How is a home's value determined?
A comparative market analysis is an informal estimate of market value performed by a real estate agent based on similar sales and property attributes. Most agents offer free analyses in the hopes of winning your business.
You also can get a comparable sales report for a fee from private companies that specialize in real estate data. You also can find comparable sales information available on various real estate Internet sites.
What is the best time to sell your house?
With the onset of summer, the market slows. July is often the slowest month for real estate sales due to a strong spring market putting possible upward pressure on interest rates. Also, many prospective home buyers and their agents take vacations during mid-summer.
Following the summer slowdown, real estate sales activity tends to pick up for a second, although less vigorous, fall market, which usually lasts into November when the market slows again as buyers and sellers turn their attention to the holidays.
Sellers often wonder whether or not they should take their homes off the market for the holidays. Generally speaking, you’ll have the best results if your house is available to show to prospective buyers continuously until it sells.
Do I have to consider contingencies?
What is the difference between market value and appraised value?
Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker.
What is the difference between list price, sales price and appraised value?
The sales price is the amount of money you as a buyer would pay for a property.
The appraisal value is a certified appraiser’s estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.
What are some tips on negotiation?
Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller’s asking price stacks up.
Some experts discourage making deliberate low-ball offers. While such an offer can be presented, it can also sour the sale and discourage the seller from negotiating at all.
Whose obligation is it to disclose pertinent information about a property?
Under the strictest laws, the seller and the seller?s broker, if there is one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to him.
Items sellers often disclose include: homeowners association dues; whether or not work done on the house meets local building codes and permits requirements; the presence of any neighborhood nuisances or noises which a prospective buyer might not notice, such as a dog that barks every night or poor TV reception; any death within three years on the property and any restrictions on the use of the property, such as zoning ordinances or association rules.
It is wise to check your state’s disclosure rules prior to a home purchase.
Investment Property Questions
What do you think of a vacation home as an investment?
Some real estate experts predict that vacation homes will appreciate in value due to rising demand from the aging Baby Boom generation. You also can depreciate the property if you live in the house less than 14 days a year.
You also need to consider whether you can afford to carry two mortgages, pay for the extra utilities and maintenance costs, and how this investment fits into your total personal finance picture.
How do I project rents on a rental?
Lenders also look at other cash-flow considerations. They want to know if you have enough reserves on hand to cover predictable and unforeseen expenses, such as property insurance, taxes, regular maintenance and repairs.
Where do I get information about being a landlord?
National Multi-Housing Council,
1850 M Street, N.W.,
Washington, DC 20036;
Phone: (202) 659-3381
“Judy was excellent in helping us locate and purchase our dream home in Park City and we couldn’t be happier”
Casey S. — Sandy, UT