Posts Tagged NAR
Assessed Value vs Market Value
Posted by Kathy Landstra in Home Buyers, Home Sellers, Real Estate on June 24, 2010
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Courtesy Billie Hara via Flickr |
In some cases there is much discussion, hand-wringing and consternation about the Assessed Value vs. Fair Market Value of a home during the selling/buying process. It’s interesting that sellers would want a low assessed value while living in the house (lower tax bills) but then would appreciate a higher assessed value when listing their home with me. Knowledgeable Real Estate Agents will always try to coach buyers and sellers to understand that the correlation between Assessed Value and Fair Market Value is very loose – at best. To help explain and offer further insight, you may find this article about Assessed Value vs Fair Market Value from a REALTOR in Massachesetts interesting. |
Housing market diagnosis: Bipolar
Posted by Kathy Landstra in Home Buyers, Home Sellers, Real Estate on May 17, 2010
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At least, that’s what CNNMoney.com has to say in their recently published article. With the Federal Tax Credit for home buyers behind us the big question is: What happens to homes sales in the coming months. According to the article “Bipolar” is an apt desciption for the most recent predictions. “On one hand, sales and prices are rising, indicating recovery. On the other hand, so are interest rates and repossessions, which most certainly do not.” The good news is that while we do see some of the foreclosures/repossessions here in northeast Cincinnati, our marketplace is not overcrowded by the national trends in these areas (i.e., repo’s). The numbers show that our local area has been somewhat insulated from the national scene, but we have not been wholly immune. In other words, do we face challenges? Yes. Are there still great opportunities for home buyers and home sellers here in our metorpolitan area? Yes. |
1st Qtr Home Price Growth Rates
Posted by Kathy Landstra in Real Estate Data on May 12, 2010
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The National Association of REALTORS® released information about the growth rates in home prices for the first quarter of 2010 compared to the first quarter of 2010. The Top 10 States (highest home price growth rate) are shown in the chart to the left. Ohio was listed as 39th with a statewide year-over-year home price growth rate of 5.5%. You can access the complete report from the National Association of REALTORS® Press Release. |
New DIY Management site from NAR
Posted by Kathy Landstra in General Info on February 19, 2010
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The National Association of REALTORS® has opened their new Do-It-Yourself site, houselogic.com. According to the houselogic.com home page: “HouseLogic is a free source of information and tools that can help you make smart and timely decisions about your home. With content covering home improvement, maintenance, taxes, finance, insurance, and even ways you can get involved in and enrich your community, HouseLogic can help you increase and protect the value of your home by helping you make confident decisions.” The site looks like it could be really useful for planning and for project ideas. If you’re the DIY-type, or if you’re looking for maintenance or home improvement ideas, it’s worth taking a trip over to houselogic.com. |
NAR Latest Housing Report
Posted by Kathy Landstra in Real Estate Data on January 26, 2010
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Volume was down in December from a tax-credit-incented November, but volume was up compared to December 2008. Existing Home pricing was slightly higher. Selected excerpts from the latest existing homes report from the National Association of REALTORS®:
You can access the complete report from NAR by following this link to their site. |
Pending Homes Sales for November 2009
Posted by Kathy Landstra in Real Estate Data on January 5, 2010
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The National Assoication of REALTORS® released the Pending Home Sales Index (“PHSI”) for the month of November. As you can see from the graphic on the left, the index fell dramatically after a surge in home sales earlier in the fall. However, as is noted by the NAR, the figure of 96.0 was 15.5% higher than the year earlier, November 2008, figure of 83.1 This data clearly shows the effects of the buyer tax credits, which were originally set to expire in November 2008. The tax credits have been extended (contract in place by April 30th and closing by June 30th), so we should see another run-up in selling activity this spring. If you’re a seller, or considering selling, now would be a good time to list your home with a REALTOR® so you can leverage the tax-incented buying activity this spring. You can find more information about November’s PHSI at these links: |
What is a Home Warranty?
A home warranty is a service contract, normally for one year, which helps protect home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Coverage is for systems and appliances in good working order at the start of the contract.
What is a Short Sale?
If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure.
