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Distressed Properties Impact the Value of YOUR Home

There are times in our lives when we have it better than many of our family, our friends and our neighbors. We try to help in any way we can. Yet, to some degree, we are relieved that we are not impacted by their challenges. Many people look at the heartache in the current housing […]

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The Appraisal: A True Evaluation of a Home’s Worth?

Every house for sale in today’s real estate market must be sold twice. First, you must find a buyer ready, willing and able to purchase the home. Second, you must sell the value of that house to a bank so they will agree to lend money based on the negotiated price. The second sale may […]

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News Alert! The Luxury Market Has Returned

There is no longer any question that luxury homes are beginning to sell.  The high-net-worth client has marked 2010 as the year to again start purchasing real estate and their desire is turning into sales. Financing is beginning to open up in the ‘jumbo’ market and prices are starting to reflect true values as upper […]

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Supply and Demand: How it applies to Real Estate

Supply and Demand. It is a relatively easy concept to understand. Most of us learn it in high school. The price of any item is determined by two variables: the demand for that item and the current supply of that item. If I had one of only seven Spanish gold coins known to exist, the […]

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It’s Not About Foreclosures. It’s About Pricing!

Many of our readers question why I spend as much time as I do on the foreclosure situation in the country. I want everyone to know that it is NOT an obsession with depressing news. I strongly believe that the wave of distressed properties (foreclosures and short sales) coming to market will dramatically impact house […]

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Where Will Home Prices Be in 2012?

This week we have discussed how difficult it is to establish the value of a home in today’s market, what factors will impact prices in 2010, the effect distressed properties will have on values, and the challenges faced by appraisers in establishing value. Today, I want to tackle future values… specifically where prices will be […]

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Who Cares What The Purchase Price Is… WILL IT APPRAISE?

The classic definition of what a home was worth has always been “what a reasonable buyer will pay a reasonable seller.”  That’s because MOST real estate transactions have historically involved reasonable people– people not under duress.  But today, with the enormous number of foreclosures, bank-owned property, strategic defaults, and short sales, all the reasonableness has […]

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Shadow Looms Over Home Prices

“We should pay heed to foreclosure activity, which have reached their highest level in at least the last five years. As these homes are put up for sale, we may see some further dampening in home prices.” – S&P Case Shiller Home Price Index 4/27/2010 “We expect the high rates of negative equity and foreclosures […]

6 Factors to Consider When Pricing Your Home

Yesterday, we showed how even the experts are having trouble determining price in the current real estate market. There are so many moving parts and each part is evolving rapidly. Today, we want to look at the major determining factors in establishing the current value of a residential property. If you currently have your house […]

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Why is Pricing a Home So Difficult?

We looked at the significance of a house as a home this past Friday. I hope everyone enjoyed the weekend and had the chance to personally feel the intrinsic value of a home. However, it would be unprofessional of us not to acknowledge that each house also has a market value, which is the price […]

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And The Survey Says!

Every day on our blog we try to give you insights from industry experts on issues that matter the most in real estate. Today we want to give you the thoughts of some non-professionals. People like us. Friends and neighbors who have personally experienced the ups-and-downs of the housing market over the last few years. […]

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If Supply Goes Up, Prices Will Go Down

HOUSING SUPPLY Today I want to cover the impact the expired tax credit and the Fed’s exit of the mortgage market will have on home prices as we move forward. Whenever we talk about pricing, we must look at two variables: supply and demand. We covered buyer demand in yesterday’s blog, No Tax Credit.  How […]

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No Tax Credit. How Will You Wind Up?

BUYER DEMAND The big question in the real estate industry today is what happens now that the Homebuyer Tax Credit has expired. There are many theories around this issue. Some believe that the tax credit (along with other government programs) has created a stabilization in the housing market both in the number of sales and […]

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The Upper End: Win, Place, or Show?

In this horserace to a more normalized housing market, there seemed to be only one constant. The luxury market has been the horse bringing up the rear. We have been experiencing some stability in the lower price points in almost every geographic market. However, the upper tier price points have had an overabundance of inventory […]

Better Questions Will Get You a Better Agent

When interviewing agents to sell their home, most homesellers really only care about the answer to two questions: Who is going to sell it for the most money? Who is going to charge me the least? The result of these narrow criteria is painful to the seller.  Most people list their home at a price […]

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Housing in 2010: Supply Will Grow, Demand Will Slow

When we talk about future pricing on any item we must look ahead and determine two things: supply and demand. It is a rather simple concept but one that often is forgotten when we talk about real estate. In a blog post last week titled Pricing a House in Today’s Real Estate Market, I touched […]

5 Good Reasons to Sell Your House NOW!

In Monday’s blog, 5 Good Reasons to Buy That Home NOW!, I discussed why now was the best time to jump in and buy a home. Today I want to discuss why now is also the time to sell a house you own. It might seem contradictory to claim that it is the best time […]

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Bedside Manner or Skilled Hands?

Imagine for a moment that you have been told that you need surgery.  You have a choice between two surgeons: The first has a wonderful disposition.  He holds your hand as he explains the procedure, the risks, the rewards, and the likelihood of success.  He may even shed a tear as you deal with the […]

Behind on Your Mortgage? This May Help

After receiving an overwhelming response to Friday’s post, I realized two things. First, more people than I thought are willing to admit that they need help with their mortgage payment. Second, there are many people out there who are willing to help. Both realizations were great news to me. Usually when I post on the […]

It Is Hard to Buy a House If You Don’t Have a Job

One of the biggest challenges to a housing recovery is the current rate of unemployment. It is obvious that a person without a job can’t get a mortgage. An additional impact is that many people who are currently employed are afraid to commit to buying a home because of the uncertainty of the job they […]

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What is Today’s Luxury Buyer Thinking?

Whenever you are selling anything, it helps to have an idea what your customer is thinking. I had the opportunity to attend a session at the Luxury Portfolio Summit in Las Vegas which covered the findings of the Survey of Affluence and Wealth in America 2010 produced by American Express Publishing and the Harrison Group. […]

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Buyers and Sellers Team Up on Financing- Part 2

Last week, we began with a premise…that Buyers have a WANT (the lowest monthly payment, even more than the lowest Sales Price) and Sellers have a NEED (to differentiate their home from all the others on the market), and that creative approaches to financing is a method to satisfy both Buyers and Sellers.  Part I […]

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Buyers and Sellers Team Up on Financing

Let’s start with the premise that buyers do NOT buy big ticket items (like a home or a car) based on its sales price; rather, they buy based on their proposed monthly payment (or cost). Additionally, when looking to sell your home with so much availability of homes on the market, the biggest challenge a […]

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Homeownership: Still the American Dream

There seems to be a long held American belief currently under attack. For over two hundred years, homeownership in this country was a desire of almost every American family.  Recently however, more and more people have been pontificating on the fact that owning your own home should never have been held in such high regard. […]

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Fed Flip-Flops on House Flips

Finally, some good news from the FHA. Effective February 1st, the FHA is waiving their requirement of the “90 day holding period” before home sellers (predominantly real estate investors and speculators) can resell a piece of real estate to a buyer who uses FHA Insured financing.  Given the recent increase of the UFMIP, coming reduction […]