Posts Tagged ‘Home’
May 7th, 2011 | 
Author: Where are home values going? Do real estate pros and economists have the inside scoop – and they just aren’t sharing? ………not quite.
A number of organizations compile and analyze data about housing values – often including projections about where prices are headed. To get the best possible information for use in real estate lending and investing, we’ve reviewed many of these reports. They generally belong to one of two major categories, each containing a critical flaw:
1) Realtors, Homebuilders, Mortgage Bankers and other “special interest” groups have their own full time economists. They produce data compilations and projections about home values and market activity.
Major flaw: It’s biased information. Those whose livelihood is directly
linked to the number of homes that sell have a vested interest in always predict-
ing a positive outlook for home values. During the most inflated home market
in our lifetimes, the 2006-2007 housing boom, the real estate brokerage industry’s
key economist indicated that the market was stable and that no downturn in prices
Advice doesn’t get any worse than that!
2) Legitimate research from economists, data providers, and governmental
bodies: This research tends to be from a wider range of sources. These providers are simply selling their research, (rather than influencing homebuyers) so they tend to give non-biased conclusions about the data.
Major flaw: The bulk of the data and analysis available from these providers consists of statistics for an entire county, city, or zip code, and not a specialized market area. Imagine your own zip code – if a number of lower priced homes happened to sell in a given period, the “average sales price” for your area would
be artificially low, failing to include more expensive homes that didn’t happen to sell.
For real estate lenders and investors, this doesn’t work. Given the importance of knowing where a market is going, we need accurate, unbiased information about what’s going in the specific neighborhoods in which we invest.
Finding a better way…
First, we went looking for reliable sources of information. We spoke to various
research providers in the real estate industry, executives at real estate and
mortgage companies, and to several appraisal firms. We were unable to find a
reliable source of research and analysis that addressed our concerns.
Then, working with our own staff, we defined what information we needed and
what the problems with available data were.
As a result of our research, we realized that we needed specific information
about homes in different markets, with the ability to spot trends in smaller
We had to develop our own
system. We did. – a proprietary system for data gathering, data analysis, and
value tracking.
The system consists of six key components;
1) First, we identified seventeen California homes and townhomes that
represented a cross section of the types of properties we make loans on -
homes ranging in size from 750 to 3,600 square feet, with market values
from ,000 to 0,000, and in areas ranging from inner city to suburban to outlying areas.
2) We documented all of the key information such as square footage, lot size, age, amenities, and similarity to other homes in the area. We always make the assumption that the property is in average condition, comparable to the other homes selling in the same market area.
3) We carefully re-appraise that same home every six months, (and sometimes more often, as necessary) completely starting from scratch, researching homes that have recently sold in the market, as well as similar homes listed for sale.
4) We then analyze the data, noting specific changes in the value of the home.
After determining if the home’s value has increased, declined, or remained stable, we start to research other data available on the neighborhood, the immediate market area, the zip code, the city and the county. Often, the specifics of a 0,000 home in a neighborhood may indicate no change in value, while the statistics relating to 0,000 homes in that same market tell a very different story. We often find large differences between our findings and the general statistics available about the same zip code or city.
5) We then research the surrounding local economy and changes occurring in the local city of county, etc. We study the reasons for any decline or increase in value that may be different from the available data about trends in the larger market area. This part of the process is critical. Understanding the “pocket areas” and smaller sub-markets that completely escape most commonly available research can help avoid making a “bad” loan or bad investment decision.
6) When we receive a loan request or evaluate an investment opportunity, we’re often provided with a property appraisal. We almost always re-appraise the property ourselves, or order an appraisal from an appraiser that we trust. As part of our review of appraisals, we use our value research. It’s unsettling to realize that most appraisers are generally unaware of this type of research and analysis in evaluating property.
This represents a lot of additional work – but does a tremendous amount for the lending and investing process. Many smaller areas, within larger cities or zip codes are increasing or decreasing in value, but not in the same direction as the zip code or city statistics show – all information unavailable from the special interest groups.
The risk imposed by property value fluctuation requires close attention,
careful research, and study. While we don’t have all the answers, this
approach to valuation improves the quality of investment and lending
decisions while reducing risk in the process.
We all have a dream space that we would wish to relax in, one that can speak for itself, and can speak for us as well. On the other hand, getting involved with home interior design may seem like an intimidating task to a number of people. The idea is merely to set your creativity free and permit all the intellectual blocks to melt away so that you can come up with a plan which you are most at ease with. Whether you are seeking for plain old relaxation, or out to create a bold statement, permit your space to bring out your attitude by planning its layout in a related manner.
The first thing you need to do is to measure your space and graph out the basic plan of the space on a graphing paper, supposing each graphing square is equivalent to a foot. Include all the openings in the space such as the windows and doors, and note down the measurements beside every opening and wall on the diagram. Make sure that the diagram which you have made is orderly. Make a lot of copies of your blank layout. You can also try to design a space online with the various home interior design websites available these days for this function.
While deciding your home interior design space layout, consider all the fixtures you wish to put in it. Nightstands and beds are fundamental to a master bedroom. You can also place a TV with a closet at a viewing range from your bed. A love seat could perhaps be accommodated in the space. It all relies on your personal necessities. If it is a teen’s space, perhaps one nightstand and a single bed would be fundamental. And, a computer desk may be needed. If the teen plays an instrument such as the piano, you may require space to include it. If the teen is a keen reader, a fixture to store all his books may require some space in the room. The important thing to remember is to first make way for the basic necessities. List down these necessities before you begin putting the fixtures in the plan.
Measure all the items which you want to put in the space. Then, begin putting the fixtures in various positions in the blank layout. This is why you need a lot of copies of your blank layout, in order for you to make various placement alternatives which can help you settle on one that is most preferable for you. On the other hand, when you make a home interior design layout, you have to bear in mind the following:
* Leave at least 30″ surrounding any fixture item for clear passageway.
* Do not put any fixture item too near to any doorway because this may block the opening and passage of the door.
* Make sure that there is enough lighting in each part of the space. There must not be any dark and dim corners anywhere.
The home buyer profile keeps changing over time along with the shifting dynamics of American demographics. Today’s home buyer is very much different from yesterdays. This article throws light on the typical home buyer of today based on CNNMoney.com latest synopsis of the average home buyer of 2007.
According to the National Association of Realtors (NAR), the biggest group among home buyers is married couples who account for 61 % of all home purchases made. Another growing trend in the recent years is the increase in the percentage of homes bought by single women. As of 2007, single women account for 22 % of all home purchased, which is about 1 in every 5 homes. Single men lag behind when compared to single women accounting only for 9 % of homes purchased.
This spurt in the percentage of women buyers, especially single women, is attributed to two major factors – the increase in the number of single women than ever before and the rise in their financial independence. Based on a recent analysis of the Census Bureau data by The New York Times, 51 % of American adult women have been found to be single.
Women’s growing economic power and independence has augmented with their growing education. Today, the percentage of women who are college graduates is 57 %. Women have also been found to possess higher education degrees than men.
According to Pat Vredevoogd Combs, the president of the NAR, American women are more confident and financially savvy than ever before. This, along with the availability of unconventional mortgage products such as small cash-down loans for fresh graduates and divorcees are helping women achieve homeownership in shorter periods of time.
Another significant group of home owners are minority home owners who account for 30 % of all homes purchased. According to Vredevoogd, during the last decade through 2005, African-American home owners have grown from 44 % to 48 %, while Hispanic home owners have grown from 43 % to 49 % and Asian home owners from 51 % to 60 %, contributing largely towards 75 % of the nation’s homeownership.
Another emerging segment of home buyers today are overseas buyers who are increasingly investing in U. S. second homes (mostly vacation homes). In 2005 alone, buyers from foreign countries are accounted for home purchases worth billion in the U.S., according to Janet Branton, Vice President of business specialties, NAR. Of these, the largest number is from Germany accounting for 13 % of overseas buyers, followed by Latin American (13 %), Japan (10 %), the United Kingdom (10 %) and Australia (1 %).
Before you decide to sell your treasured piece of Edmonton Real Estate, save yourself both time and money and increase your home’s value with these simple and easy steps! Edmonton homes for sale can significantly increase their marketability when pride of ownership becomes priority number one.
Remove Clutter. ALL CLUTTER. The more you simplify each room, the better your buyer can envision their furniture and style in your home. Take your trinkets, figurines, and knick-knacks, and store them in a box.
Keep the décor simple. Think of your home as a hotel. Keep the basic furniture, and add a few matching accents. Remove your individual personal style. Make your home feel clean, fresh and contemporary with a style that’s appealing to anyone.
Check over your home with a fine-tooth comb. Chances are, you may not notice damage or problems that a new buyer would. Be critical, and don’t give your buyer a reason to lose interest.
Make the necessary repairs that need to be completed without renovating. A fresh coat of paint is often enough to update the rooms in your home. Remember to choose natural tones, as these are the most complimentary and flattering for all furniture and styles. Say goodbye to your outdated pink, floral wallpapered or faux finish walls!
Make your home inviting. Light scented candles, check all your light bulbs and replace as necessary, and ensure your home is odour & smoke-free. Show that you care about your home’s appearance. During a showing, turn on lamps for extra lighting and shine.
Your home should sparkle! Clean your house and keep it that way. Make your home ready for a showing any day of the week. Yes, people will be critical when it comes to cleanliness, so don’t disappoint in this area. Scrub your shower, clean your fridge, steam your carpets, poop & scoop and freshen that litter box!
Most Edmonton homes for sale are sold with the appliances included, as an incentive for homebuyers. Ensure all appliances are in working order. Especially if you are selling them with the house. No one wants to pay for a dishwasher repair as soon as they move in.
Clean parts of your home you normally don’t pay attention to. Dust windowsills, organize the garage, scrub windows inside and out, paint the eaves trough, remove marks from walls, weed the cracks in your driveway…make your house immaculate inside and out.
Make the exterior as inviting as the interior. Outdoors: plant flowers and shrubs, seed and water your grass, add a patio set, add outdoor lighting and paint your mailbox. Indoors: decorate with fresh flowers, make rooms feel cozy and complete with proper drapery, rugs, books and matching accessories.
Pay attention to details. Clean up cobwebs, organize everything down to your linen closet and laundry room, remove family photos (max. of 2 small), protect your valuables, clean your furnace ducts and make everything perfect. Make sure home buyers fall in love with your home by leaving no stone unturned. It’ll be worth it!
Once you’re done, don’t be surprised if you love your home more than you ever have. Looks attractive, clean and stylish right? If you’re impressed, buyers will be too! Showcase your Edmonton Real Estate property with pride, and increase your home’s value and salability.
© 2010 Mel Simmons
Every wall of your house has a story to tell. The wall decor boasts about your taste and makes a style statement to everyone who pays a visit to your place. The way we stylize and decorate our home can make a lasting impression. This makes it important for you to concentrate on home decor art for your house as it portrays your uniqueness and knowledge about art.
We all wish to have everything perfect for the place we love so much. Our home is very special and when we put in so much effort in building it then why stay behind in decorating it the best. Home decor art is the first priority we should have after settling on the major furniture selection for the house. Before buying any piece of home decor art keep these four factors in mind. The art decor selection greatly depends on your style, the interiors of your house, on your personal art choice and finally the budget.
Different people have different choices. Some like antiques and unique pieces of art while others may like more of contemporary style. Same way some may like to choose real piece of art and go in detail to scrutinize the art values and others may buy home decor art for the sake of it, based on their likes and dislikes. There are varieties available for both the sections of people. In fact there many pieces of art which are designed to suit both your house decor as well as look artistic.
Personal preference has a great part to play on what kind of art do you choose to decorate your walls. Whatever style of art you choose fine arts or mosaic art, make sure it blends well with the rest of the room so as to increase the overall looks of the room tenfold.
Wall art is indispensable when it comes to home decor art. They are the most cost effective option for those looking for good items on minimal budget and offers myriad of options in designs, patterns and art work. Wall art, today, is printed and designed on various materials. Wood, metal and canvas have been the most popular medium of displaying true art. Selection of these wall art pieces again depend on the theme of your room. Also the kind material the wall art is made of, wood or metal, can add different element to the room.
At the end of the day, what ever home decor you choose, it is all about yourself. Never choose a piece of art for purely investment purpose. Let art be for art sake. Only then will you be able to do full justice to art as well as your interiors. It is not always necessary that the home decor art you choose should go exactly with the rest of the room – it can either be contrasting or complementing. Overall, color and composition is what’s more important.