When selling your home owners are told all the time to work on the “curb appeal” because it will help the home sell. I was asked recently how much painting the home added to its value, or for that matter any other cosmetic type improvement. It was a very good question but the answer I […]
What is the FHA rule for security bars?
June 10, 2014 By 28 Comments
I was asked recently by a real estate agent what the FHA rule for security bars was so I decided to share my answer with you in case you’re interested. Loans with FHA financing are more restrictive and can potentially cause problems with the appraisal which can delay the closing. I’m going to review the […]
How do appraisers determine if there is an oversupply or shortage of homes?
April 30, 2014 By 2 Comments
Talk is that there is starting to be a shortage of homes for sale in the real estate market, and in case you missed your basic economics course supply and demand play a big part in home prices. To refresh your memory: If the supply of a good (ie homes) is reduced, and the demand remains the same or increases then the price will most likely increase. If there really is a shortage of homes then home prices will probably be affected, so it is very important for the appraiser to be able to determine if there is a shortage or an oversupply of homes. I thought I would share with you how appraisers go about making this determination.
How do appraisers work in an appreciating market?
April 25, 2014 By Leave a Comment
I’ve been asked how appraisers account for value changes in an appreciating market, so I thought I would share with you how appraisers approach this situation. Some people believe that due to recent shortages in inventory that home values are starting to show appreciation, however I think that these occurrences are not widespread and do […]
Do I need a pre-listing appraisal even If I’m using a real estate agent?
April 3, 2014 By Leave a Comment
My best answer for this question is “It depends”. Some people think that just because they are using a real estate agent that they don’t need an appraisal, but this is just not true in every situation. I thought we could take a look at times when it would make sense to get an appraisal […]
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