Posts Tagged mls
How do I know how much my Property is Worth?
Posted by Top Home Loans in Mortgage News, Property Management on August 18, 2010
Before speaking with a mortgage broker or calling your bank, it is critical that you know how much your property value is worth. The problem is that you have no idea how much your property is worth. You have never taken a class on property valuations and you are not a real estate agent, so how do you know.
You could hire a real estate agent or a real estate appraiser; however, there are several costs to getting this done, and it won’t be worth it in most cases.
You could look at your property tax statement for the property valuation; however, this is usually old, and it will be out of line in comparison with the actual property value. This is not the most accurate way to value your property.
The best way to value your property is by using MLS. The trick is to log on and search for houses in your neighborhood. These houses will be what you compare your house to. You will need to make adjustments on the price to match what you think your property value is worth. After you do a comparison to several houses, then you will have a rough estimate on what your property value is worth. Once you have an accurate value, then you need to increase that value by about 30%. This will allow you to accommodate for things you may have missed. Keep in mind that you will rarely get this value, but this will allow for your mortgage to get the best value.
What happens when there are no properties selling in your area?
If you cannot find any properties to compare against other properties, then you will need to determine the value on your own. You will need to think about how much you figure you could sell the property for, then you would want to increase this value by 20% or 30%. This will allow you to have an accurate value.
Once you know how much your property value is worth, then you can talk to the bank with confidence. When your bank asks you how much your property is worth, then you will be able to answer that question accurately and confidently.
How do you determine your property value? What do you think your house is worth? Leave your response in the comments below.
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Real Estate Discounters Driving Down the Cost of Selling your House
Posted by Top Home Loans in Property Management, Real Estate on April 4, 2010
MLS, the multiple listing service, has changed how many real estate consumers search for a place to live. In the past someone could only find what they are looking for if they used a real estate agent; however, since the internet has come along, it has become easier and easier for consumers to find a property on their own. Today, not only is it easy to buy a property, it is also easier to sell a property with the deregulation of MLS.
Recently, CREA, the Canadian Real Estate Association, has made several changes to MLS to make it easier for the average consumer to have a listing appear on MLS. The deregulation of MLS will allow for most people to have a listing appear on the site without having to hire the full services of a real estate agent.
Some real estate firms are quoting listing properties on the service for as little as $110. Believe or not, this is actually great news for buyers. The reason it is great news for buyers is that there will be increased selection of houses available, and more people will be placing properties up for sale on the service.
With increased inventories, buyers will have greater selection, and through the laws of supply and demand, property values should fall due to an increase in inventory. The discount in fees to the seller will also result in a lower purchase price, and less bidding wars on properties.
Sellers also benefit from the reduced realtor fees that they had to pay when listing a property. This will allow more would be sellers to sell easier, and without as much of a cost to the seller.
With many home buyers putting zero down, and 40 year amortizations, they may be looking for an exit point from their purchase; however, they have not been able to do so because their mortgage had been higher than their property value.
With the changes, the major losers appear to be the real estate agents. Real estate agents already had a tough time competing, and now this will make it even more difficult. Expect to see a major decrease in the amount of active realtors over the next few years.
With these changes, the real estate market will look a lot different in a few years.
What do you think will happen in the market? What do you think home prices will look like in several years?
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Mortgage Bits: Property Listing Tips
Posted by Top Home Loans in General Business, Mortgage Advice, Real Estate on November 5, 2009
The most critical part of selling your home is the property listing online. When home buyers are looking for a home to purchase, the property listing is the first thing that they will see. This will determine if your house gets viewed or doesn’t get viewed.
Pictures: like a new car, you should take pictures when your property is looking its very best. Staged properties do well, and the consumer would prefer more pictures than list. Don’t want to include a picture, then don’t expect to get too many offers.
Description: More is more when it comes to a description, the more details provided to the buyer the better. Use descriptive words of the property, textiles, hardwood, etc. Instead of words like wonderful, great spacious, etc. Everyone has a spacious house…
Specifications: When shopping for a computer, you would expect to see all the specifications for it before purchasing it, so why not a house as well. Provide age, sq ft, rooms. Fixtures, includes, etc.
Virtual Tours: these act as an extra credit addition to your listing; however, it is not required to have it to get the sale.
Listing Agent: the listing agent must be easy to reach. If they never call back or answer, then expect to miss out on many perspective buyers.
These are just some great ways to improve your conversion ratio on home sales. What other ways can you improve your property listings?