Properties owned by HUD (US Dept of Housing and Urban Development) in Missouri, September 30, 2005.
Featured Property:
Addresses are provided, so you can drive by properties and then contact us for more information, an inside showing or a referral to a HUD registered broker.
BELOW APPRAISAL!
Property #: 291-302903
Property Type: Residential - [...]
REAL ESTATE DEVELOPMENT OPPORTUNITIES
Opportunity One:
CURRENTLY OFFERING TWO LUCRATIVE DEVELOPMENT CONDO CONVERSION PROJECTS IN FLORIDA. DEVELOPERS ARE SEEKING PRIVATE INVESTMENT OF…
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Rumor has it, there was quite a bit of discussion today over a new listing that was on the agent’s weekly home tour. Without disclosing which home, let’s just say it was a common opinion that the home was underpriced by quite a bit. I’m not insinuating the listing agent intentionally under-priced the home to get a quick sale but, in a situation as fast moving as the Wenatchee (and surrounding area) real estate market, it’s not always easy to price any given property.
This brings me to the point of my post… the importance of getting more than one opinion of value from experienced agents who are active in the market. These "opinions of value" are known as "CMA’s" (Comparable Market Analysis). To go along with the CMA, an agent should also offer a "CMO" (Complete Market Overview). The CMO can spot overall trends (not target price related) and help the agent and homeowners determine what might happen in the future of the local market.
The general consensus, in soliciting a price opinion, is to get three agents (preferably from three different companies) to do a CMA. It is interesting to evaluate the comparables used by each agent and the compensating factors taken into consideration before coming up with a final list price.
That said, I also want to make a point of offering caution to homeowners who think they should list with the agent who comes in with the highest price. Some agents have been known to inflate their recommended price, thinking this will make them look better to the homeowners. The value of a home has nothing to do with any agent’s opinion. The purpose of the CMA is to determine the "market value" of the subject home. The "market value" is the price an owner can realistically expect a buyer to pay (and an appraisal to support). The agent is most likely not going to buy the home, so their opinion should only count for pricing consideration purposes, not for the purpose of actually selecting the listing agent. If the agent does offer to buy the home, this could be a red flag that it IS underpriced.
The listing agent should be selected based on their ability to market the property most effectively AND do the best job of representing the seller when it’s time to negotiate with a buyer and their agent. A listing agent should also be selected based on the likelihood of a good working relationship and open lines of communication with the homeowner. The homeowner should not be intimidated by the agent, nor should the agent be intimidated by the homeowner.
source: Wenatchee Home Price Opinions
Properties owned by Citifinancial Home Loans in Missouri, September 28, 2005.
Featured Property:
Addresses are provided, so you can drive by properties and then contact us for a referral to a broker. Thanks for supporting this free service’s advertisers and referral brokers.
804 S Mohican Dr
Independence , MO
804 S Mohican Dr
Independence , MO [...]
source: Missouri Citifinancial Properties September 28. 2005
Properties offered by Matrix REO in Missouri, September 27, 2005.
Featured Properties:
Addresses are provided, so you can drive by properties and then contact us for more information, an inside showing or a referral to a broker.
12928 DEVON LANE
DIAMOND, MO 64840
List Price: $64,500
4 Beds, 2 Baths
1,976 Square Feet
Listing Date: 01/19/05
4154 E CROSSWINDS
SPRINGFIELD, MO 65809
List Price: [...]
Properties owned by Fannie Mae (Federal National Mortgage Corporation) in Missouri, September 26, 2005.
Featured Properties:
Addresses are provided, so you can drive by properties and then contact us for more information, an inside showing or a referral to a broker.
Address: 24421 SHADOW CT
PECULIAR, MO 64078
Price: $201,000
Address: 24421 SHADOW CT
PECULIAR, MO 64078
Bedrooms: 0
Bathrooms: 0
Square [...]
source: Fannie Mae Properties for Missouri September 26, 2005
Are building prices going sky high? I’ve made a couple of previous posts about my concerns for what will happen with new home construction costs in the Wenatchee real estate market… and across the nation. Here is a link to an article in Inman News that explains a little more about the overall situation. Keep in mind, this was an article written after Hurrican Katrina but before Hurricane Rita (or whatever other Hurricane’s still come along this season), so the situation will only get worse. The Inman article estimate on the projected percentage of cost increase in new construction is far lower than what I’ve been hearing. On yesterday’s news, interviewed building suppliers were saying costs have increased as much as 30%! We’re not just talking lumber, which is in such high demand, but many of the materials used in new construction (such as roofing) are oil based.
This all could affect the rental market, as well, while people opt to continue to rent while waiting for construction prices to level out. Will this affect people’s decision to sell their homes (to build a new home) because of the looming cost of new construction? Will they sell their home (taking their huge equity) and become renters while the prices stabilize? Will the renters decide to give up on their dream to own a home because it is too expensive? Will there be even greater interest in existing home sales, where prices per square foot are far more attractive than new construction? Remember Newton’s Third Law… "for every action there is an opposite and equal reaction".
Our elected politicians will have a significant effect on the future of the housing market (and entire economy) across the country. While they want to do the humane thing of promising to help rebuild, it creates a burden on other areas of the country, where the labor and supplies are being drawn from. This causes a trickle out (dollars leaving) on the local economies, literally affecting everyone in every large city and small town across the United States. .. yes Wenatchee, too!
We’re such an intertwined economy, there will be many actions and reactions, which will cause another reaction, causing another reaction and on and on and on. Reminds me of the old saying: "Oh what a tangled web we weave".
source: Up, Up… and Away
Properties owned by HUD (US Dept of Housing and Urban Development) in Missouri, September 23, 2005.
Featured Properties:
Addresses are provided, so you can drive by properties and then contact us for more
information, an inside showing or a referral to a broker.
Address: 186 VIN VILLA
FORSYTH, MO 65653
Property #: 0726-322145
Type: [...]
source: NNN Exchange
For those of you who are interested, I have set up a personal blog:
(Max & Carol Williams - Our Life).
Here I will share photos and stories about what’s happening in our world. Please visit us often. I will try to keep this Wenatchee real estate blog on task.
Have a great day!
Carol
source: A New Personal Blog
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