Real Estate Appraisals Have Many Purposes

Those not familiar with the real estate business often confuse appraisals, home inspections, and comparative market analysis (CMA). Each is distinctively different. The home inspection gives you a top to bottom report of the condition of the home but does not assign a dollar value to it. The CMA comes close to being an appraisal but tends to be on the high side of the market value. However, the appraisal must conform with the Uniform Standards of Professional Appraisal Practice (USPAP).

Appraisals are most often ordered by mortgage companies and paid for by the buyer. However, an estate might order an appraisal if heirs can’t come to agreement on the value of the home. Appraisals are used for the same reason in contested divorces. Another reason an appraisal might be ordered is when a homeowner wants to show a lender they have at least 20% equity in the home so that they can end private mortgage insurance payments. Not as frequently but some times, a seller will order an appraisal when listing a home for sale to demonstrate clear market value to potential buyers.

How You Can Improve an Appraisal

The appraiser needs to view the entire home. As the homeowner, you need to begin by picking up any clutter and making sure the appraiser can get to things like furnaces and water heaters. It’s also helpful if you make available any records on the latest purchase of the property in the last three years. A list of any personal property that will be left behind and sold with the home, such as an oven, or a washer and dryer, if applicable. Any paperwork, such as a title policy with information on encroachments or easements is also useful. Also, if you’ve had a home inspection done, the results will also be used by the appraiser to help determine the value of the home.

Adding amenities or additions to a home is very dependent on the local market. Adding central air conditioning to a home in the south increases value much more than adding air conditioning to a home in the Pacific Northwest. Nationally, remodeling a kitchen adds the most value and remodeling a bathroom adds the second most value. However, you seldom recoup your full remodeling costs. On average, remodeling a kitchen recovers 88% of the cost and the bathroom recovers 85%. A good strategy is to remodel a couple of years before you sell so that you have time to enjoy the improvements before selling.

Although, in most real estate transactions the buyer ultimately ends up paying for the appraisal, it’s the lender that orders it and is the official owner of it. The buyer obtains a copy of it at or before closing but without the lender’s permission, the buyer cannot use the report for any purpose other than for the lender to ascertain the true market value of the home. Under different circumstances, the appraiser may note that the appraisal is intended for other purposes such as to remove private mortgage insurance or to support a tax dispute but again the appraisal will be limited to that purpose in most situations.

About the author: Brian Kline has been investing in real estate for more than 30 years and writing about real estate investing for seven years. He also draws upon 25 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest in the Olympic Mountains with the Pacific Ocean a couple of miles in the opposite direction.

Savvy and Co.

The first thing you see when you arrive on Savvy and Co.’s website is a live chat box and a welcome from someone named Paulina.

Now, depending upon how open you are to immediately dive off into asking for help, this may or may not be off-putting. Even so, you have to give credit to Savvy and Co. for taking advantage of the opportunity to engage visitors right away.

Setting aside the fact that there are a couple of immediately noticeable grammar errors on their rotating banner, Savvy and Co. has done a good job of designing an in-depth website that hits all of the highs. They offer information about relocating to Charlotte, provide insider information on local neighborhoods, and even provide an interactive map that allows visitors to explore Charlotte according to those neighborhoods.

Savvy and Co. has also clearly done their homework and invested in social media. From their website, you can follow them on Pinterest and Instagram. Their website even proclaims, “We’re a Tech-Savvy group and we love what we do. Check us out on the other parts of the web.” Twitter, Facebook, YouTube, LinkedIn, Google+, Instagram, and Pinterest—they have all of their digital bases covered. Savvy and Co. also has an e-newsletter and a RSS.

RE/Max Leading Edge

The biggest advantage that this realtor has going for it is the fact that it is associated with a big name company. Still, that appears to be enough to get them on the top page of search engine results for Google.

Due to the fact that this is a franchised real estate agency, the website is similar to what you will see with other RE/Max sites. They place featured listings front and center. Re/Max does offer a blog, but you would need to scroll down to the end of the website to even know that it is available.

They also participate in a range of social media platforms, including Facebook, Twitter, Google+, YouTube, Pinterest, and LinkedIn. Once again, visitors will only know that they can engage the site on various social media networks if they scroll to the end of the site.

Coldwell Banker Classic

Coldwell Banker Classic also has the advantage of a big name. This firm participates in a range of social media platforms and places opportunities to engage on those networks front and center. Among those social media platforms include Facebook, Google+, YouTube, Twitter, and Pinterest. Additionally, they have a blog, which they also promote.

One of the best elements that sets this real estate agency apart from others is the fact that they provide a general overview of Charlotte directly on the first page of their website. Visitors can also take advantage of a wealth of other information while planning a move to Charlotte, including demographics and information about schools in Charlotte.

Dickens Mitchener Residential Real Estate

Dickens Mitchener has been in business for more than 20 years. Intimate knowledge of the local market shows from the first page of this agency’s website. In fact, the sheer volume of information available on this information shows that this agency has spent some time ensuring that every area is covered.

Whether you are a buyer, seller, or just a window shopper, you will find what you are looking for here. A monthly snapshot on the first page gives buyers and sellers a solid idea of what to expect from the current market. Information is also provided about neighborhoods in Charlotte. Along with providing information about listings, this real estate agency also provides video walkthroughs, an innovative touch that can help to save buyers a lot of time.

Like other local real estate agencies, Dickens Mitchener has tapped into social media and is active on Facebook, Twitter, Instagram, YouTube, LinkedIn, Pinterest, and Google+. They also offer a blog for keeping clients updated. If there is any surprise regarding this agency, it is that they are not listed higher on the search engine results.

Henderson Properties

Henderson Properties is rather unique in that they seem to be a jack-of-all trades. Along with offering real estate sales, this firm also provides Property Management and HOA Management.

The firm has been in business since 1990. While other real estate agencies in the Charlotte area offer a sleek website, Henderson Properties’ website is much more down-to-earth. This could serve to make it easier for consumers who may not yet be ready to buy a home and who are instead looking to take advantage of the firm’s rental property services. Henderson Properties is active on social media, including Instagram, Google+, Facebook, Twitter, LinkedIn, Pinterest, and YouTube. They also have a blog.

They meet one fateful night on Beale Street and despite the objections of both bigoted families, they embark on a dangerous affair. Along with the bigotry of the 1950’s, their love is confronted by the challenges of both of their aspiring careers. The love affair persists despite the pressures of an unaccepting world and personal career ambitions.

Loosely based on the story of the first white DJ to play black music, Dewey Phillips, it plays out against the turbulent backdrop of the divided cultural of the time. What would eventually transition into the Civil Rights Movement, the musical “Memphis”, explores where it all began with the introduction of Black music onto white mainstream radio. Placed in the city that is home to the National Civil Rights Museum, this is the perfect backdrop to highlight the coming-to-grips of two cultures that struggled for centuries to get along despite being economically and socially bound to each other.

At the black underground bar named Delray’s, the white clerk from a Memphis music store discovers the music that will influence the rest of his life and music career. After losing his job for playing black music in the store, he goes on to become the top DJ in the region. Some credit Dewey Phillips (DJ Huey Calhoun in the musical) as being among the first to begin breaking down racial and social barriers and paving the way for the musical revolution to come.

Playing on Broadway from 2009 until August of 2012 and 55 other U.S. cities, Memphis the musical won four Tony awards in 2010 including Best Musical. Starring Beverly Knight and Killian Donnelly, the musical Memphis is now playing in London. The Guardian calls Killian Donnelly a “Revelation”, the Evening Standard says Beverly Knight is “Sensational”, and the Daily Telegraph calls the entire play “Roof Raising”. In reference to the great musical “West Side Story” and the western hemisphere civil rights movement, the Daily Telegraph warns that “CHANGE IS A’COMING TO THE WEST END”.

Although it deals with the serious and heavy subjects of race, civil rights, bigotry, and the beginning of a blending of cultures, the musical is much more about high-octane entertainment than the Cultural Revolution that was to follow where the story leaves off.

Author bio: Brian Kline has been investing in real estate for more than 30 years and writing about real estate investing for seven years. He also draws upon 25 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest in the Olympic Mountains with the Pacific Ocean a couple of miles in the opposite direction.

Wow! – 2013 just passed by in a flash! Who would’ve thought this year would bring so much movement in the real estate market? With New Year just around the corner, all eyes are on the rising real estate market situation. Northern Colorado has continuously enjoyed a steady increase in overall sales price of both commercial and residential property with Fort Collins remaining as one of the most sought-after areas for buyers from all across the country.

Let’s round up on some of the statistics for Northern Colorado Fort Collins region, and see what the past twelve months have brought about for real estate:

• According to the Associated Press, the average rate on a 30-year fixed mortgage is 4.57%.
• Since late spring, interest rates have increased as much as 1% compared to levels earlier in 2013.
• In Fort Collins, the average days of any house to remain available in the market dropped by 20% – from 105 to 84
• More buyers are aggressively seeking homes that results in higher home prices.
• According to the Fort Collins Board of Realtors October 2013 report, the median sales price for single family homes has increased by 4.1% and currently resides at $255,000.

© steve estvanik – Fotolia.com

Predictions for the coming year…

Real estate pundits are predicting many things for the coming year. Read on to find out what is in store for Fort Collins real estate market for the year 2014:

1. The demand for homes will continue to rise in Fort Collins. As a result, there will be lack of available building lots and houses which will further increase the home prices.
2. Real estate experts forecast the residential building market to become expensive with the “drive till you qualify” mentality that will favor sellers more than the buyers.
3.  Median home sale prices are expected to rise to $308,000 with the size of houses to decrease and overall increase in price per foot.
4. The prices will continue to increase as currently only 7% of new homes in the market that are being sold for less than $199,000. The trend will prevail in 2014 with increased long-term interest rates, water rates and cost of materials.
5. Decreasing purchasing power can possibly bring the market to a slower pace. Buyers will eventually be unable to keep up with the price hike that will be further aggravated with sluggish job and income growth, government shutdown and developers’ access to credit.
6. In 2014, it is estimated to cost about $75,000 to develop one home lot.  With lot costs accounting for about 20% of home costs, it makes it unlikely that new homes will cost any less $300,000.
7. Most of all, Fort Collins is expected to saturate with a decreasing supply of lots in the area. This will cause buyers to gravitate east to Johnstown, Windsor and Greeley. So sellers from these areas should watch out as the house prices will eventually increase and benefit them.

Conclusion:

Although the holiday season usually causes a damper in home sales, however, this should not be the reason to stop you from exploring the available options in the market. In fact, if you are serious about purchasing a house, then don’t wait for the next year and make a move now. With our predictions lined up to come true by the coming year, you probably want to find viable house deals that are kind on your pocket. The real estate market is sizzling with houses selling fast which makes it all the more reason to act in a timely manner than regret sitting out for too long.

Author Bio:

As real estate market strives to regain its lost glory, Alfie E. Ethan looks ahead to predict what’s in store for the year 2014. A Research Analyst by profession, the author provides testimonials and statistics laid out by various real estate experts regarding what lies ahead for homes for sale in Fort Collins Colorado. This article is a collection of various trends and predictions for the Fort Collins real estate market in the coming year.

Of course every situation is different when it comes to a vacation rental, but if you’re like many around the country who have invested in a fabulous beachside condo in South Florida or a cozy getaway cabin high above sea-level in the beautiful mountains of Tennessee, these properties act solely as an income-generator with an occasional visit here or there when it’s time for you to take a much-needed break from the real world.

But in between those long-awaited visits to wherever you’ve decided to call your home-away-from home, chances are you—like everyone else—have a day-to-day grind that often gets busy, chaotic, stressful, or simply all the above. Finding time to answer all those phone calls or e-mails from work, school, your family, or your friends is challenging enough, much-less adding in the strain and anxiety of having to take on a laundry list of questions from interested parties who may or may not be interested in renting your place out for a weekend or two.

If this remotely sounds like a situation you’re in, or you just don’t enjoy the hassle of managing the booking end for all your vacation rentals, you may be interested in a brand new service that recently launched which directly deals with handling the questions, comments and concerns of people browsing those websites in which your vacation homes and condos are listed.

Having just launched back in October, Owner Booking Pro is an exclusive and affordable property listing management service that directly works with vacation rental property owners who are looking for streamlined listing management, more rental exposure, or just the peace of mind knowing a team of professionals is handling all those dreaded phone calls and e-mails about your particular listing(s). So for information about Owner Booking Pro or to learn how you can put an end to the one part about owning a vacation home that isn’t so fun, visit their website here or follow them on Facebook today. Monthly memberships start at just $99 per month or take advantage of an annual membership for just $999.00 due up front!

People in Memphis are genuinely friendly towards those that have lived there all of their lives as well as newcomers. The people you will meet and friends you will make in Memphis are some of the most genuine people that will ever touch your life.

© Pontus Edenberg – Fotolia.com

Memphis Weather

Memphis has four distinct seasons during the year but is dominantly a humid subtropical climate. Winter weather brings dramatic temperature swings because weather patterns alternate between the Great Plains and the Gulf of Mexico.

The average July temperature is 82.7 °F, accompanied by afternoon and evening thunderstorms. Early autumn is pleasantly dry and mild, but it often remains hot until late October. Winters are mild to chilly compared to northern climates. The January daily average temperature is 41.2 °F.

Life In the City

The music roots run deep in Memphis. It’s known as the birthplace of both Elvis Presley and American Rock-n-Roll. But that is only a small element of daily life in the city. The city has a strong economy where entrepreneurs are welcome. It provides many employment opportunities and a relatively low cost of living.

The average household income in Memphis is just over $32,000 a year. People looking to buy a home in Memphis will be pleased with the many options the city presents. Everything from a large house with a plush yard in the suburbs to a condominium in the heart of the city.

Downtown is a good mix of art galleries, retail shops, coffee shops, and restaurants. Downtown is a great place to live for those seeking the ultimate urban lifestyle. Younger locals typically prefer to be in the middle of all the action, enjoying first-class dining, entertainment, and a jumping nightlife all within their reach.

More Than Beale Street

Downtown is divided into several different neighborhoods. The Pinch District is made up of an eclectic mix of bars and bistros, and is a popular destination after a performance of the city’s symphony orchestra or one of the sports events. Midtown Memphis includes the original residential neighborhoods in the city.

Cordova is a great suburb on the eastern side of the city. It has a successful economy and is family friendly. It’s a diverse mixture of shopping centers, big-box retailers, restaurants, office space, businesses, and churches. The Wolfchase Galleria is an anchor for the community. While it feels big city, it also borders Shelby Farm Park, the largest inter-city park in the nation. It also offers an inner city luxury with the Wolf River flowing through it and Patriot Lake.

There are many astonishing neighborhoods for you to explore if you are looking to move to Memphis. Memphis is a city of culture and history. It’s unlike any other place on Earth.

Brian Kline is a Realty Biz News Contributing Writer

Builders come in all shapes and sizes. Each builder has their own unique attributes that make them successful, one builder may be known for a specific style of home, while another builder builds homes for less money but they are closer together. There is also a range of new homes that you can by. Everything from the spec home builder where what you see is what you get to the semi-custom home that you have a custom builder and are able to pick a few upgrades to a completely custom home builder.

CEO Garrett Kenny

When working with an agent, they need to be well versed, not only about the builder and home but also the neighborhood/area. A real estate agents job is also to prequalify, not start selling a model home at a base model price then have the buyer get ‘sticker shock’ when all of the costs of upgrades are factored in. While upgrades are nice, often they don’t show a great return on investment. Some upgrades are primarily for the buyers benefit and may have no real bearing on a future sales price. Garrett’s advice is to not get too carried away with the upgrades as they may not be factored into an appraised value of the home down the road.

The economy has turned around since the housing crisis of 2007, thus new construction is booming once again and is a very feasible option for many homebuyers in the market today. The Home Buying Institute recently cited that the Florida housing market will attract national attention in 2014. Why? The answers are simple. More and more people are looking for good weather, great shopping, theme park fun and sound investments. Florida has all that to offer and more. “Not only do we appeal to those in the United States but Florida has a terrific appeal to foreigner investors looking to purchase property within the United States. A lot of Florida real estate business comes from China, Canada and Latin American nations” stated Garrett Kenny, CEO of Century 21 Team Feltrim.

In order for a realtor to be successful they must fit the product to the consumer. By knowing what features are important to the buyer and what their price point is that they are comfortable in spending a realtor can be your best advocate in helping you secure the home of your dreams. The sunshine state has much to offer and has a great appeal to the young and old that being said the median home price has been on the rise.

You walk in to a gorgeously staged model home presented by a builder and you are immediately overcome with the feeling of “Wow- I could live here”. Not only does it have the newness going for it but the furniture and décor items are all staged to perfection.

There are many reasons to choose to utilize a realtor’s (aka buyers agent) services when purchasing a new construction home, although the list is endless here are just some of the highlights:
-You get an unbiased view and approach to better help you make an informed decision.
-A realtor knows the market, he or she can provide you with market comparables.
-A realtor can help you negotiate the contract to potentially get a better deal.
-When a buyer deals directly with the builder they are more afraid to negotiate 1) price and 2) upgrades.
-A buyer’s agent can potentially inform you about issues in construction, they know what questions to ask and realize that you don’t always get what you see.
-A builder won’t discount just because a buyer doesn’t have an agent representing them, the builder is in it to make every buck the he can.
-An agent is with you every step of the way from contract, construction, walkthrough and closing.
-A buyer may not understand all of the ins and outs of real estate contracts and real estate law as well as inspections and other related items.
-Builders have contracts so it is important be as knowledgeable as possible and also get a different viewpoint that is backed by experience in dealing with builders.

If you are dealing directly with a ‘site agent’, a person that sits at a model home on behalf of the builder/developer, then you must stop and think about whom this person is really working for. They are working for the builder/developer and they receive a commission based on the sale so it is important for them to sell you on the home each and every way they can. They might not be forthcoming and say that there is a re-sale home in the same general neighborhood and right down the street for less money that may fit better with your budget and what you are looking for in terms of features.

“Let us use the analogy of the new car dealerships. You go to one dealership to test drive a Mercedes, but you never look down the street for comparable (or lesser priced) vehicles made by other manufacturers” states Kenny. A seller’s agent works for the seller (not the buyer), this is the same in a builder and real estate agent relationship. The sellers agent is their to make a sale, not direct you to a comparable home down the street that they may not receive commission on.

Sure everything is new and with ‘new’ comes all of the warranties to make you feel secure over the next few years of living in the home. But just remember you can get a home warranty on an existing resale home as well. Granted a resale home may be a few years older and has been lived in by someone else before you.

The common misconception that most buyers of new construction have is that by using a realtor it is more expensive. When in fact the seller pays the commission (both sides in fact), so the buyer is able to get fair and unbiased representation when using their own realtor without having any money out of pocket.

Real estate is a large investment, and perhaps the biggest one that you will make in your lifetime. If you are in the market to purchase a new home, consider contacting a realtor to represent you as a buyer’s representation is free and a realtor can provide you with fair and equal representation rather than dealing directly with the builder. Sure the builder would like to cut out the middle-man and save the commission, but without the middle-man there might not be a sale. When dealing with new construction a buyers agent is utilized 80 percent of the time. Your dream home, new or resale, can be realized and potentially at a better price when you have a licensed real estate agent to represent and protect your interests on the purchase. Don’t fall into the trap of a builder getting you to pay top dollar!

Megan Rutherford is a Realty Biz News Contributing Writer

For home buyers, XiLi is a tool that every single prospective buyer in the U.S. can use instantly to see home listings around them.  All they need to do is simply send a text message with the word XiLi to the phone number 86789, and XiLi goes to work delivering to that prospective buyer the 10 listings that are closest to them based on the GPS location function of their phone.  XiLi Mobile then aggregates information that the agent has entered into the MLS  listing, and creates a mobile optimized website from that which is viewed on the buyers phone.

For agents, for only $9.99/mo. per agent (not per listing), subscribers to XiLi can capture the contact info of all of the homebuyers that click on one of their property listings when a home buyer texts XiLi to 86789 and instantly deliver that info to the listing agent.  Agents can also upgrade for an additional $0.99/mo. per agent and choose their own unique keyword instead of XiLi.  When a home buyer sends a text to that agents chosen keyword, only that agent, or that agents companies listings would show up in listings XiLi returned. Last, but perhaps most importantly, prospective buyers can text the MLS # of a specific property and only get the listing info for that property to view on their mobile device.

Agents can advertise to text the MLS # for that property to 86789 in every medium they use for advertising(double check with your MLS rules before placing it in the listing itself).  That way if a buyer sees their listing in print(newspaper, magazines), their website, their social media sites like Facebook and Twitter, at their open houses, or even by word of mouth they will have the ability to view the full details of that house on their mobile phone.  When they view it, the listing agent will still be instantly receiving that buyers contact info via text or email capturing far more prospective buyer leads.

XiLi Mobile’s text messaging marketing service is changing the way real estate agents are able to interact with home buyers.  As the mobile revolution continues the march to dominance over all other forms of internet use, it has become increasingly important for agents to give their buying prospects the ability to reach their properties, as well as the agent themselves on a mobile phone.

Chris Colin is the Marketing Manager at XiLi Mobile.  XiLi Mobile is part of Text This House LLC, and is a software  service provider for the real estate industry.  XiLi’s most recent mobile tool is a text message based marketing service.

The committee was honored for its contributions to the field of architecture earlier this year. The awards were presented at the National AIA Conference in Denver, Colorado. Barbara Cain, a Palm Springs Modern Board member accepted the honor on behalf of the Committee.

The Palm Springs Modern Committee was founded in 1999 as a volunteer non-profit, membership-based organization. Since it began, it has dedicated itself to the preservation and appreciation of Desert Modern design and architecture. Over the years the organization has matured and its membership has grown allowing it to achieve real success in community education. It has since become a model for other organizations throughout America who are looking to protect modern architecture.

The committee achieves its aims through promoting educational programs and architectural tourism, advocacy for threatened buildings, and by celebrating the successful reuse and preservation of buildings. In addition the Palm Springs Modern Committee has developed a number of programs and products to help educate the public about the benefits of preservation, and about mid-century architecture. If the Palm Springs Modern Committee had never been conceived then Palm Springs would not be such a mecca of modernism. Nowadays modernism is promoted by the City of Palm Springs to help build the tourism industry.

The AIA, when honoring Palm Springs Modern Committee pointed out a number of ways that the organization has contributed towards the advancement of architecture through the use of research and education, and through the use of institutional and non-institutional programs designed to raise public awareness. These programs have included the creation of a new website, which combined with the use of social media and newsletters now reaches more than 5,000 people every month.

The Annual Preservation Awards celebrates individuals who have contributed to particular preservation projects and lifetime achievements. Educational projects have included public library exhibits, a multimedia kiosk at the Visitor Center, and a high school scholarship program. The Committee is also a founding member of Modernism Week, an event that brings in more than 40,000 participants and which has an economic impact of over $12 million.

The Palm Springs Modern Committee is a non-profit organization dedicated to the preservation and appreciation of Desert Modern design and architecture. More information can be found on their website.