Tag Archives: Sellers Market

A Home Appraisal Gives You Reliability & Verifiability on Value

A Professional Appraisal: Your Assurance of Reliability & Verifiability on Value of Your Property

Professional real estate fee appraisers are educated in many aspects of property valuation and real estate markets and one of the main focuses of the appraisal profession is reliability and verifiability. Essentially the data and information which an appraiser uses must be reliable and verifiable. The most common source of data and information which residential real estate appraisers use is the Multiple Listing Service (MLS). The MLS is used because the data and information is on an open market system, open for all interested parties to see and use. The Realtors who provide the MLS data and information are legally responsible to the users of that data and information, and are expected to originate or confirm the data and information to the best of their professional abilities. Some data and information is a matter of opinion and may be open to interpretation, however, for the most part MLS data and information may be relied upon faithfully by an appraiser. Another source of data and information is the own appraiser’s files on comparable properties. This data and information is prized by the appraiser, for he/she has personally verified the details at some past point in time. There is the possibility that a comparable property on file may have had renovations, upgrading, or may have even suffered damage from fire or flood, hence there is the possibility that the details may not be totally reliable.

Assessment records, Land Titles Office records, For-Sale-By-Owners, project developers, house builders, and exclusive listings are some other sources of data and information that can be utilized for comparable sales, however the details on these types of sales are often not complete and may require further verification by the appraiser when utilizing them in an appraisal report. Instances where the subject property has unique features, an isolated location, and/or where there are a limited number of MLS sales, these sources are often very helpful. The professional appraiser makes note of these situations in his/her appraisal report so that the appraisal report reader is fully informed and can adjust his/her expectations of the report.

 

An Introduction to Residential Appraisals

 

The Professional Appraisal

The intent of the following articles is to focus on the mechanics of establishing an accurate value and price on an individual residential property. We will look at the roles that a professional appraisal, a free market evaluation from a Realtor, and our own observations play in the process of getting the best price for the individual residential property. Briefly we will look at the following topics:

Historic Vs Future Value:
Reliability & Verifability:
Credibility:
Independent & Objective Opinion:
Expertise in Researching Market
Selling & Marketing Aid
Cost Vs Investment
 

Selling Tips To Increase Value of Your Property

Selling Tips for Selling Your Home

These are tips that won’t cost a lot but, can make a big difference on the appearance of your home. It is amazing how just a little attention to the details will add that special appeal that the buyer is looking for!
When selling your home, one thing you can do is to have your home inspected by a professional home inspector.
This way it allows you to see your home through the eyes of a critical third party. It permits you to make repairs ahead of time so those defects won’t become negotiating stumbling blocks later.
You have the time to get reasonably priced contractors or make the repairs yourself, if you are qualified. It may alert you of items of immediate personal concern, such as carpenter ants or active termite infestation.

Always make sure that when you are selling your house is make cleaning up the outside a priority.

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 money 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 fiberglass 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.

Eliminate the source of any bad smells, such as the kitty litter 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 $10,000’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.

Bathroom Remodeling Ideas to Add Value to Your Property

Bathroom Remodeling Ideas to Add Value to Your Property

When we often think of home improvement projects, such as a bathroom-remodeling project, we tend to think of what that project can do for us, personally. While you can easily benefit, a number of different ways, from having your bathroom remodeled. Did you also know that your home could benefit as well? The truth is that your home, itself, can benefit from a bathroom-remodeling project, often in more ways than one.

Before you can begin to understand the benefits that your home may reap from a bathroom-remodeling project, it is a good idea to focus on what a bathroom-remodeling project is. Depending on whom you talk to, you may get different definitions of a home improvement project. Although there are some who say that a bathroom remodeling project can only be considered remodeling if all of it is changed, there are others who claim that simply replacing your bathtub is enough to constitute a bathroom remodeling project. Whatever your bathroom remodeling plans are, whether they only involve replacing your bathtub or changing around your whole bathroom, your home can still benefit from the changes made.

Perhaps, the greatest bathroom remodeling benefit that your home will see will be an increase in value. The majority of homes that undergo a bathroom-remodeling project end up seeing an increase in value. This is because almost all bathroom-remodeling projects result in something better. Even though a small bathroom-remodeling project may result in an increase in value, the larger projects are often ones that produce the biggest differences in value. Despite the fact that most homes do see an increase in value, after a bathroom remodeling project has been completed, it is important to note that not all homes to. If your bathroom-remodeling project was poorly done or never got completed, you may actually find that your home’s overall value decreases. That is why it is important that all projects not only get finished, but that they get finished right.

Aside from an increase in value, a bathroom-remodeling project may help to improve the appearance of your home. As previously mentioned, most bathroom remodeling projects are done to improve a bathroom, in other words, make it better than it was before. Whether your home just didn’t look attractive or if your bathroom needed repairs to make it safe again, your bathroom could greatly benefit from a new facelift. In fact, you may find that your bathroom not only looks better, but so does the rest of your home.

Although it is nice to know what a bathroom-remodeling project can do for your home, you may also be wondering what it can do for you. As stated above, homeowners often end up benefiting, in a number of different ways, from a bathroom-remodeling project. Many of these benefits are, in a way, related the appearance of your home or bathroom. Since bathroom-remodeling projects almost always result in something better, you, as a homeowner, may feel proud of your new bathroom. In fact, you may feel as if you got a whole new bathroom. Since there is a good chance that you will be pleased with the changes, you may find yourself more willing to invite your friends or family to come into your home; thus resulting in a whole other set of benefits.

As you can easily see, there are an unlimited number of benefits to having your bathroom remodeled; benefits that may not only apply to you, but to your home as well. If would like to reap many of the above-mentioned benefits, you are advised to get started today. The sooner you start your bathroom-remodeling project, the sooner you can be pleased with the end result.

 

Tips for Selling Homes

Selling homes can bring lots of fun and excitement but it also takes hard work.

It requires fixing and all those small problems that you have not bothered to look into for many years. You also need to decide if you are going to sell it all by yourself or contact a professional real estate broker. The transaction will take time, depending on the local real estate market.

Some mental and emotional preparation is needed too. Are you looking forward to moving up to a new dream house or facing the uncertainty of a major move across the country? This will make you feel so hard leaving the memories behind or keen to start a new life without the home you have lived in.

The turbulent feelings that you will be facing should be replaced by plenty of practical matters that need more attention.

There are many questions that will be considered in deciding if your home will caught up in the selling market. A for sale home should be visually appealing and in good condition that will attract potential buyers driving down the street.

It should be attractive to an outsider’s eyes. This checklist will help you decide if it passes the standard of an outsider’s eyes.

• Are the lawn and shrubs well maintained?

• Are there cracks in the foundation or walkways?

• Does the driveway need resurfacing?

• Are the gutter, chimney (if the for sale home has it) and walls in good condition?

• Do the window casing, shutters, siding or doors need painting?

• Are garbage and debris stored out of sight?

• Are lawn mowers and hoses properly stored?

It is important to clean the mess inside, this will affect the transaction. Buyers prefer clean and comfortable home. It is better to touch up the interior part of your home. Like put a fresh coat of paint in the most used areas. This will clean as well as brighten up the rooms.

Wash the walls where paints are not appropriate (for example wallpaper, paneling and tiles). Wash all floor and bathrooms tiles. Clean or better yet shampoo dirty carpets. Get rid of clutter. Clean out all closets, basement and attic. Use self-storage if necessary. Replacing air filters and put some fresh plants that will help keep the dust down.

It is common that sellers want to get top dollar for their home, but consider that it will scare off potential buyers. This may also cause the property to languish on the market for many months. And reducing price later may lead buyers to wonder if there is something wrong with the home. Here are some factors to consider in putting in the right price for your home:

• The location

• Economic conditions

• Supply and demand in the local housing market

• Seasonal influences

• Local schools

• Average home prices in the neighborhood

• Home’s extras (like pool, fireplace, central air etc)

In determining the value of the home, you probably will want the advice of an estate agent or appraiser. Agents can prepare a market analysis for you, showing the recent selling prices of three neighborhood properties comparable to your own. They can also help you adjust for the unique features of the home you’re selling.

If the seller has less of information around home selling market, it’s better to contact a realtor. In finding realtor, find someone that you feel comfortable with.

First ask your friends and acquaintances for any recommendations, still the final decision and choice should be based on your needs. Realtor should show you research to support any recommendations, this includes information about recent sales, current listings and recent expired listing in your neighborhood.

The realtor should be more knowledgeable in the area that the home located. And will get better co- operation from other agents. You should ask references from the realtor, he or she should be willing to give you names of previous clients. Look for a realtor who can tells you what he or she knows from experience in the market, and not what they think you want to hear.

These home selling tips can help seller stop headaches about selling his or her home. All these can be a source of problem and sellers should be serious about it. Do not make yourself regret everything for not doing the right thing.