All Posts Tagged With: "value"
Can This Be? Home Prices Are up?
I wouldn’t take this as the last word, but the Federal Housing Finance Agency (FHFA) is reporting that home values nationwide rose in .7 percent from January to February. “U.S. home prices rose 0.7 percent on a seasonally-adjusted basis from January to February, according to the Federal Housing Finance Agency’s monthly House Price Index. January’s [...]
23Apr2009 | Peter G. Miller | 2 comments | Continued
How Much Will Home Values Increase In The Future?
Question: What is a reasonable rate of future appreciation? Answer: No one knows or can know. No less important, rising values are not guaranteed. You may find that appreciation in a given community has grown at an average rate over a period of many years. However, such history does not tell us what will happen [...]
23Mar2009 | Peter G. Miller | 0 comments | Continued
Can You Refinance Your Loan Under The Obama Mortgage Relief Plan?
The 2009 Obama foreclosure relief plan has two parts, first there is modification help for those who face foreclosure and, second, there is also a refinancing program for those with loans which are no longer affordable. Under the details of the plan we can see how the refinancing program works, who qualifies and who does [...]
8Mar2009 | Peter G. Miller | 0 comments | Continued
Up or Down — How To Measure Your Local Real Estate Market
The past year has seen a slowdown in real estate markets across the country — and an outright slump in many. But such terms as “slowdown” and “slump” are relative and should be used with care — as should “boom” and “hot”. Given the localized nature of real estate, it pays to ask if there [...]
20Sep2008 | Peter G. Miller | 0 comments | Continued
Why Didn’t Our House Sell For More?
Question: A year ago we needed to quickly sell our home. We had spent many, many weekends creating a beautiful yard with new trees and flower islands. Inside we painted every room and made coordinating window treatments. We also had a double lot. In the end, the house sold in one day — but it [...]
1Sep2008 | Peter G. Miller | 0 comments | Continued
What If The Appraised Value Is Less Than Sale Price?
Lenders will provide financing on the basis of the sale price or the appraised value — whichever is less. This means if the appraised value is less than the sale price, the seller may have to lower the price, the buyer may have to offer more cash, or both parties may need to make some [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Sale Prices Versus Appraised Values
Question: If the appraised value and the sale price of a home are different, which will lenders use when granting a mortgage? Answer: Whichever is lower. Lenders want as little risk as possible, so they will look at both the sale price and the appraised value and then make a loan based on the lower [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
What’s Real Estate “Equity?”
In general terms, equity is the difference between the fair market value of your property and all debt it secures. A more conservative view defines equity as the fair market value of your property less debt and marketing costs. Example: If you have a home worth $600,000 and a $225,000 mortgage, the equity is $375,000. [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
What’s a “short” sale?
In some areas of the country, and from time to time, real estate values decline. In such situations it sometimes happens that owners need to move but the value of the mortgage is greater than the value of the property. The owner is said to be financially “upside down.” If the property is sold at [...]
27Aug2008 | Peter G. Miller | 1 comment | Continued
I can buy a home from my family. What are the major issues that will concern the IRS?
Real estate transactions tend to be major financial events, so there can be substantial tax issues. In the case of buying a home from a family member, there are several questions to raise: ___Are you paying a fair market price? An appraisal or market studies by real estate brokers can establish the value of the [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
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