of homes for sale.

That means taking care of any major repairs that could deter a buyer, such as replacing any broken windows or replacing a leaky roof.

Next, work on your home’s curb appeal. Make sure your landscape is pristine. Mow the grass, clean up any debris and weed the garden beds. Plant a few annual flowers near the entrance or in pots to be placed by the door.

Other quick fixes that don’t cost a lot of money but can help you get top dollar for your home include the following.

Eliminate the source of any bad smells, such as the kitty box. Use air freshener or bake a batch of cookies before your open house to ensure that the house smells inviting.

Invest in a couple of vases of fresh flowers to place around the house and next to any information about the house you have prepared for buyers.

Also make sure that when you are selling you home that you offer an adjustable sales plan. Come up with a sales strategy but make sure that it is flexible and can come into terms with almost all kinds of buyers.

Try to determine what will your initial asking price will be and how long will you be insisting on it before making an adjustment.

If you are unsure of what the real estate market is for your house, it might be a wise investment to have a professional appraisal done. It could prevent you from over-pricing or under-pricing your home in today’s market. A well-priced house sells quicker and for more money than an over-priced house. An under-priced house means that you might be losing $1,000’s of dollars that could have been yours, had you priced your house correctly.

You should also plan, before selling your home, what is the lowest price you are able to accept.

Just follow these rules and surely you will be able to succeed in selling your house.

Vancouver Island house sales bucked the trend by staying relatively buoyant in December, a month when buyers usually take a holiday.