Showing posts with label Real Estate. Show all posts
Showing posts with label Real Estate. Show all posts
Tuesday, August 18, 2009
Sunday, August 16, 2009
Saturday, August 15, 2009
Thursday, August 13, 2009
Median U.S. home price rise from 1st quarter to 2nd
A real estate group says U.S. home prices posted a gain in the second quarter, another sign that the ailing housing market is finally coming to life.
The National Association of Realtors says the median sales price in the quarter was $174,100, up 4 percent from the first quarter, but still almost 16 percent below a year ago. Prices, however, were still down from a year ago in 129 out of 155 metropolitan areas the group tracks.
Total sales rose to a seasonally adjusted annual rate of 4.76 million, from 4.58 million in the first quarter, but were still about 3 percent below a year ago.
By ALAN ZIBELAP Real Estate Writer
Monday, August 10, 2009
Tuesday, August 4, 2009
Pending Home Sales Surge; Fifth Straight Monthly Rise
By: CNBC.com with wires
Pending home sales rose for the fifth consecutive month in June, easily topping expectations, according to the National Association of Realtors.
The Pending Home Sales Index rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent higher than in June 2008. Reuters had expected an 0.6 percent increase.
The last time there were five consecutive monthly gains was July 2003.
The housing market's collapse is at the heart of the longest U.S. recession since the Great Depression and reviving the sector is critical to healing the economy. The data served as further evidence that the housing market was starting to claw out of a three-year slump.
"Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who've been on the sidelines. Activity has been consistently much stronger for lower priced homes," said Lawrence Yun, NAR chief economist.
Pending home sales were higher in all four regions than last month, and only the west experienced a decrease from a year ago. The index in the Northeast rose 0.4 percent to 81.2 in June and was 5.8 percent above the same period last year. In the Midwest, the index climbed 0.8 percent to 89.9. It was 11.6 percent higher than June 2008.
The index in the South jumped 7.1 percent to 100.7 in June and was 8.9 percent higher versus a year ago. In the West, the index rose 2.9 percent to 100.4, but was 0.2 percent below June 2008.
"Hopefully, in the months ahead, we'll see an even closer relationship between contract activity and closed transactions," said NAR president Charles McMillan.
The organization's Housing Affordability Index fell from record peaks reached in recent months but remains 36.6 percentage points above one year ago.
The Clock is Ticking! Decision Time Draws Near for First Time Buyer's Credit
While the economy continues to show signs of improvement and many housing markets are beginning to heat up, scores of would-be buyers are still waiting on the sidelines for further positive housing trends. But for first-time buyers, time is running short on the federal government's $8,000 tax credit.
Though the official expiration date of the credit is December 1, in reality on-the-fence buyers will need to make a decision one way or the other fairly soon. The reason: in order to qualify for the credit, the home purchase must close by December 1st. Merely having loan approval, an accepted offer or a signed contract won't be enough to qualify for the Housing and Economic Recovery Act.
Decision-Making Timeline - While each transaction is unique, closing a real estate deal is no speedy matter. On average, closing takes place 45 to 60 days after the date that the contract is signed. In order to meet the December 1st deadline, this would mean having a signing date in late September or early October. Those who consider the tax credit an important incentive but are still unsure about entering the market will need to make a decision one way or another before many more summer days pass.
To have any chance at finding a home and having an offer accepted by early October, buyers will want to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, starting the mortgage pre-approval process and beginning the home search process online.
Potential for Delays - Buying a home is a complicated process, and it is not unusual for purchases involving first-time buyers to take slightly longer than those involving experienced buyers. Some of the delays that first-time buyers may face over the coming months:
Competition with Other Buyers
While home may be selling at a lower rate than in years past, in many areas changes in inventory have created extremely competitive buying environments. Foreclosures or other homes with greatly lowered asking prices are particularly sought after, and in many cases investors are very active in the marketplace.
Disclosures & Contingencies
The seller is obligated to disclose any material facts about the property, including any property defects or any lawsuits regarding claim to ownership on the property. Disclosures can stall negotiations and delay the contract signing depending on their nature and severity. Contingencies (written clauses in the sales contract that give protection to both the buyer and the seller of a home) can also result in some delay in negotiation, particularly if the contingency requires the seller to make specific repairs.
Appraisal
The lender will arrange for appraisal of the property, which will include a thorough inspection of the home's interior and exterior. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. If the appraisal of the home's value is lower than the agreed upon sales price, the buyer's chance of loan approval can be in jeopardy. In addition, recently added rules for appraisers have been causing some delays based upon anecdotal evidence.
Loan Approval
While interest rates remain advantageous for buyers, lenders are being much more fastidious during the approval process. Obtaining pre-approval can help prevent many delays.
The Holiday Season
Buyers who submit an offer in mid-fall may likely run into another roadblock to a pre-December 1st closing date: the approaching holiday season. Closing a real estate sale requires the work and attention of a number of professionals; from real estate agents to attorneys to bankers. Like many Americans, it is not uncommon for individuals in these fields to use up vacation time in the last few weeks of November. Securing a closing date during Thanksgiving week may be something approaching miraculous.
Additional Delays for Short Sales and Foreclosures
Buyers who make an offer on a short sale property or bank-owned foreclosure may find that it takes a significantly longer time to receive a reply than expected. Overall, buying these types of properties is a longer process than buying homes listed on the market by individual owners.
KEY Elements for First-Time Home Buyer Tax Credit
1.) The tax credit only applies to first-time home buyers. The law defines a "first-time" buyer as any buyer who has not owned a home within the previous three tax years. For married couples, the homeownership history of both individuals must meet this qualification.
2.) The tax credit is only available for homes purchased between Jan. 1, 2009, and Dec. 1, 2009. For the purposes of this credit, the purchase date is the date when closing occurs and the title to the property transfers to the new home owner.
3.) As long as the property is purchased by a qualified buyer for use as a principal residence, any type of home, including single-family detached homes, townhouses, condominiums and manufactured homes can qualify for the credit.
4.) The tax credit does not have to be repaid provided that the buyers use the home as their principal residence for at least three years.
5.) The full tax credit is only available for individuals with an adjusted gross income of up to $75,000 and for married couples with a combined adjusted gross income of up to $150,000. The tax credit phases out for anyone above those income thresholds.
6.) The tax credit applies for up to 10 percent of the home's purchase price, with a maximum of $8,000. For example, a first-time buyer of a $50,000 home would be eligible for a tax credit of $5,000 while a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000.
Click Here for a More Information About $8000 Tax Credit
Though the official expiration date of the credit is December 1, in reality on-the-fence buyers will need to make a decision one way or the other fairly soon. The reason: in order to qualify for the credit, the home purchase must close by December 1st. Merely having loan approval, an accepted offer or a signed contract won't be enough to qualify for the Housing and Economic Recovery Act.
Decision-Making Timeline - While each transaction is unique, closing a real estate deal is no speedy matter. On average, closing takes place 45 to 60 days after the date that the contract is signed. In order to meet the December 1st deadline, this would mean having a signing date in late September or early October. Those who consider the tax credit an important incentive but are still unsure about entering the market will need to make a decision one way or another before many more summer days pass.
To have any chance at finding a home and having an offer accepted by early October, buyers will want to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, starting the mortgage pre-approval process and beginning the home search process online.
Potential for Delays - Buying a home is a complicated process, and it is not unusual for purchases involving first-time buyers to take slightly longer than those involving experienced buyers. Some of the delays that first-time buyers may face over the coming months:
Competition with Other Buyers
While home may be selling at a lower rate than in years past, in many areas changes in inventory have created extremely competitive buying environments. Foreclosures or other homes with greatly lowered asking prices are particularly sought after, and in many cases investors are very active in the marketplace.
Disclosures & Contingencies
The seller is obligated to disclose any material facts about the property, including any property defects or any lawsuits regarding claim to ownership on the property. Disclosures can stall negotiations and delay the contract signing depending on their nature and severity. Contingencies (written clauses in the sales contract that give protection to both the buyer and the seller of a home) can also result in some delay in negotiation, particularly if the contingency requires the seller to make specific repairs.
Appraisal
The lender will arrange for appraisal of the property, which will include a thorough inspection of the home's interior and exterior. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. If the appraisal of the home's value is lower than the agreed upon sales price, the buyer's chance of loan approval can be in jeopardy. In addition, recently added rules for appraisers have been causing some delays based upon anecdotal evidence.
Loan Approval
While interest rates remain advantageous for buyers, lenders are being much more fastidious during the approval process. Obtaining pre-approval can help prevent many delays.
The Holiday Season
Buyers who submit an offer in mid-fall may likely run into another roadblock to a pre-December 1st closing date: the approaching holiday season. Closing a real estate sale requires the work and attention of a number of professionals; from real estate agents to attorneys to bankers. Like many Americans, it is not uncommon for individuals in these fields to use up vacation time in the last few weeks of November. Securing a closing date during Thanksgiving week may be something approaching miraculous.
Additional Delays for Short Sales and Foreclosures
Buyers who make an offer on a short sale property or bank-owned foreclosure may find that it takes a significantly longer time to receive a reply than expected. Overall, buying these types of properties is a longer process than buying homes listed on the market by individual owners.
KEY Elements for First-Time Home Buyer Tax Credit
1.) The tax credit only applies to first-time home buyers. The law defines a "first-time" buyer as any buyer who has not owned a home within the previous three tax years. For married couples, the homeownership history of both individuals must meet this qualification.
2.) The tax credit is only available for homes purchased between Jan. 1, 2009, and Dec. 1, 2009. For the purposes of this credit, the purchase date is the date when closing occurs and the title to the property transfers to the new home owner.
3.) As long as the property is purchased by a qualified buyer for use as a principal residence, any type of home, including single-family detached homes, townhouses, condominiums and manufactured homes can qualify for the credit.
4.) The tax credit does not have to be repaid provided that the buyers use the home as their principal residence for at least three years.
5.) The full tax credit is only available for individuals with an adjusted gross income of up to $75,000 and for married couples with a combined adjusted gross income of up to $150,000. The tax credit phases out for anyone above those income thresholds.
6.) The tax credit applies for up to 10 percent of the home's purchase price, with a maximum of $8,000. For example, a first-time buyer of a $50,000 home would be eligible for a tax credit of $5,000 while a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000.
Click Here for a More Information About $8000 Tax Credit
Monday, July 27, 2009
New-home sales up 11% in June
Puget Sound Business Journal (Seattle)
New-home sales in the United States increased dramatically in June from May, offering some evidence that the housing market is recovering.
Sales of single-family homes increased 11 percent to a seasonally adjusted annual rate of 384,000, compared to a revised May rate of 346,000, according to the U.S. Department of Commerce. The jump marks the third consecutive increase in as many months and eclipses predictions by economists recently surveyed by Dow Jones Newswires, who expected June sales to climb 2.3 percent to 350,000.
The last time sales rose so dramatically was in December 2000.
Last week, the National Association of Realtors reported that home resales posted a monthly increase of 3.6 percent in June.
New-home sales in the United States increased dramatically in June from May, offering some evidence that the housing market is recovering.
Sales of single-family homes increased 11 percent to a seasonally adjusted annual rate of 384,000, compared to a revised May rate of 346,000, according to the U.S. Department of Commerce. The jump marks the third consecutive increase in as many months and eclipses predictions by economists recently surveyed by Dow Jones Newswires, who expected June sales to climb 2.3 percent to 350,000.
The last time sales rose so dramatically was in December 2000.
Last week, the National Association of Realtors reported that home resales posted a monthly increase of 3.6 percent in June.
Tuesday, July 7, 2009
Home sales climb in June in King County; median price drops from year ago to $395,000
By Eric Pryne, Seattle Times business reporter
Single-family home sales in King County in June surged to their highest level in nearly two years, according to statistics released today by the Northwest Multiple Listing Service.
A total of 1,655 houses closed last month, up 4 percent from the same month in 2008. It was the first year-over-year increase in closed sales since the local housing market peaked in July 2007, and the largest number of closings in the county since October 2007.
"The positive movement in our real estate market year-over-year is really very encouraging," Ron Sparks, managing vice president of brokerage Coldwell Banker Bain, said in a prepared statement.
He and other real-estate agents attributed the increase in part to the new $8,000 tax credit for first-time homebuyers. One broker said they account for about 40 percent of the market now.
Condo sales in King County continued to lag, with closings last month 18 percent below the June 2008 number.
The median price of a single-family house sold in the county in June was $395,000, down 12 percent year-over-year. Real-estate professionals noted the median price is up slightly since January — but it increased between January and June of last year as well.
The median condo price was $249,000, down 16 percent from last June.
Pending sales of King County single-family homes — offers that have been accepted by sellers, but haven't yet closed — were up nearly 25 percent year-over-year, the third consecutive monthly increase.
But, until June, closed sales had continued to trail last year's numbers, prompting some to wonder if the pending-sales increase was illusory. Agents attributed much of the disparity between and closed sales to "short sales" — offers sellers accept for less than they owe on the property — that are notoriously slow to close, and often don't close at all.
In Snohomish County, pending sales of single-family homes in June were up 37 percent year-over-year, and closed sales were nearly even. The median selling price was $307,000, down nearly 12 percent from June 2008.
Single-family home sales in King County in June surged to their highest level in nearly two years, according to statistics released today by the Northwest Multiple Listing Service.
A total of 1,655 houses closed last month, up 4 percent from the same month in 2008. It was the first year-over-year increase in closed sales since the local housing market peaked in July 2007, and the largest number of closings in the county since October 2007.
"The positive movement in our real estate market year-over-year is really very encouraging," Ron Sparks, managing vice president of brokerage Coldwell Banker Bain, said in a prepared statement.
He and other real-estate agents attributed the increase in part to the new $8,000 tax credit for first-time homebuyers. One broker said they account for about 40 percent of the market now.
Condo sales in King County continued to lag, with closings last month 18 percent below the June 2008 number.
The median price of a single-family house sold in the county in June was $395,000, down 12 percent year-over-year. Real-estate professionals noted the median price is up slightly since January — but it increased between January and June of last year as well.
The median condo price was $249,000, down 16 percent from last June.
Pending sales of King County single-family homes — offers that have been accepted by sellers, but haven't yet closed — were up nearly 25 percent year-over-year, the third consecutive monthly increase.
But, until June, closed sales had continued to trail last year's numbers, prompting some to wonder if the pending-sales increase was illusory. Agents attributed much of the disparity between and closed sales to "short sales" — offers sellers accept for less than they owe on the property — that are notoriously slow to close, and often don't close at all.
In Snohomish County, pending sales of single-family homes in June were up 37 percent year-over-year, and closed sales were nearly even. The median selling price was $307,000, down nearly 12 percent from June 2008.
Tuesday, June 23, 2009
Home sales stabilizing; weak recovery seen
By ALAN ZIBEL
AP Real Estate Writer
Nationwide home sales may have finally hit bottom, new data shows, but a host of thorny problems are hindering any recovery.
Sales of previously occupied homes rose by 2.4 percent from April to May - the third monthly increase this year - but the results missed analysts' expectations.
Home sellers are still competing against a growing number of bargain-priced foreclosures, buyers are paying higher mortgage rates and new rules for property appraisers are delaying or scuttling many deals.
"We have just been flooded with e-mails, telephone calls on the appraisal problems," said Lawrence Yun, the Realtors' chief economist.
The National Association of Realtors said Tuesday that home sales rose to a seasonally adjusted annual pace of 4.77 million, up from a downwardly revised rate of 4.66 million in April.
About one in three homes sold last month was a foreclosure or distressed sale, dragging down the median price to $173,000 - 16.8 percent below a year ago.
The size of the price drop, however, reflects a crush of first-time buyers and investors snapping up bargain-priced homes. A government home price index also released Tuesday showed home prices were flat between March and April. That index, however, only measures the values of homes with government-backed loans, so it underestimates the weakness at the top end of the market and doesn't include many foreclosures.
Marlene Rossi had to shaved 26 percent off her original listing price of $719,000 to sell her four-bedroom colonial in Congers, N.Y., on the west side of the Hudson River. She first listed the house in September 2007, thinking it would take only six months to sell. She finally accepted an offer this month for $530,000.
Rossi, 59, and her husband now have to rethink their retirement plans. Rossi is a nanny and her husband works in a golf pro shop and also as an umpire for baseball games.
Instead of being able to buy a condominium without a mortgage, she said, "we will only be able to put a down payment on it and we will still have to work."
The bursting of the housing bubble helped push the U.S. economy into the worst financial crisis in seven decades. Now the economy is hobbling the recovery of the real estate market.
Corporate layoffs are forcing more cash-strapped homeowners to miss their monthly mortgage payments. Unemployment, currently at 9.4 percent, isn't expected to peak until mid-2010 and foreclosures should crest about six months after.
"We're in the bottom of the seventh-inning" of the housing crisis, said Mark Zandi, chief
economist at Moody's Economy.com.
But there's still a risk the housing bust could go into extra innings.
Interest rates, for example, have climbed back from their all-time lows this spring. The average rate on a 30-year, fixed-rate mortgage was 5.38 percent last week, according to Freddie Mac.
Mindful of the negative trends, Patrick Newport, an economist with IHS Global insight, says home sales could fall another 9 percent from last month's levels. "Things are going to get a little bit worse," he said.
Nevertheless, there are other signs the market is turning around. The number of unsold homes fell 3.5 percent in May. That means there's a 9.6 month supply at the current sales pace, compared with 6 months or fewer in a normal market.
The inventory figures, however, don't reflect the large number of houses being held off the market by owners who are reluctant to sell while prices are falling.
Meanwhile, another complication has emerged in recent months: New rules designed to tackle conflicts of interests in the property appraisal process have caused many transactions to fall apart or be delayed.
Responding to widespread complaints about inflated appraisals during the real estate boom, New York Attorney General Cuomo reached a pact last year with mortgage companies Fannie Mae and Freddie Mac on a new code of conduct for the industry.
Since the rules took effect May 1, real estate agents and mortgage brokers say a number of appraisals are coming in surprisingly low. And now the National Association of Realtors is pressing regulators to put an 18-month hold on the code, arguing in a letter Monday to regulators that it the code is "hampering the housing market's recovery."
Chris Heller, agent-owner of Keller Williams Realty in northern San Diego, estimated that in recent weeks problems with the appraisal process have caused about a third of his transactions to fall apart.
While the new rules are not ideal, appraisers are not to blame for a market where prices are falling rapidly, said Bill Garber, director of governmental relations at the Appraisal Institute. He defended the industry, saying, "The appraisers only report what's going on in the market."
AP Real Estate Writer
Nationwide home sales may have finally hit bottom, new data shows, but a host of thorny problems are hindering any recovery.
Sales of previously occupied homes rose by 2.4 percent from April to May - the third monthly increase this year - but the results missed analysts' expectations.
Home sellers are still competing against a growing number of bargain-priced foreclosures, buyers are paying higher mortgage rates and new rules for property appraisers are delaying or scuttling many deals.
"We have just been flooded with e-mails, telephone calls on the appraisal problems," said Lawrence Yun, the Realtors' chief economist.
The National Association of Realtors said Tuesday that home sales rose to a seasonally adjusted annual pace of 4.77 million, up from a downwardly revised rate of 4.66 million in April.
About one in three homes sold last month was a foreclosure or distressed sale, dragging down the median price to $173,000 - 16.8 percent below a year ago.
The size of the price drop, however, reflects a crush of first-time buyers and investors snapping up bargain-priced homes. A government home price index also released Tuesday showed home prices were flat between March and April. That index, however, only measures the values of homes with government-backed loans, so it underestimates the weakness at the top end of the market and doesn't include many foreclosures.
Marlene Rossi had to shaved 26 percent off her original listing price of $719,000 to sell her four-bedroom colonial in Congers, N.Y., on the west side of the Hudson River. She first listed the house in September 2007, thinking it would take only six months to sell. She finally accepted an offer this month for $530,000.
Rossi, 59, and her husband now have to rethink their retirement plans. Rossi is a nanny and her husband works in a golf pro shop and also as an umpire for baseball games.
Instead of being able to buy a condominium without a mortgage, she said, "we will only be able to put a down payment on it and we will still have to work."
The bursting of the housing bubble helped push the U.S. economy into the worst financial crisis in seven decades. Now the economy is hobbling the recovery of the real estate market.
Corporate layoffs are forcing more cash-strapped homeowners to miss their monthly mortgage payments. Unemployment, currently at 9.4 percent, isn't expected to peak until mid-2010 and foreclosures should crest about six months after.
"We're in the bottom of the seventh-inning" of the housing crisis, said Mark Zandi, chief
economist at Moody's Economy.com.
But there's still a risk the housing bust could go into extra innings.
Interest rates, for example, have climbed back from their all-time lows this spring. The average rate on a 30-year, fixed-rate mortgage was 5.38 percent last week, according to Freddie Mac.
Mindful of the negative trends, Patrick Newport, an economist with IHS Global insight, says home sales could fall another 9 percent from last month's levels. "Things are going to get a little bit worse," he said.
Nevertheless, there are other signs the market is turning around. The number of unsold homes fell 3.5 percent in May. That means there's a 9.6 month supply at the current sales pace, compared with 6 months or fewer in a normal market.
The inventory figures, however, don't reflect the large number of houses being held off the market by owners who are reluctant to sell while prices are falling.
Meanwhile, another complication has emerged in recent months: New rules designed to tackle conflicts of interests in the property appraisal process have caused many transactions to fall apart or be delayed.
Responding to widespread complaints about inflated appraisals during the real estate boom, New York Attorney General Cuomo reached a pact last year with mortgage companies Fannie Mae and Freddie Mac on a new code of conduct for the industry.
Since the rules took effect May 1, real estate agents and mortgage brokers say a number of appraisals are coming in surprisingly low. And now the National Association of Realtors is pressing regulators to put an 18-month hold on the code, arguing in a letter Monday to regulators that it the code is "hampering the housing market's recovery."
Chris Heller, agent-owner of Keller Williams Realty in northern San Diego, estimated that in recent weeks problems with the appraisal process have caused about a third of his transactions to fall apart.
While the new rules are not ideal, appraisers are not to blame for a market where prices are falling rapidly, said Bill Garber, director of governmental relations at the Appraisal Institute. He defended the industry, saying, "The appraisers only report what's going on in the market."
Sunday, June 21, 2009
Are Zillow Estimates Accurate?
Earlier today a dear friend on Facebook sent me the following message:
---------------
Hi Stacey,
I became your fan this morning! That's just a formality--I was already your fan of course.
Not sure where your discussion board is to ask this question, so I hope you don't mind an email question instead:
Do zillow.com house valuations tend to be accurate?
Thanks in advance,
Roberta
---------------
I just thought I'd post it here on my blog in case anyone else is curious about Zillow.
Zillow has been a great resource over the last few years for both buyers and sellers allowing them to search for homes, post questions, and utilize what is probably the most commonly used tool on their website a "Zestimate". This tool allows people to input a property address and have a number come up that provides them with estimated value.
So often in my industry I have clients tell me -- "I found my home on Zillow and they are telling me my home is worth XYZ", and although Zillow can get close, it is pulling data from nearby/recent sales and tax records. It bases the numbers on comparable square foot, lot size, location and bedrooms. However, be aware that if you are trying to determine the real value of your home have a licensed Real Agent put together a CMA (Comparable Market Analysis) for you. There analysis will take into consideration the overall state of a property (great condition or completely torn up inside), often times tax records may not appropriately reflect square footage or bedrooms if improvements were made or lot line adjustments were done, if nereby sales included short sales or foreclosures which do affect a property's value, and also it does not calculate any improvements you've done to your home, unless you've gone in to manually enter them into Zillow.
Overall, it might get you in a range, but in the end if you really want to know -- give me a call and I will meet you to prepare a CMA for your home with no obligation!
Roberta, I hope this answers your question :-)
---------
http://www.mapquest.com/maps?city=Woodinville&state=WA
---------------
Hi Stacey,
I became your fan this morning! That's just a formality--I was already your fan of course.
Not sure where your discussion board is to ask this question, so I hope you don't mind an email question instead:
Do zillow.com house valuations tend to be accurate?
Thanks in advance,
Roberta
---------------
I just thought I'd post it here on my blog in case anyone else is curious about Zillow.
Zillow has been a great resource over the last few years for both buyers and sellers allowing them to search for homes, post questions, and utilize what is probably the most commonly used tool on their website a "Zestimate". This tool allows people to input a property address and have a number come up that provides them with estimated value.
So often in my industry I have clients tell me -- "I found my home on Zillow and they are telling me my home is worth XYZ", and although Zillow can get close, it is pulling data from nearby/recent sales and tax records. It bases the numbers on comparable square foot, lot size, location and bedrooms. However, be aware that if you are trying to determine the real value of your home have a licensed Real Agent put together a CMA (Comparable Market Analysis) for you. There analysis will take into consideration the overall state of a property (great condition or completely torn up inside), often times tax records may not appropriately reflect square footage or bedrooms if improvements were made or lot line adjustments were done, if nereby sales included short sales or foreclosures which do affect a property's value, and also it does not calculate any improvements you've done to your home, unless you've gone in to manually enter them into Zillow.
Overall, it might get you in a range, but in the end if you really want to know -- give me a call and I will meet you to prepare a CMA for your home with no obligation!
Roberta, I hope this answers your question :-)
---------
http://www.mapquest.com/maps?city=Woodinville&state=WA
Wednesday, April 29, 2009
Saturday, February 7, 2009
Enjoy the Finer Things in Life... Luxury NEW Home $2,595,000
Monday, December 1, 2008
The KEY Team - Marketing Portfolio
To better allow potential clients an opportunity to view samples of marketing pieces that can be created to assist with the sale of their home when we work with them. I have created a marketing portfolio that will continue to be improved, but this is certainly a great start -- Check it out!
Click Here to View Our Marketing Portfolio
Click Here to View Our Marketing Portfolio
Saturday, November 8, 2008
Do you need a Real Estate Agent who speaks Turkish?
With the wonderful addition to The KEY Team your Real Estate needs here in the Seattle/Redmond area can be met!
Sami Akyel, Licensed Real Estate Agent
Fluent in Turkish
Direct: 206.953.7777
Saturday, November 1, 2008
Tuesday, October 14, 2008
Sunday, September 28, 2008
Saturday, August 16, 2008
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