Thursday, May 30, 2013
Short Sales Rise, Loan Mods Fall
According to data from Fitch Ratings, short sales are becoming the norm over loan modifications in foreclosure prevention tactics. Among bank servicers, loan mods decreased 26% between 2010 and 2012. On the other hand, short sales among bank servicers increased 31% between the same years. In instances where mods are not plausible or possible, servicers look to short sales to avoid the cost of dealing with a foreclosure.
Wednesday, May 22, 2013
Thursday, May 9, 2013
Getting Your Money's Worth
The question: Which home improvements will increase the net worth of my home, and how much of my investments can I expect to recoup?
The answer, according to the Keller Williams Green Team:
1. A fresh coat of neutral-toned paint on the interior can make selling your home easier. A professional exterior paint job can recoup up to 75% of its cost.
2. Full kitchen remodeling (at an average of $39,000) can recoup 80% of its cost, while refinishing an outdated kitchen (at an average of $15,000) can recoup 87%.
3. Adding an extra bathroom at an average cost of $14,200 can recoup 81% of its total cost!
4. Adding a deck for about $6,000 can usually recoups 75% of its cost, making it a very cost-efficient and inexpensive addition (especially compared to other outdoor improvements).
5. Don't add a swimming pool, unless it's for your family's enjoyment! Pools have virtually no resale value at all.
In short, basic is better. Prioritize fixing problems over luxurious additions and simple improvements over unnecessary, costly ones.
Thursday, May 2, 2013
Facebook: A Mobile Ad Company
According to Hillel Fuld (writing for inneractive.com), Facebook's newly announced numbers deem it appropriate to call the social networking site a mobile company. And since it claims 40% of the top grossing apps on both iOS and Android--and its user-base accesses the site mainly on mobile devices--it is more than a mere mobile company. It is a mobile advertising company.
- Mobile monthly active users were 751 million, a 54% increase year over year.
- For the mathematically challenged, close to 68% of all users, access Facebook on mobile.
- $350 million of mobile ad revenue.
- 30% of all revenue is from mobile, up from 23% last quarter.
- 3,800 developers used Facebook mobile ads.
- Nearly 25 million downloads came from Facebook mobile ads.
The fact that 68% of all Facebook users access the site from mobile devices bodes well for mobile advertisers. Those who see this trend and extrapolate its continued importance will come out on top of the mobile heap.
Tuesday, April 30, 2013
The Importance of Appraisals
KW's Green Team has put together this brief user's guide on choosing and utilizing appraisal services:
When Should I Use an Appraiser?
You
will likely need the services of a real estate appraiser whenever an
estimate of the value of your real estate is required. Most commonly,
this occurs when you apply for a real estate loan, either to purchase or
refinance your home. You may also need a real estate appraiser to
assist in the appeal of your property tax assessment, for insurance
purposes, for probate and estate settlements or other reasons.
What's My Property Worth?
It is common to ask the appraiser this question as soon as the appraiser has inspected the property. The truth is at that time the appraiser doesn't yet know. The inspection is the first step of many that the appraiser must complete before a value is determined.
The appraiser measures the house from the outside to determine square footage. The appraiser takes notes concern- ing the features of your house such as room layout, number of bedrooms, baths, etc. The appraiser also makes a determination of the general condition, appeal and functional layout of your house. All of these items are taken into consideration in the appraisal report.
How Long Does an Appraisal Take?
The physical inspection of a typical property usually takes about twenty to forty-five minutes. Sometimes an inspection can take longer if the house is difficult to measure or has some unique features that require additional investigation by the appraiser.
After the initial inspection of the property the appraiser spends time examining or analyzing the neighborhood or area. The purpose of this is to search for other properties that are similar to the property being appraised that have sold recently and examine neighborhood influences. When the fieldwork is finished, the appraiser completes the report at his office.
What Does The Appraiser Need to Know?
To help the appraiser complete the appraisal, you can provide some information that is helpful. Please tell the appraiser of any previous sale on the property within the last 12 months. Indicate if there is a pending contract to purchase on the property. Does the property have any right of way or other easements? Is there structural damage, or water leakage in the house? Is the property in a flood zone? Basically, inform the appraiser about any hidden features or detriments to the property.
What's My Property Worth?
It is common to ask the appraiser this question as soon as the appraiser has inspected the property. The truth is at that time the appraiser doesn't yet know. The inspection is the first step of many that the appraiser must complete before a value is determined.
The appraiser measures the house from the outside to determine square footage. The appraiser takes notes concern- ing the features of your house such as room layout, number of bedrooms, baths, etc. The appraiser also makes a determination of the general condition, appeal and functional layout of your house. All of these items are taken into consideration in the appraisal report.
How Long Does an Appraisal Take?
The physical inspection of a typical property usually takes about twenty to forty-five minutes. Sometimes an inspection can take longer if the house is difficult to measure or has some unique features that require additional investigation by the appraiser.
After the initial inspection of the property the appraiser spends time examining or analyzing the neighborhood or area. The purpose of this is to search for other properties that are similar to the property being appraised that have sold recently and examine neighborhood influences. When the fieldwork is finished, the appraiser completes the report at his office.
What Does The Appraiser Need to Know?
To help the appraiser complete the appraisal, you can provide some information that is helpful. Please tell the appraiser of any previous sale on the property within the last 12 months. Indicate if there is a pending contract to purchase on the property. Does the property have any right of way or other easements? Is there structural damage, or water leakage in the house? Is the property in a flood zone? Basically, inform the appraiser about any hidden features or detriments to the property.
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