Tag Archive | "Real-estate"

Getting an Appraisal Before Selling Your Home

Planning to sell your home but clueless about its market value? Getting your home and property appraised would help you get an idea about your property’s value. However, the appraised value should not be confused with comparative market analysis (CMAs). The appraised value is the only value honored by banks whenever you are planning to loan money.

If you are planning on getting your property appraised, then you would have to consider the banks’ preferred appraiser. Usually, the lender or the banks would have contracts with an exiting appraiser and you are required to get the services from them. If the banks or the lender would allow you to get a third-party appraiser, it may take a while before the financing is approved.

Appraisal reports are actually very detailed. They would include details of the property, the status of real-estate market where the property is located, access to the property like roads, flawed characteristics of the property, how long the property would be up for sale, and the type of the neighborhood where the property is located. The appraiser would also include in their notes if the road going into the property is private. The bank granting the loan may require a road maintenance agreement to be signed.

Appraisers should also not be confused with inspectors. Inspectors intend to check the chimney, test appliances, inspect fixtures and recommend repairs to increase the home’s value before putting it up for sale. Appraisers would write down obvious problems in the property and their observation in the area.

When determining the value of the property, appraisers use three approaches. The value could be determined by the sales comparison approach or by comparing the property with other similar properties in the area. It could also be determined by identifying the much needed improvements in the property which is called the coast approach. In the income capitalization approach, the value is determined by the operating income that can be earned from the property.

But are appraiser fees expensive? Appraiser fees depend on the time needed to finish appraising the property. It could also be based on the amount appraiser and the person who needed the service agreed upon. Sometimes, appraisers would state that fees are not final and subject to change based on additional expenses.

Real-estate appraisal is needed when making bank loans, the property needs to be divided to multiply heirs, the property should be appraised for tax reasons, or for estate settlement. An appraisal documents reduce conflict about the property market value during these situations. However, the values stated by the appraiser are not the absolute value.

When getting an appraiser, verify his background and identify if they were able to meet requirements. States would require appraisers to be licensed, while there are others who would require appraisers to be state certified. They also have strict standards and codes to follow.

Without any question and doubt, if you are looking or aiming for your property to be financed by a bank or get a reputable private or corporate buyer to look at your property, then you would have to have it appraised. Real-estate is probably one of your biggest investments and you would like to protect and sell it in its proper value.

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How to Sell Your Home Fast

Real-estate market is competitive. With the recent downfall in the economy, an increase in the number of houses and properties up for sale was witnessed by the country. But the economy is starting to recover. According to the 2009 Mortgage Choice First Homebuyers survey, the number of people who are in the position to purchase new homes has increased in 19%.

If you have decided to put your house on sale, then it could be a sad and painful experience seeing it remain unsold for a while. Real estate agents and experts recommend few things that will surely help in making your house and property noticed.

Hiring a good agent.

A good real-estate agent, would help in selling your house fast. Of course, it would mean that you would be giving commission to the agent when the sale is concluded. But real-estate agents would have enough contacts and tools that could be used creatively to clinch to deal. When choosing an agent, make sure to check their references, background, and experience. An agent should have knowledge about your neigborhood and its market history.

Name a good price.

Price is always important, it could either make or break the sale of your home. Your real estate agent should have an idea on what would be the appropriate price for your house and the price range in the location. A house which is too expensive may push away prospective clients while a very low price may raise some questions on the credibility of the property. You could ask your agent to do a comparable market analyses (CMA) to get an idea on how much were the houses in your area sold for.

De-clutter

People would want to visit and live in a nice home, not a messy one. Remove clutter and tidy up. Put away things that are not frequently used. If potential buyers are coming over to check the house, it is to put away photos from walls and shelves. Potential buyers are not interested in looking at your holiday pictures, they are more interested in picturing themselves in your lovely home. Make your house look more spacious by getting rid of unnecessary furniture, clearing out cabinets, and removing items on top of tables and shelves.

Home staging

Home staging is another aspect on real-estate marketing. A home seller could get a home stager, the real-estate agent may offer similar services or the sellers could learn how to stage their space for buyers. Home staging is about redesigning or arranging furniture around the home to make it more neutral, homey and comfortable for the clients. Home staging would be able to help the clients picture themselves in the house and eventually purchase it.

Fix things

You could fix minor problems in the house like broken faucets or window treatments. Take note of these problems when you check your house. It would indeed take time and effort, but would be worth it. Simple home improvement repairs could just be small things but buyers would be able to notice them.

Leave the house

When prospective clients will visit your house, it is better not to be there. Of course, you would like to make people see how great the house is, but it would be uncomfortable for both buyer and seller. Buyers would not be able to talk to the agents about their real opinion of the real estate and property. Aside from that, buyers would be able to ask questions freely, if the owner is not present.

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Eco-Friendly Homes: Green Real-Estate

Real-estate developers and investors are now adopting more environmental-friendly practices. Buildings are redesigned; investors and developers would incorporate the goal of achieving greener buildings and properties when doing renovations. The market of clients looking for greener buildings and houses are also increasing. This is just a reflection that people are starting to become more aware of the earth’s environmental concerns.

Aside from the increasing environmental consciousness of those who are house hunting, the government are also implementing regulations making the industry greener. Developers and investors are building and looking for houses that would be able to meet the government environmental standards. International organizations and institutions are also playing major roles in pushing both the private and public sectors in rethinking their environmental actions.

In fact, construction companies which are indispensable to real-estate developers, are working hard to be “green certified.” According to the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED), 5% of commercial construction companies were able to secure LEED certification in the previous year. Aside from that, major companies like IBM, JP Morgan Chase, etc. are moving into green buildings.

According to the McGraw-Hill report, there are developers that would buy houses and properties which they would convert into green buildings and homes. The McGraw-Hill survey reported that green buildings tend to bring 3% and 7.5% higher revenues.
The National Association of Home Builders stated that the market is experiencing increase in demands for eco-friendly homes. As a matter of fact, the American Institute of Architects in their 2006 survey stated that 90% of people are willing to pay $5,000 more just to have a house that uses less energy and earth-friendly.

According to the U.S. Green Building Council, more homes are becoming environmental-friendly due to its numerous benefits. What are these benefits?

  • Greener homes use less energy which means less money on bills. The price of fuel is constantly increasing over the past years. Reducing your energy bills would allow you to allocate your budget for other important things needed in the household. According to Energy Star, a program of the U.S. Environmental Protection Agency and the U.S. Department of Energy, about 15 to 20% of house energy is lost because of poor construction.
  • Better and healthier air quality. Indoor air is two to five times more polluted compared with outdoor air, according to the U.S. Environmental Protection Agency. Indoor air can aggravate allergies and asthma. Using home materials and machines that produce better air quality are those materials (paints, stains, glues) that have low content of toxic chemicals. They could cost more, it would be better for the homeowners’ health, in the long run.
  • Opting for greener homes and buildings means that you are helping save the earth. Homeowners and real-estate developers are reducing waste-production because they are working with materials that would last longer and recycled items. Also, less consumption of energy means you are consuming less fossil fuel, and less carbon footprint.

When thinking about making your real-estate property eco-friendly, you could always coordinate with a local or regional green building organization. They have network of architects and builders who would be able to help you improve your home. There are also guideline when building green houses, so make sure that you are properly informed. Before proceeding with any green real-estate developer or builder, make sure to check their previous works or generate as much information from former clients.

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