Thursday, January 31, 2008

Record Drop of Homes Sales/Prices

Lastet Real Estate News
WASHINGTON (AP) -- Sales of new homes plunged by a record amount in 2007 while prices posted the weakest showing in 16 years, demonstrating the troubles builders are facing with a huge backlog of unsold homes.
The government reported that the median price of a new home barely budged last year, edging up a slight 0.2 percent to $246,900, the poorest showing since prices fell by 2.4 percent during the 1991 housing downturn.
The new report reinforced the view that housing is currently undergoing its worst downturn in more than two decades, with the slump threatening to surpass in some ways the severe housing recession of the early 1980s.
The housing weakness has dragged down overall growth and sent shockwaves through the rest of the economy including the financial sector, which is dealing with billions of dollars in losses in subprime mortgages. Some analysts are worried that the fallout could become so severe it will drag the entire country into a recession.
Appraiser Charlotte NC

Housing Slump Mecklenburg NC

"Home building and sales are falling more sharply in the Charlotte area than nationally, a sign the housing slump is worsening in what has been one of the country's stronger markets"

Some of the causes:
Multiple market forces at work
High foreclosure rates, tougher lending practices and rising prices for gas, food and other goods have slashed housing sales nationwide. The slowdown has threatened to push the economy into recession and prompted proposals for billions of dollars in tax rebates and other steps to stimulate spending.Some cities, including Miami, San Diego and Las Vegas, also have seen double-digit declines in housing prices, according to the S&P/Case-Shiller Home Price Index released Tuesday. Others were hurt further by regional economic woes, such as Detroit's fallout from the ailing domestic auto industry.
Double-digit housing declines

Appraiser Charlotte North Carolina

Free Building Cost Estimator Tool

Here is a free building cost estimator that I would like to share
http://www.building-cost.net
You can develop a home construction or replacement cost that considers all the important variables: materials used, design features, quality, size, shape, heating, cooling and geographic area.
If your wondering how much that new house will cost to build, or need a replacement value for insurance purposes, give this a try.

Monday, January 28, 2008

Market Value; Appraiser Charlotte North Carolina

Market value definitions in the USA

In the US, appraisals are performed to a certain standard of value (e.g. -- foreclosure value, fair market value, distressed sale value, investment value).

The most commonly used definition of value is Market Value.While USPAP does not define Market Value, it provides general guidance for how Market Value should be defined:
...a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal.

Thus, the definition of value used in an appraisal analysis and report is a set of assumptions about the market in which the subject property may transact. It becomes the basis for selecting comparable data for use in the analysis. These assumptions will vary from definition to definition but generally fall into three categories:

The relationship, knowledge, and motivation of the parties (i.e., seller and buyer);

The terms of sale (e.g., cash, cash equivalent, or other terms); and
The conditions of sale (e.g., exposure in a competitive market for a reasonable time prior to sale).

In the US, the most common definition of Market Value is the one promulgated for use in Federally regulated residential mortgage financing:

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.[3}]
or example, adjustments must be made to the comparables sales prices for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’s reaction to the financing or concessions based on the appraiser’s judgment.

Valuation Experts is a real estate appraisal firm located in Charlotte, NC.

Saturday, January 26, 2008

Appraiser Websites for Home Owners Charlotte, North Carolina

Here are some websites that enable property owners to research comparable properties, and their own property.

Zillow.com Home Valuation ToolHome Valuation Website
Suntrust Bank Home Value EstimatorHome Valuation Tool
Bank of America Home Value EstimatorHome Valuation Tool
Cyber Homes Home Value Estimator Home Valuation Tool
Domania.com Home Value EstimatorHome Valuation Tool
Search Properties in Charlotte, NC Mecklenburg Co. Tax Cards, Parcel Lookup, Mapping
General Property Info Charlotte, NCProperty Information Mecklenburg Co.
Property Information Mecklenburg Co.Property Information Mecklenburg Co.
Charlotte, NC Market Analysis...Free!!Perform Your Own CMA, Comparable Search

Valuation Experts
www.valuation-expert.com
Real estate appraiser Charlotte, North Carolina

Friday, January 25, 2008

Appraisers Charlotte North Carolina | Why Choose Us

WHY CHOOSE US FOR YOUR APPRAISAL NEEDS?


- Our Certified appraisers provide accurate and reliable real estate valuations. Each appraiser carries personal Errors and Omissions (E&O) insurance and abides by USPAP guidelines. Not only do our clients receive high quality appraisals utilizing our appraisers, but also at Valuation Experts we realize the importance of representation when in contact with your clients. Our appraisers dress to provide a professional image and are always courteous and professional with your clients.

- Our goal is to make an appointment within 24 hours of receiving the order. We will inform you of appointment times, communication issues, or any other notes pertaining to contacting the borrower and/or client.

- Quality of work. All of our appraisals go beyond the minimal standards set forth by the Uniform Standards of Appraisal Practice (USPAP). Our mission is to provide high quality appraisal reports, with a detailed analysis, where the client and/or lender can understand our conclusions, adjustments and data in a simplistic manner.

- Our ultimate goal is no Under Writer kickbacks, no phone calls, no requests for addendums, no value cuts, and no appraisal reviews or audits.

- Our investment in training and technology has helped our customers greatly reduce their workload.

- Our belief is that it is our job to provide our clients with a quality product in a manner that is accurate, professional, and timely as well as meeting all the industry requirements and restrictions.

Valuation Experts is a real estate appraisal firm located in Charlotte, North Carolina.

Wednesday, January 23, 2008

Real Estate Appraiser Charlotte North Carolina

Valuation Experts Appraiser Charlotte North Carolina

Home-Selling StrategiesIn a Declining Market

By Lauren Baier Kim

"Here's a look at what's new in real-estate markets across the U.S. from around the Web. (Some links may require registration or subscriptions.)
Tips for sellers in a tough market
As in much of the U.S., the real estate market is down in Long Island, N.Y., according to a Newsday.com article. In Nassau County, the median closing price for a home fell 4.8% from December 2006 to $447,500 in December 2007 and in Suffolk, the median price dropped 3.5% to $385,000. In such a market, real-estate agents recommend that sellers fix "glaring negatives" in their home, but advise against spending too much money on spruce-ups, as homeowners might not recoup all their costs, the paper says."

For the entire story

Valuation Experts
Charlotte Appraisers

Tuesday, January 22, 2008

Real Estate Appraiser Tools Charlotte, North Carolina

Real Estate Appraiser Tools for Charlotte, North Carolina
I would like to share some of my favorite Websites for researching, pulling comps, etc. for Charlotte, North Carolina.
Tax Card Information Mecklenburg County Search for properties, upcoming subdivisions, aerial views, PID #,
Zoning Information.
Online Deed Lookup Great tool to see if that pending property on MLS is closed.
Comparable Search with photos Meck Co. Pull/find comps, Do a market analysis
Flood Zone Search
Zoning Descriptions
Area Planning
GIS Page This page hasit all! From property info, schools, environment, etc.
Online Permit Check Check to see if that addition has a permit, and to find the PID #, and OCC.
Charlotte Statistics
Info on Flood Zones and Community Flood Zones Variuos neighborhoods fall into this category. If the cost of repair or construction is greater than 50% of the value of the structure, then the entire building must be elevated above the projected flood level or otherwise modified to meet current flood code.
Economic and Statistics
Free Building Cost Estimator
Search local codes, and ordinances for any municipility
Economic Development Charlotte
Free Home Value Tool
Free Home Value Tool
Free Home Value Tool
Housing Statistics
You can gather more information at my website www.valuation-expert.com

Sunday, January 20, 2008

How to Choose a Real Estate Appraiser

How to choose a real estate appraiser

Because the process of appraising a piece of real estate is usually done at the location of the property, most appraisers will be able to meet their clients at their homes or offices in order to discuss their services. Although some real estate appraisers may have offices where they do research on a property and customers can come and discuss their needs, most interactions with a real estate appraiser will happen at the location of the property. When meeting with a real estate appraiser to discuss your needs and their services, take note of how helpful they are in answering your questions regarding the appraisal process and the services you will receive for your payment. Real estate appraisers may offer a variety of different features associated with their services, so you should find out before hand exactly what you will receive in regards to your appraisal. Some real estate appraisers will offer digital signatures and color photographs along with their final report, as well as computer generated floor plans, replacement cost reports, and email and electronic delivery of appraisal reports and related documents. Depending on your specific appraisal needs, you should find out exactly what services a real estate appraiser offers before deciding to hire them. Because getting an accurate and detailed appraisal is an important part in determining the market value of your property, choosing an experienced and independant real estate appraiser is an important decision.

Valuation Experts is a real estate appraisal firm located in Charlotte, North Carolina
www.valuation-expert.com

Saturday, January 19, 2008

Appraiser Charlotte North Carolina

VALUATION EXPERTS
Clients. Satisfied. Period.


OUR ADVANTAGE


Client Service

We offer consistent communication with our clients throughout the appraisal process
We notify our Clients if a problem arises during the appraisal process
We quickly return phones calls, and are very easy to get in contact with
Instead of having thirty or more clients like most appraisers, we only have a select few clients.
This enables us to provide exclusive, personalized cliental service.
Unique “Preferred Lender” program:
- Our Preferred lenders have emergency contact numbers for all appraisers
- All of our Appraisers have mobile technology. Our appraisers are able to check and send
e-mails, resolve problems, and send reports in the field
- As part of our “Preferred Lender” program, we offer free Neighborhood/Market Data
searches
- Rush appraisals are at no extra charge for our “Preferred Lenders”
- Our “Preferred Lenders” come first. If it’s a need for a rush appraisal,
a correction of a report, a market data search, or some market advice, our “Preferred
lenders” get top priority.

High Quality, Reliable, & Accurate Appraisal Reports

We provide high quality appraisal reports, with a detailed analysis, where the client and/
or lender can understand our conclusions, adjustments, and data in a simplistic manner
Our ultimate goals are no UW kickbacks, no phone calls, no value cuts, and no appraisal
reviews or audits.
With every report, we include statistical analysis, a detailed market trend analysis, and
value conclusions with credible market data.
Our appraisals are client focused, with high standards and commitment to excellence


Fast Appraisal Turn-Times

Our goal is to make an appointment within 24 hours of receiving the order, and returning the
appraisal within 48 hours of receiving the order.
If any issues come about during the appraisal process, we will contact the client immediately.
You’re informed of the inspection date and time and when to expect the report
Electronic delivery of reports in PDF format
We can guarantee fast appraisal turn-times, all while providing high quality reports because of our
comprehensive knowledge of the market, exclusive data basis, advanced technology, and our proprietary researching capabilities.

Real Estate Appraiser Charlotte North Carolina

Hi everyone!!!

I love to go fast, and I am highly impatient. So here are some ways to speed up your computer:

1. Under system tools, Disk De-fragment your computer. Next Disk Cleanup.

2. Google AVG free anit-virus and anti-spyware. These are two great programs. If your computer is running slow or freezing up, the anti-spyware should fix it. THEY ARE FREE!!

3. Optional: Webroot anti-spyware ($29.00) is another good choice. I highly recommend. I have both.

4. Systewak Advanced System Optimizer. This has it all. The main purpose is to clean your registry. So if your computer is slow or freezing up, this can help.

5. In your Internet options (tool bar), delete all your history, temp files, etc.

6. In your Internet options, go to content, auto complete, settings, hit okay.

7. Get rid of all the start up buttons that you do not use at the bottom right of your computer. #4 has this built in to help you.

8. Window Washer by Webroot. This is optional. This helps rid of websites visited, and cleans your system.

9. Add Ram/Memory. Super easy to do. You can do it yourself.

I have all of these, and I can tell you that they work. Enjoy.

Valuation Experts is an appraisal firm located in Charlotte, NC.
Visit our website for more tips and info at http://www.valuation-expert.com/

Thursday, January 17, 2008

To be or not to be... A bedroom?

I get several calls each month from real estate agents, homeowners, and even other appraisers asking what makes a bedroom a bedroom.

So what makes a bedroom?
The best answer that I can give individuals is to go to your market and research. Every market is different, and each sub-market may or may not recognize that space as a bedroom.

The International Code Council (the source for State Building Codes) definition of a habitable space is a building for living, sleeping, eating, or cooking. Bathrooms, closets, halls, storage, or utility spaces and similar spaces are not considered habitable living spaces. Their definition of a bedroom is a room designed as a sleeping or bedroom on the plans. This definition was amended by North Carolina, and may not be adopted in your area.

Furthermore, all habitable rooms shall be provided with natural ventilation through windows, doors, or other approved openings to the outdoor air.

When the winter design temperatures is below 60 degrees F., every dwelling unit shall be provided with heating facilities capable of maintaining a minimum room temperature of 68 degrees F. in all habitable rooms at the design temperature. The installation of one or more portable heaters shall not used to achieve compliance with this section.

So here are some of my golden rules for labeling bedrooms:

  • Is the space big enough for a bedroom? Code calls for a room to be at least 70 sq ft. and not be less than 7 feet in any horizontal direction. Many suggest for a single bed to fit comfortably, the room should measure at least 8x10 feet.
  • Is there a closet? The Code does not count closets as habitable space. Since bedroom closets were not a common design in older homes, do not disqualify rooms in these homes which do not contain closets if they were clearly intended to be used as bedrooms.
  • How many bathrooms are in the home? If you have a home that has three bedrooms, and one bath, and the owner insists that you count that other room as a bedroom, I would go to the market and compare what is typical and accepted.
  • The bedroom does not need a window, as noted above. Although, the space must have a glazed area to provide natural ventilation to the outdoor i.e. a door to the outside would be okay. So, it must either have a window or a door.
  • Asked yourself how the market would perceive this space. Is it on the third floor with no water closets or bathrooms. Is the space heated with a permanent source? Is the ceiling height at least 7 feet? Does it meet current governmental regulations?
  • What was the space originally intended for?

So is it a bedroom or just another room? Go to the market, and research. Remember to compare apples to apples. Do not use a 1960s year built, to derive market acceptance to a 2000 year built home.

For more information go to http://www.valuation-expert.com/ and click on the frequently asked questions tab. Valuation Experts is a real estate appraisal firm located in Charlotte, North Carolina.

Tuesday, January 15, 2008

Welcome to My Blog!!!

Valuation Experts is a residential appraisal firm located in Charlotte, North Carolina; with local expertise dedicated to providing appraisal and consulting services through analytic discipline and a team approach. Our company's philosophy is to provide an objective appraisal to assist our clients in making informed lending decisions. Our appraisal reports are prepared with the precision that the industry demands with all major property types included.

Our real estate appraisal service area includes: Charlotte, Mecklenburg, Union, Gaston,Iredell, Matthews, Weddington, Monroe, Huntersville, Cabarrus, Indian Trail, and Pineville, North Carolina.

MISSION STATEMENT

Valuation Experts is changing the way real estate appraisals are being performed with innovative technology, exclusive data basis, proprietary researching capabilities, all while providing extraordinary customer service.Service is the most important element and the single most important issue impacting our company. Our business strategy has always emphasized customer service and client relationships. Going forward, we are committing ourselves to be the best service provider, and by meeting and exceeding out client service expectations, we will achieve this goal.

Our Website
http://www.valuation-expert.com

We are your local, experienced, professional, appraisal firm.