What's looking bleak? Certainly not the real estate market. Things are selling if they're priced correctly. Homes are listed daily, and that's nothing new - just like they were in 2000, 2001, and so on.... more
You'll either get lots of interesting responses to that question, or you'll get very few, since licensed agents won't want to stick their necks out and be accused of steering. :-D
In addition to the reasons you mentioned, some other factors affecting Vegas prices are the age of the houses, and the fact that there are a slew of condos in that zip code.
With regard to the age of the houses, Vegas is odd because people think houses built in 1990 are "old"! (I grew up in PA in a house built in 1900, so I know old houses.) Houses in the central part of town tend to be older than houses on the outskirts due to the normal sprawl of the city. This could partly explain the price discrepancy between 89108 and 113/147.
There are plenty of single family homes in that zip code, but there is a corridor of condos along Rainbow Blvd. As you compare prices, are you limiting your comparison to single family homes? Condos in this zip will be priced significantly less than the average single family home in town.
I live in 89130, which is the zip code on the north border of 89108. If I can be of any service, please give me a call! I'm a full-time agent. -Andy... more
Most of the market has been dominated by either first time home buyers or investors buying with cash. These groups traditionally don't buy more expensive homes, they can't afford it or they are only buying "deals" foreclosures and short sales (investors). This is driving the middle class home sellers to reduce their prices until, hopefully they find a buyer. I hope this answers your questions, feel free to give me a call at anytime to discuss your real estate questions and /or needs..All the best Matt Costine Realtor Associate 908 930 8573... more
WWU rental housing is one of the most desirable types of income generating properties that exist in Whatcom County. If you have them all leased up for the year then you should be good to go for putting one or more on the market. It's possible that the conflicting advice you've received both have some truth in them.
In my opinion, income properties are best evaluated using CAP Rate which is CR = Net Income/Price.
In Bellingham college rentals typically sell in the 6% to 7% CAP range. If the property is close enough to walk to campus and in good condition then one can expect to sell it in the 6% to 6.5% CAP rate range. If it's a little further from campus and has a few little things needing attention than a seller would most likely need to be in the 6.5% to 7% CAP Rate range to get the property actually sold. For example, say gross rental income is 1,800/mo. Gross income would be $21,600/yr. Minus taxes, insurance, maintenance, any property management fees, any vacancy, any owner paid utilities etc (typically these come to about the 30% of the gross ballpark, which is $6,480/yr). This makes the Net Income of $15,120/yr. If we take the middle ground and use a CAP Rate of 6.5% then a seller could expect to get a price of $232,615 (Price = Net Income/CAP Rate or $15,120/0.065 = $232,615).
Without knowing the exact location or any of the numbers or what you or your advisors considers "low" or what the asking price of what you're looking at is, it's tough for me to tell you which I agree with. Most college rentals sell at a CAP rate between 6.0 and 6.5%. If you get one for over 6.5% you've done well.
Just so you can keep it straight. Higer CAP rate translates into either a lower price or higer income. Buyer's like high CAP Rates. A low CAP Rate means that that the income to price ratiois more in favor of the seller (the price is high in relation to the income the property is producing). Hope that helps.... more
Yes. It will lower your home value.
Actually, the real answer is: It might lower your home value. It's entirely possible that your home--today--is only worth $124,600. What makes you think it's worth any more? I know, I know. You paid more for it, and you put in improvements. But your house is only worth what a buyer is willing to pay for it.
If your neighbor is able to sell his house--same model as yours--for $124,600, that pretty clearly says yours is worth the same. Maybe a bit more if your house is in better condition than his. Improvement values vary by area and I don't know the quality of what you did. But considering what you've described, assuming the two houses are identical except for your improvements, yours might be worth $4,000-$5,000 more.
And don't blame your neighbor. You say he's trying to sell his house for that price because there's another house--a foreclosure--for that price. He's only trying to compete with a foreclosure on the market.
Final piece of bad news: You say he's selling his house for that price? Do you mean he has it under contract for that price? Or that he's offering it at that price and may end up taking less? If it's the latter, realize that the sales price could be lower than $124,600.
Sorry about that.... more
According to the MLS, 36% of all Tinley Park condos sold in that price range in the last 2 years were FHA. 41% were conventional financing and 22% were cash. This is low compared to non-condo sales. A lot of that could be because some condos are not approved for FHA, condo associations often don't want to apply for FHA. That sometimes hampers condo sales. But some lenders can do condos conventional between 5-10% down.
The trend of most sales now, however, is FHA. In non-condo sales, I have heard stats in 70% plus are FHA. And there is current legistation in congress that may require 20% down for all conventional deals. In this case, very few contracts will be conventional. This will hurt condo sales more, unfortunately.
Just so you know though, this price range represents only 27% of the total condos sold in Tinley Park during this period. But the averages for financing are similar in every price range for condos in this area.
If you want to know more about buying or selling in this area, please let me know. I would be happy to provide you with any information you need.... more
It take awhile for the county Assessor to catch up with the real-time values.
Also, if your home was purchased as an REO or short sale they may not allow for that in the decline of your value.
Most counties have a ssytem where you can petition for an adjustment once a year typically late in the third quarter.
Contact your local tax assesor to get the up to date procedure on how to do that. You may still have time!... more
Minda - Here is some info courtesy of my lender, Tim Deibert - 702 369-0905. TIm is the best n the business and may be able to properly advise you:
Financing After Short Sale, Foreclosure & Bankruptcy
Here are some guidelines that will help answer the questions asked about how soon you can buy a home after a short sale, bankruptcy or foreclosure, courtesy of The Stark Team's preferred lender.
FHA Financing – 3.5% Down Payment
2yrs after Ch. 7 Bankruptcy (must have re-established credit after BK), 3 years from time Bank resold if there was a home in the BK
Financing available for borrower in the middle of a Ch. 13 BK (must have court approval and most recent 12 months payments must be on time)
3yrs after Foreclosure
3yrs after Short Sale (if delinquencies prior to short sale)
If borrower was not delinquent on mortgage or any installment debt in the 12 months preceding the
short sale FHA is an option on a case by case basis immediately after the short sale
Standard Conventional Financing – 20% Down Payment
4yrs after Ch. 7 Bankruptcy (95% available after 7yrs)
2yrs after Ch. 13 Bankruptcy discharge (4yrs after dismissal)
7yrs after Foreclosure
2yrs after Short Sale for 20% down
4yrs after Short Sale for 10% down
7yrs after Short Sales for 5% down
Portfolio Lending Options by Tim Deibert-All Western Mortgage
1yr minimum after Foreclosure, Bankruptcy or Short Sale
20% to 25% down payment minimum/Case by Case
All transactions reviewed on case by case basis and examined individually.... more
I understand your desire to have one true number that you feel can be applied across all the homes in the area. It would be extremely helpful in valuing properties and determining what is a good deal and what is not. Unfortunately, that one number doesn't exist. Properties have different location, finish, age, and there are many factors that go into each on of those items.
This is where your agent provides one of the most valuable services, pricing the home, and allowing you to figure out what the home is actually worth. If you're working with an agent, you should involve that agent heavily in figuring out what the home is worth and what you think you should pay for the home.
If you're not working with agent, this is a great reason to find a good one and have them help you.
Of course, I'd be happy to help. Give me a call at 214-883-3479 or e-mail email@example.com.... more
Phoenix area has some excellent locations with cash-flowing rental properties.
You may want to consider some homes built in the last 5-10 years in cities like Gilbert, Chandler, Surprise, Queen Creek.
Good luck!... more
In Billerica, the average list to closing time in the last 3 moths has been 125 days. The longest gap has been in the $400-$499 price range which was 198 days. I hope this is helpful. Good luck!... more
The potenrial for resale is a factor that all buyers should consider when purchasing property. Size of home, location, proximity to schools, etc all contribute to desirability.
If you are considering the purchase of a 1 bedroom condo you should be weighing the pros and cons carefully because in most locations(even vacation areas) one bedroom units are often difficult to resell because of the limitations that are attached.
While the decision is yours, the difficulty of a resale may be yours as well.
Good luck with your decision.
Could you tell us why you need this information?
"Rocky" G.H. Hawrysz, Broker Associate, Realtor®, e-PRO®
Prudential California Realty
(209) 444-6610 - Direct Office Line
(209) 915-6209 - Mobile
Visit www.TeamHawrysz.com... more