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Tuesday, 27 July 2010
With real estate markets so rapidly changing, it's easy to imagine how property appraisers might sit in a darkened room, waving their hands over a crystal ball, and producing the mysterious and all-powerful document of a home's value. Let's dispel the notion of magic wands and look more carefully at the process.
When comparing your home against similar properties, it's not just the final price that counts. Appraisers also may factor in any "incentives" offered, such as seller paid closing costs.
One of the factors that lenders review in an appraisal is the closing dates for the "comparables" (other homes by which yours is measured.) Unfortunately, with today's stricter lending requirements, most "comps" must have sold within the last 60 or 90 days to carry weight. Markets change so quickly that any sale price over a few months old may be completely irrelevant.
Now a few words about how foreclosures in a neighborhood affect the determination of value. Technically, appraisers shouldn't consider them, because they don't fit the Appraisal Institute's definition of "a property reasonably exposed in a competitive market." However, if several area homes have been abandoned, we know the negative effect that can have on a home's "perceived" value to buyers.
If you're planning to sell, express your concerns about the appraisal process to your representative, who will offer explanations and suggestions for improving your report's results.
Wednesday, 14 July 2010
While not a very common problem, if you've got it, it can have a negative impact on your listing: The Messy Neighbor. If you live next door to a "neglected" property, you might lose up to 20% of your home's market value, particularly with buyers looking for any excuse to reduce their offer.
If you live near an eyesore, it's well worth your time and effort to resolve this situation amicably. Always be respectful and don't let you emotions get the best of you.
Unless you believe your neighbor is "unhinged," you should begin with a visit to their home and a positive attitude - no name-calling or finger-pointing. Don't grab everyone on the block and gang up on your neighbor - you'll get better results if you go alone or with one other person.
If you find that your messy neighbor is unwilling or unable to take care of their maintenance, it may be in your best interest to do the work yourself or with the help of other neighbors. No, it's not fair, but if you want a better sales price, this may be your only option.
As a last resort, you could file a complaint with your property owners' association or city government. You could be referred to a mediator who may help settle your problem. Do what ever you need to do to erase the negative impact it will have on your home's sale. It will make your whole neighborhood a better place.
Friday, 09 July 2010
Real Estate for sale in Piqua area
Homes for sale in Piqua, Ohio area
1494 Leonard, Covington, 4 bed, 1 bath, $69,900
408 Brentwood, Piqua, 3 bed, 1 bath, $80,000
2465 Rusk, Troy, 5 bed, 3 bath, $325,000
1011 Plymouth, Piqua, 4 bed, 2 bath, $85,000
130 Ludlow, Covington, 5 bed, 3.5 bath $230,000
1045 Mayfield, Troy, 3 bed, 1 bath $65,000
307 E Walnut, Covington, 3 bed. 1.5 bath, $40,000
615 Willowpoint, Troy, 3 bed, 2 bath, $160,000
1713 South, Piqua, 4 bed, 2 bath, $55,000
1422 Mulberrry, Piqua, 4 bed, 2 bath, $95,000
321 Brentwood, Piqua, 3 bed, 1 bath, $78,000
1706 Dubois, Piqua, 3 bed, 1.5 bath, $97,000
1380 Park, Piqua, 2 bed, 1 bath, $90,000
For more information on these homes or any homes in Miami or Shelby counties, contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
Friday, 09 July 2010
Recent Piqua Area Real Estate Sales 7/1 to 7/31/10
The local Multiple Listing Service lists these Piqua homes as sold with real estate agents.
19 Osprey, Piqua, 6 bed, 3 bath, original list price $235,000, list price at sale $219,900, sale price $210,000, 304 days on market
1029 Madison, Piqua, 3 bed, 1 bath, list price $42,000, sale price $40,000, 32 days on market
9705 Augusta, Piqua, 3 beb, 3 bath, list price $170,000, sale price $174,000, 5 days on market
106 Blackwell, Piqua, 3 bed, 2 bath, list price $174,900, sale price $165,000, 87 days on market
903 Blaine, Piqua, 3 bed, 1 bath, original list price $86,000, list price at sale $79,000, sale price $76,000, 163 days on market
720 N Downing, Piqua, 5 bed, 2 bath, original list price $102,900, list price at sale $72,900, sale price $69,900, 359 days on market
405 Pinewood, Piqua, 3 bed, 1 bath, list price $75,000, sale price $70,000, 93 days on market
Keep in mind that the seller may have paid for the buyer's closing costs which reflect in the sales price. For more information on these homes or any homes in Miami or Shelby Counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
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