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
Thursday, January 31, 2008
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
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.
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.
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
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.
- 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
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
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