Posts Tagged ‘Real Estate’

July 16th, 2015 appraisal Comments Off on Home Appraisal: Fact & Fiction

Home Appraisal: Fact & Fiction

All About Home Appraisals

Want to buy or refinance a home?  You’ve got to get an appraisal.  However, misconceptions continue to deter many.  Let’s lay those to rest, shall we?

Fiction:  Assessed Value should equal Market Value.
Fact:  This is often not the case, as appraisers and assessors use different methods to arrive at a home’s value.

 

Fiction:  The appraised value of a home will be different depending on whether the appraisal is completed for a buyer or a seller.
Fact:  The appraiser is an objective authority, who has no vested interest in the home or property he or she is appraising.

 

Fiction:  A home’s Market Value should equal its Replacement Cost.
Fact:  Market value is based on what a buyer will likely pay a seller for a home or property. Replacement cost is the dollar amount required to reconstruct the home or property.

 

Fiction:  A home’s value will rise or fall dependent on the health of the economy and/or the housing market.
Fact:  A home or property’s appraised value is dependent on an individualized basis, regarding various aspects of the home or property in question.

 

Fiction:  You can tell what a home or property’s value is simply by looking at the exterior.
Fact:  A home’s or property’s value hinges on a number of aspects, including location, improvements, amenities, condition, materials used, age and market trends.

 

Fiction: Because consumers pay for appraisals, they own their appraisal.
Fact: The appraisal is legally owned by the lender, unless the lender “releases its interest” in the document.

 

Fiction: Consumers do not need to be concerned with what is in the appraisal document as long as it satisfies the needs of their lending institution.
Fact: Only by reading a copy of their appraisal can consumers double-check its accuracy and question the results.

 

Fiction: An Appraisal is the same as a home inspection.
Fact: An Appraisal does not serve the same purpose as the home inspection. The Appraiser forms an opinion of value in the appraisal process and resulting report. A home inspector determines the condition of the home and its components, and reports these findings.

 

Fact: There is no reason to order an appraisal unless you are trying to get an estimate of the value of a home during a sales transaction involving a lender.
Fiction: Hiring an appraiser can fulfill a variety of needs.  Appraisers can perform a multitude of different services, including benefit/cost analysis, tax assessment, legal dispute resolution, and even estate planning.

By Justin Waybright & Chuck Boggs

 

 

May 14th, 2015 Housing Market Comments Off on WV Real Estate Offices Staying Busy This Summer

WV Real Estate Offices Staying Busy This Summer

Local Housing Market Gains Traction

015 wv real estate market

wv real estate market on the upswing

From Teays Valley to Charleston, Parkersburg to Huntington, and everywhere in between, local Real Estate agencies are seeing a strong demand from buyers and fast success from sellers.

Recently, we asked some local Real Estate professionals to weigh in on the current state of our area’s housing market. Most agree the increase in buyer activity has spurred the perfect time to sell a home.

Josh McGrath, Broker of Real Estate Central, llc. believes increased buyer activity has infused competition and demand: two ingredients that spell a “Seller’s Market.”

“There seems to be more buyers active in the market as opposed to last year, however, with the lack of decent homes to choose from there is not a huge increase in pending transactions,” he explained.  “Buyers are dominating the market at the moment, and the lack of inventory is making it difficult for them to find a home.”

McGrath and his agents are seeing most activity in Hurricane and Charleston, WV.

Craig Allison, Broker of Property Elite, llc. agrees that Summer 2015 has brought a “Seller’s Market” to the Kanawha Valley.

“This is a seller’s market, and there’s not enough inventory on the market for the droves of buyers currently looking for a home,” he said. “If a house is priced properly, it’s going into contract very quickly, and after multiple offers.”

Allison and his crew are seeing strong activity coming from Teays Valley, Hurricane, Winfield, South Charleston and Cross Lanes. The broker said he is also seeing Ripley and Jackson County  rising as the “best-bang-for-your-buck” area.

Speaking of the Jackson County market, Melissa Morris, Broker of Jackson County Realty, llc. and Exclusive Realty, llc. agrees that 2015 has brought with it a great local market. She has seen increased activity from both buyers and sellers.

“Spring 2015 has been great,” Morris said. “The market has improved tremendously…Interest Rates are low, and if they continue, this will spur additional activity.”

Mike Callaghan, Broker of Great Expectations Realty, llc. agrees with Morris. His agency saw a strong market begin as soon as Spring arrived.

“Across the board there is more activity this Spring than last Spring,” he noted. “When a quality house is placed on the market at an appropriate price point, it usually will go into contract very quickly.”

The Real Estate professionals all agree a long, cold winter, combined with low interest rates and a buyer surge is helping fuel the strong local market we’re seeing. They’re looking forward to a successful summer.

If you’re looking for a home, take advantage of low interest rates. If you’re needing to sell a home, take advantage of buyer competition.

By: Justin Waybright
Marketing Associate, Boggs & Associates, Inc.

March 12th, 2015 Housing Market No Comments »

WV Housing Market: Your Time is Now

WV Housing Market: Your Time is Now

west virginia real estate and wv housing market

Flowers push through the dirt, stripes of green blanket the ground and orange rays of warmth reach down.

This could only mean one thing: Spring is here.

With the season only days away, there’s a buzz in the air, not only from honey bees, but from real estate agents, bankers and construction crews. The days of snow and artic chill are over.

Now’s the time to buy. Now’s the time to sell.

Here’s why.

#1: A Faster Loan Process

If you’re looking to buy a home, one of the biggest challenges you’ll often face is the loan process at the bank or credit union. It’s no secret that financial institutions are requiring more paperwork and red tape before approving a mortgage loan.

Why not take advantage of that?

Homes continue to overwhelm Kanawha County. The Planning Commission received 127 more residential building permits last year than it did in 2013. Putnam County has already brought in nearly 20 residential building permits since January, and it’s been one of the coldest Winters to date!

If these trends continue, expect local mortgage loan officers to have their hands full during the heavy buying seasons of Spring and Summer.

Instead of waiting until the housing market floods with buyers and sellers, get a jump start on the demand, and reap the benefits of faster, smoother service from your loan officer.

While others are waiting on loan approval, you can already be picking out the furniture for your new home.

#2: Rates That Can’t be Beat

According to Bankrate, the average interest rate on a 30-year fixed mortgage loan sits at 3.6%. Remember, good news can only last so long. Market leaders expect rates to rise by at least 1 percent by the end of 2015.

So, take advantage of great rates while they still exist. If not, you could be sorry and so could your wallet.

#3: A Seller’s Platter

If you’re wishing to sell a home, now’s your time. Homes will flood the market within a month, according to banking professionals. This means more competition.

Plant some flowers, spread some mulch, open up the curtains and market the house now. Blast the home on social media, Craigslist, the local newspapers and more. Hold your open house before the Spring rush and enjoy the fruit of your labor.

Remember, it’s been a long, cold winter. Prospective buyers have been cooped up for the past 4 or 5 months and they’re itching to buy. One way to success is staying ahead of the competition. So, get your home on the market now and have it sold weeks before others even begin their first open house.

#4: Time’s Running Out

If you’re looking to upgrade your living conditions, do it now. Home prices are projected to appreciate by more than 23% from now to 2019, according to recent reports. This spells great news for investors, developers and home sellers.

However, this puts a crunch on homebuyers.

If you’re waiting for the perfect time to buy or sell a home, that time is now!

By: Charles Boggs, Jr. & Justin Waybright

 

February 3rd, 2015 Housing Market No Comments »

Nitro, West Virginia: The Place for Young Families

Nitro Becoming Magnet for Young Families

map_of_nitro_wv

 Nitro, West Virginia has all the ingredients of a great place for young families, according to the California-based economic analyzer NerdWallet.

Wheeling grabbed the #1 spot, Hurricane #3 and Cross Lanes #6.

Home affordability, prosperity, growth, education and family-friendliness have pushed a city, within 5 minutes of most of your doorsteps, to be dubbed the 2nd best in the state for young families, the analysis stated.

The city’s average home value is $91,000, according to the study.  This number compliments the average family’s long-term income growth, which has increased by 38 percent since 1999.

In addition to the economic positives of Nitro, the local education system played a part in boosting the city to #2.  Nitro High School has consistently received recognition as a top school in the county, making its neighborhood appeal even more desirable.

For young families seeking relaxation and fun, the city is equipped.  Nitro’s Ridenour Lake and Park, Mardi Gras Casino, Museum, Antique Stores and countless community events provide something for the entire family, both young and old.

In a media market dominated by negative news, this is all a breath of fresh air.

For Nitro, this comes as an extra pat-on-the-back.  Last year, Nerd Wallet rated the city as the “2nd Best Place in West Virginia for Home Ownership.”

By Chuck Boggs

Boggs & Associates, Inc.

 

January 22nd, 2015 Housing Market No Comments »

WV Housing Market Could Rebound in 2015

Lower Mortgage Rates & Lower FHA Insurance
Could Spur Housing Market Rebound

housing-statistics

Housing Market Rebound

 

Good news for the local housing market continues as mortgage rates are down nearly 1 percent from this time last year, and FHA Mortgage Insurance rates will drop a half-percent by the end of the month.

With the average interest rate hovering at 3.66 percent, many would-be homebuyers are taking the plunge into homeownership, already. They’re not waiting for the warmer weather of Spring. Applications for mortgages rose 49% last week, refinancing applications more than doubled and new-mortgage applications soared by 24 percent, according to a recent report from the National Association of Realtors (NAR).

Why such a dramatic surge in mortgages?
It could have something to do with the average monthly mortgage payment on a U.S. home dropping by $50 due to lower interest rates.

Now, $50 per month may not sound like much to the average person. But, that’s an annual savings of $600. With gasoline prices below $2 in West Virginia, the monthly mortgage savings could result in 2 fill-ups for the average car.

That’s big.

If gasoline prices remain, the average family could witness an annual savings of more than $750 in fuel, alone. Combine lower gas prices with lower mortgage payments and you’re looking at an annual savings of $1,350.

That’s huge.

FHA: Double Savings

Many borrowers will enjoy even more savings with the help of the FHA. They will soon pay ½-percent less on their FHA Mortgage Insurance, and that leads to a savings of more than $900 annually.

President Obama announced the good news last week. He said rates will go drop from 1.35 percent to 0.85 percent by the end of January. The change will bring $75 in monthly savings to the average FHA mortgage insurance payment.

This all comes after the Federal Housing Administration worked with the president to lower the rates, making homeownership more accessible to lower and middle class Americans.

The National Association of Realtors (NAR) estimates the reduction in FHA premiums has the potential to bring 90,000 to 140,000 additional home purchases this year.

The Perfect Recipe

Realtors and lenders should prepare for a buyer surge.
The ingredients are here. The signs are here. The numbers back them up.

If business is slow now, it could just be the calm before the perfect storm.

Remember, lower FHA Insurance rates and lower mortgage rates are not the only fuels fanning this fire. —Link to previous blog——All these ingredients seem to be working together to create a recipe for a Real Estate surge this Spring.

Are you ready?

By: Charles Boggs, Jr.
Boggs & Associates, Inc.

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