How to Value Real Estate
June 29th, 2009 categories: Real Estate Buying, Real Estate Selling
(part 1 0f 2)
Are there 3 different ways to value real estate?
When I started in the business (20+ years ago) there was a funny comic depicting how the seller, buyer and appraiser looked at properties.
How the seller valued the property…
What the buyer saw…
…and finally how the appraiser valued the property.
At the time 75%+ of the financing was FHA and appraisers were sticklers about condition of the property. In effect, every sale had 2 inspections- one by the home inspector and then another one by the appraiser. We (seller, buyer and agents) worked through the issues and deals closed.
Value of real estate is in the eyes of the buyer.
Today, we are dealing with a “different” real estate market, however establishing a price on a property is still reflective of the 20+ year comic….seller’s value, buyer’s value and the mortgage appraisal. Lots of sellers utilize purchase price + appreciation + investment in property = list price. Buyers are often more sophisticated and arrive at value by comparison shopping….how does this 4 bedroom, 2.5 bath, 2 story differ from the one down the block? Finally the appraiser is the least subjective following fairly stringent guidelines when appraising a property.
(stay tuned for part 2 of 2 )
How should seller’s come up with a “List Price” for their property?
Related Article: What Do Buyer’s Really Know
| Discussion: 1 Comment »
Mason Ohio Real Estate
May 11th, 2009 categories: Mason, Ohio, Real Estate News, Real Estate Selling
Mason real estate is “hanging in” as market activity increases.
|
Mason School District |
Single Family |
Average Price |
Days on Market |
Condos |
Average Price |
Days on Market |
| Actives |
195 |
$477,398 |
143 |
126 |
$163,907 |
96 |
| Pendings |
57 |
$338,807 |
69 |
32 |
$143,148 |
60 |
| Closed (01/01/09-04/30/09) |
58 |
$252,944 |
91 |
33 |
$144,018 |
98 |
Data from Greater Cincinnati Multiple Listing Service
The activity on single family homes and condos is consistent- not record setting. The price differential between asking price and sold price for single family properties remains significant- with a slight up tick in closing prices and slight decrease in list prices.
The number of showings continues to increase each week-so expect to see buyers floating around the neighborhoods.
If you need more information about your particular subdivision or complex- let me know (call or email).
Related Article: Scoop on Mason Real Estate, March Stats
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Do You Know About Super Sunday for Real Estate?
April 22nd, 2009 categories: Real Estate News, Real Estate Selling
April 26th has been declared “Super Open House Sunday” for the greater Cincinnati area real estate market.
So if you are looking for a home/condo in Hyde Park, West Chester, Fairfield, Mason, greater Cincinnati..or anywhere in the area-chances are good the property may be open on Sunday.
Last Sunday (April 19th) there were over 1200 properties advertising “Open Houses” on the Multiple Listing Service of Greater Cincinnati. Super Sunday’s goal is to have 2000+ properties open. (as of 8:18 am 4/22=1694 open houses already registered on MLS)
Low mortgage rates and the first time home-buyer tax credit makes the event a win/win for both buyers and sellers. Sellers- get it priced right and open on Sunday. Buyers, apply for loan approval, pending contract and appraisal. (Loan approved (not preapproved) enhances your offer.) Start your engines and start house hunting!
Most of the Open Houses will be posted online by Thursday afternoon- so get ready to search areas of interest and map out your routes.
Good luck house hunting-don’t forget about the first time buyers tax credit.
| Discussion: 1 Comment »
Mason Ohio Real Estate Activity
March 9th, 2009 categories: Mason, Ohio, Real Estate News, Real Estate Selling
Spring is coming and so are the buyers looking at Mason real estate!
|
Mason School District |
Single Family |
Average Price |
Days on Market |
Condos |
Average Price |
Days on Market |
| Actives |
182 |
$486.576 |
131 |
116 |
$167,292 |
94 |
| Pendings |
33 |
$350,672 |
78 |
20 |
$146,995 |
119 |
| Closed (01/01/09-02/28/09) |
20 |
$229,782 |
80 |
10 |
$151,965 |
74 |
Data from Greater Cincinnati Multiple Listing Service
Showings - appointments made by Realtors- are definitely increasing. The low mortgage rates, increase in the FHA limit and good weather should continues to spur buyer activity.
The key (as always) is pricing and having the property in tip top condition.
If you need more information about your particular subdivision or complex- let me know.
Related Article: Scoop on Mason Real Estate
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Do You Have “Go and Show” Real Estate?
December 1st, 2008 categories: Cincinnati, Ohio, Fairfield, Ohio, Real Estate News, Real Estate Selling, West Chester, Ohio
With all the press on the stumbling real estate market in Cincinnati, West Chester, Fairfield and surrounding areas, you’d think sellers would make it easy to show their properties.
Not really! After setting several appointments, I had the pleasure of cooling my heels waiting for “confirmations” on 60% of the properties. These confirmations were for sellers who personally wanted to approve or OK every showing before allowing potential buyers into the property.
The problem- many sellers are not easy to reach and confirmation calls are not returned in a timely manner. Agents and buyers get frustrated and often skip to the next property.
We all understand a problem with an elderly parent or a newborn- but sellers who want to control every showing are reducing the number of showings- and ultimately maybe the sale of the property.
Before you give your agent 2-4 numbers to contact prior to showing the property- put yourself in the buyer’s shoes and think again.
“Go and Show” is the best way to have your property shown to as many potential buyers as possible. You can still be notified about the showing- but nobody has to wait for a confirmation call. This is the win/win way to sell a property.
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