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One way of advertising your property is through online listings. If your photos are of poor quality it may discourage potential buyers from taking a look. If you hire a professional photographer it may cost you somewhere $1000, but if an amateur works slowly he can do the job effectively. Some suggestions are as follows: - Take lot of photos. Take as many photos as possible from different angles. By taking more photos, there are more chances of getting some good ones.
- Don't take photos in an empty room. If you have some furniture or personal items your photos may be more interesting.
- Put away clutter.
- While taking shots, see to it that your inside is well lit, with some sunlight.
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 You may want to know how much real wealth have Americans lost in the real estate crash. The total market value of U.S homes have fallen from $21.9 trillion to $17.9 trillion from the end of 2006 through March 31, 2009. Homeowner's equity has declined 40 percent from the peak and now accounts for 41.4 percent of real estate values. Many potential buyers are finding it difficult to sell their homes due to fall in equity.
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According to a survey, people going through foreclosure process reported symptoms of depression and 37 percent met screening criteria for major depression. Many authors are saying that losing a house is equivalent to losing a piece of the American dream. According to Julia Lych, "When this happens, there is reason to worry not only about the health of the home owner but also that of family members and the broader community they live in," Bookmark &
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According to a study, most Americans prefer buying homes because it is considered a great investment in the long run. Nearly 92% prefer buying their own homes because it is a good investment and 48 percent worry about losing or being unable to afford their homes. We can conclude that nine out of ten Americans prefer buying a house, nearly half worry about losing their homes. Bookmark &
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There has been an increase of nearly 1% in the construction of single family homes in July, being the fifth month of continuous increase. In the same month, construction of apartment buildings fell 13 percent. According to Joel Naroff, president of Naroff Economic Advisors It's the general trend that matters and with housing, the direction is up," Bookmark &
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First time home buyers are rushing in the sale market to take advantage of the incentive provided by the federal government. Incentive of $8000 tax credit will be provided to first time buyers. This plan will expire on Nov. 30. Since it takes nearly two months to complete the buying process, buyers who are planning to take advantage of this incentive will have to make a contract by the end of September. Bookmark &
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According to a survey, nearly 25% of all U.S. homes for sale on Aug. 1 had a price cut in July. There have been price reductions from past three months. The total value slashed off active listings now totals $27.8 billion. Cities showing significant increases in the percentage of listings with price cuts from June 1 to Aug.1 were Fresco, Colorado, Kansas City, Oklahoma city and Albuquerque. Cities with price reduction include Dallas, Las Vegas, Louisville, Los Angeles and Washington. Bookmark &
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Foreclosure filings, default notices, scheduled auctions and bank repossessions were nearly 7 percent up in July when compared to June. One in every 355 U.S. housing units received foreclosure filing in July. Foreclosure rate is highest in Nevada State again this month. In Nevada State, one in every 56 housing units received filing in July. Other states that received highest foreclosure rates are California, Arizona, Florida, Utah, Idaho, Georgia, Illinois, Colorado and Oregon. Top 10 states with highest actual foreclosures are California, Arizona, Nevada, Florida, Illinois, Texas, Georgia, Ohio, Michigan and New Jersey. Bookmark &
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Wall street Journal did a survey on recession. Many economists say that recession is over and Federal Reserve Chair Ben Bernanke deserves another term. Wall street journal newspaper asked questions about recession from 47 economists, out of that nearly 27 economists said recession has ended and 11 predict another trough this month or next. Others refused to commit. There is a prediction that by the end of third quarter the gross domestic product would grow to 2.4 percent. Bookmark &
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First time home buyers in New York can avail state incentive if they're planning to buy a house. Thanks to a new tax credit equal to 20 percent of their annual mortgage interest. While buying a house, they can avail the benefit of a New York Mortgage credit certificate. This certificate which lasts for the life of the loan will save some borrowers nearly $30,000 over the years. Eligible buyers have to meet income criteria, take a fixed rate loan and consider the home as their primary residence. Bookmark &
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During second-quarter 2009, the value of median home in Countrywide, fell to 12.1% year over year to $186,500. But in Fayetteville, N.C., the median home value in Q2 2009 is $120,600 which is up 13.4% compared to last year. In Oklahoma City, values that rose in the last year 4.8% to $ 118,700. In Binghamton the $112,300 median value is 4.5% higher than it was a year ago. There has been a low percentage of June foreclosure resales-11.9% in Fayetteville and 4% in Oklahoma City which lead to a boost in home values. Bookmark &
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Most of the people think that house crisis is over, but many skeptics feel that the industry has to undergo more challenges. A new survey has found that cost of renting and buying are close to equal. There is another prediction that due to increase in job loss there will be more renters and fewer buyers in the future. According to Center for Economic and Policy Research (CEPR) - "In communities where foreclosure remains a problem, home owners should be given the opportunity to remain in their homes as renters paying the fair-market rent." Bookmark &
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According to University of Utah, homeownership rates are declining and will continue to fall till 2020. Homeownership will fall gradually by about half a point per year. In 2004 and 2005 it peaked to nearly 70 percent. But it has declined to nearly 67.4 percent by the second quarter of 2009. Bookmark &
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According to a survey, nearly 24 percent of owner-occupied and single family home owners have mortgage debt which is greater than the values of their residences. By end of this second quarter, more than 16 million Americans were in dilemma. Nearly 5% of owner occupied homes have a mortgage debt worth 150 percent of the property value. Nevada is hardest hit, followed by Arizona and California. Bookmark &
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According to National Association of Auctioneers, in residential real estate market there is an increase in private live auction which has totaled to $59 billion in 2008. There can be an increase in the auction volume again this year because commercial real estate sector is weakening. President of Sheldon Good & Co, Alan Kravets says "auctions held in a down market help property investors and lenders minimize their losses, eliminating the carrying costs that would incur if the property languished on the market for several months."
National Association of Auctioneers deputy executive director Chris Longley adds that live auctions help "to quickly establish true market values in environments where people aren't really sure what the values are."
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Here are some of the tips that will help you in getting an accurate and fair appraisal for your property:
- An appraiser after assessing your property can tell the correct value of your property and also the necessary changes that have to be made to increase the value.
- It is important that real estate practitioner and owner are present when appraiser is around.
- Ask him if he has identified the correct neighborhood boundaries and if he/she has compared the home to similar properties.
- Provide him a copy of recent tax bill and a survey of the property.
- Provide a list of improvements to the home.
- Ask him what can be done to increase the value of this property worth more than other properties in the area.
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Many places in U.S like Florida, California and Nevada are facing foreclosure problems. According to a report by RealtyTrac, rising unemployment is escalating the trend elsewhere in the nation as well. According to RealtyTrac CEO James J. Saccacio "some of the markets that had the highest saturation of foreclosures over the past few years have seen declining rates, while new markets like Provo, Utah, and Boise, Idaho, have seen large increases".
Some places like Las Vegas and Orlando have seen some improvement due to deep price discounts and first time home buyer tax credits draw more people into the market.
There has been job loss; salary cut problems to foreclosure crisis in certain other states like Oregon, Arkansas, Illinois and South Carolina that previously were relatively insulated. According to Saccacio "As unemployment rates increase in different parts of the country, it's very likely that we'll see similar patterns develop elsewhere".
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