There is some good news: Mortgage rates remain at their lowest point in nearly 60 years, and prices are settling in several markets. Real estate is becoming more affordable and needs-based instead of speculator-driven, making a home primarily a shelter once more.
Meanwhile, some see another year of value declines in 2011, perhaps up to 7 percent. Several more waves of adjustable-rate mortgages are set to ratchet upward for homeowners in 2011. "Strategic defaulters" are surrendering their upside-down loans as a financial strategy, not because of extenuating circumstances. And unemployment remains stubbornly high.
Yet, people still move up and still move down -- buying and selling homes to meet those ends. For them, here they are:
Sellers: Redefine "market value"
If your home has been on the market far too long, there's a good chance you're not facing market realities. The value of your home isn't what the tax assessor says it is, or the sum on that two-year-old appraisal you have filed away. It's not what a similar-size home that sold across town. It's what a buyer is willing to pay today. To arrive at that sum, the sales prices of foreclosures and short sales must be factored into the equation, along with the average value of seller concessions in your submarket. These factors are advanced by the Federal Housing Finance Agency, or FHFA, in its appraiser code-of-conduct revisions to ensure more accurate documentation of market conditions. If your agent tells you that you're overpricing your house, he or she may not just be trying to grease the wheels for a quick commish, as you might suspect.
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
There is some good news: Mortgage rates remain at their lowest point in nearly 60 years, and prices are settling in several markets. Real estate is becoming more affordable and needs-based instead of speculator-driven, making a home primarily a shelter once more.
Meanwhile, some see another year of value declines in 2011, perhaps up to 7 percent. Several more waves of adjustable-rate mortgages are set to ratchet upward for homeowners in 2011. "Strategic defaulters" are surrendering their upside-down loans as a financial strategy, not because of extenuating circumstances. And unemployment remains stubbornly high.
Yet, people still move up and still move down -- buying and selling homes to meet those ends. For them, here they are:
Sellers: Redefine "market value"
If your home has been on the market far too long, there's a good chance you're not facing market realities. The value of your home isn't what the tax assessor says it is, or the sum on that two-year-old appraisal you have filed away. It's not what a similar-size home that sold across town. It's what a buyer is willing to pay today. To arrive at that sum, the sales prices of foreclosures and short sales must be factored into the equation, along with the average value of seller concessions in your submarket. These factors are advanced by the Federal Housing Finance Agency, or FHFA, in its appraiser code-of-conduct revisions to ensure more accurate documentation of market conditions. If your agent tells you that you're overpricing your house, he or she may not just be trying to grease the wheels for a quick commish, as you might suspect.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125