Blog Probes Real Estate Models

www.REALonomics.net is a blog that is asking serious questions about where the real estate industry is going. More specifically, REALonomics poses challenges to the broker/owners to adopt models that will allow their organizations to become more transparent.

REALonomics.net advocates that the industry open up the property information portals to consumers and upgrade its approach to how it is interacting with the consumer by implementing more social networking such as www.CityBlogUSA.com, a community blogging network for every city in the USA.

Visit www.REALonomics.net.

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Current Listings

6310 Preston Rd.

Darling ranch home in quiet country neighborhood…large kitchen, brkft room & den. Wood burning FP Lg Bds + almost 3/4 acre lot with storge building and lots of room to garden. Just mins from GSO & Burlington.**$1500 in carpet & paint allo w/acc offer**

6019 Fred East Ln.

THIS HOME IS A GEM!! Nestled in Hunting Lodge Estates, you won’t want to miss this 1! 4BD/3BA + Bonus (Could be 5th Bd!). ML Mstr, SS counters, part. fenced bkyd, acre lot. Lots of upgrades & low county taxes.

113 Cale Dr.

Custom ranch Convenient to 40, 85 & 70. ENJOY nearby Springwood Park!! One level living w/ split bedroom plan. Hdwd floors in den, dining, and foyer. Cathedral ceiling in Den. Seller providing 1 yr First American Warr & $2,000 in CC w/ accpt offer.

3716 Pemberton Way

HONEY STOP THE CAR!! This is the one! Splendid home with room to grow! rocking chair front porch in charming nghbrhd on cul-de-sac. Lg bedrooms, kit overlooking Fam Rm, recently painted inside & out and profess inspected. READY FOR YOU TO MOVE INTO!!

205 Heritage Creek

$3000 for CC or Down pmt or reduction in price!!YOUR CHOICE!!HURRY, HURRY- FIRST COME, FIRST SERVE!*** ML Master! Huge Great room opens to kitchen w/island. Hdwds ON MOST OF ML, huge BDs upstairs, gas log FP, MOVE IN COND!!

4121 Olympia

Great investment home or fixer upper. 3BR 1 and a half Bath. Sold “AS-IS”.

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The Truth about Appraisals

Knowing the Guidelines Solves the Mystery

The appraisal process often baffles consumers. They may feel that their home is worth a higher dollar amount, and so the appraised value doesn’t always make sense to them. It is important to know that the appraiser is completely independent from lenders, buyers, sellers, and Real Estate Agents, and that the guidelines to which they adhere are dictated by the Uniform Standards of Professional Appraisal Practice (USPAP) and Fannie Mae. In most states, the mortgage lenders must also disclose the purpose of the appraisal, as each transaction carries its own set of rules.

In essence, these important guidelines help appraisers put a fair market value on homes based on comparable sales in the same area, and the home must be comparable in size and value.

For example, there is no set dollar figure associated with a great view, pool, spa, bathroom upgrades, etc. If a homeowner installs a custom pool that cost them $30,000, but the local marketplace supports the value of a pool at $15,000, then that item will be bracketed as [$15,000] on the appraisal.

Upgrades can usually be expressed at a higher percentage of their value in newer homes because the only way to obtain those upgrades was to put more money into the cost of building the home. On the other hand, the upgrading or remodeling of an older home is rarely reflected in full in the final appraisal. This is because typically 25-40% of the project involves demolition and the fixing of issues that aren’t uncovered until the project has already begun, such as plumbing or wiring that may need to be updated to code.

Ultimately, the value of the upgrades must be supported by comparable examples within the same marketplace. These comparisons must be drawn from current market activity within the last six months. This is a safeguard to prevent appraisers from attaching too high a value to the home in question, and opening up the appraisal for review. This guideline further states that appraisers can only base their opinion on the value of homes that have actually closed.

Knowing these few simple facts can help eliminate some of the “stress” sellers feel when discussing with their Real Estate agent what is a good asking price to set their home at. The whole goal is to get your home sold for the best price in the shortest amount of time and that is one way your agent can help you. Make sure when you choose an agent, they provide you with a CMA (Comparative Market Analysis) and can explain to you how they arrived at the price range.

As your Real Estate professional, I make a point to refer my clients to a lender who follows the appropriate guidelines at all times. This promotes a good relationship between the lender, the agent and the client and helps to create an easier and much smoother closing. For more information, you can reach Scott & Tammy Shubert at New Garden Mortgage at 336-547-6527.

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Condos in Town?

Are there any condo projects in Greensboro, North Carolina and are there any that are on golf courses? What is the condo price range? Are there any age restricted condo communities?

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Real Estate Companies

Greensboro has a lot of real estate companies. Which one is considered the best company according the Greensboro, North Carolina residents? Who are the best real estate agents in Greensboro, North Carolina? Historically, which company has been there the longest? Do any of the real estate companies also have title and mortgage companies?

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Foreclosures in Town?

Can anyone speak to the issue of foreclosures in Greensboro, North Carolina? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Greensboro?

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