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Joseph Randazzo
Certified Real Estate Appraiser, Appraisal Instructor
Certified Real Estate Appraiser, Appraisal Instructor
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Having your home appraised before it is listed for sale provides you with a conclusion of market value, which can provide you with the knowledge you have listed it at a price that will satisfy you as the seller, as well as confidence that the sale price will be supportable after going under contract, and to be appraised by a lenders appraiser.
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Market Value is how much a real property would sell for in an arms length transaction. The conclusion of value would not include sales where the seller would be under pressure, for example, a foreclosure or short sale, a divorce or an estate sale, or possibly a relocation. A Realtor can provide a CMA (Comparable Market Analysis), which does not provide a conclusion of value. The best way to be provided with a report by a professional indicating what the Market Value of your property is worth is through a Certified Appraiser.
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Forecasting the Whether – No, that is not a misspelling. As Spring springs into action in the Real Estate Sales Market for 2017, many questions have been raised with regards to whether or not the growth in the markets is sustainable. Three factors threaten the sustenance of growth and market appreciation. Mortgage rates are rising, with the rise in rates overdue. Artificially low rates has led to inflation and an increase in the actual cost of living. Home prices have been increasing for quite some time now, becoming less affordable to the typical buyer. Rising property taxes have thrown more sand into the gears of affordability. This combined with income growth barely keeping up with inflation has led to fewer buyers being able to afford homes, with home affordability falling to its lowest level in seven years by the end of 2016. With mortgage rates having increased in the 4th quarter, monthly payments on 30 year mortgages were found to have increased by approximately 10%, with almost 25% of median income being required to make principal and interest payments on median priced homes. The percentage does not include property taxes, home owners insurance, cost of utilities and, for properties located in a condominium or co-operative development, home owners association fees. As per Core Logic, national sales prices of homes, from the end of 2016 to the end of 2017, were found to have increased 7.2 percent. Anticipated rise in home prices forecast for 2017 would result in home prices reaching a new peak by the end of this year. Some markets are well past their peaks reached approximately 10 years ago. New construction is less affordable than ever to the typical buyer, which has resulted in previously existing homes rising significantly in value. As supply decreases, demand has been growing by those who have been renting seeing the cost of tenant occupancy having become more costly than homeownership. Whether or not growth in the housing industry can overcome the lack of increase in median income along with increasing mortgage rates, property taxes and home owner expenses, will soon be determined in the coming months.
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Real Estate Values remain strong in commuter friendly towns. Millburn, Montclair, Summit, South Orange, Westfield, Glen Ridge and other similar market areas, providing homeowners with convenience with regards to getting to Manhattan NYC, continue to see strong demand. Proximity and accessibility to New York City, where the job market is strongest, continues to be the key. The further west in New Jersey one goes, the lower the demand and market values have become, especially on high end homes. Demand for more affordable, low to mid range value homes, continues to be very strong. Those markets with convenient access to jobs, shopping and good schools for their children are where today's buyers want to be.
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Certfified Real Estate Appraiser & Market Valuation Expert
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The Basics of “Flipping” a Real Property - The Four R's

The basics of flipping a real property can be made to seem quite simple in principle. Such properties are typically purchased below market value, which could be, for example, as a result of a foreclosure or an estate sale. The property could be in need of renovation, rehabilitation, repairs or remodeling. These Four R’s can vary significantly.

In the case of Renovation, the home is to be significantly torn apart and updated, having older mechanical systems, kitchen, baths, flooring, lighting and more, replaced with new materials and components. In the case of extensive improvements being made, this is often referred to as a “gut renovation”.

A Rehabilitation typically involves restoring the livability, as well as marketability, of a home, with it being brought back into full working order and functionality, as well as aesthetically. The need for a “rehab” may have resulted from a lack of maintenance and very little recent updating.

Repairs, of course, is addressing those items which are no longer functional or, replacing items which have outlived their effective age, with these items often being replaced. For example, a stove with only two burners working, a leaking furnace or, an old hot water heater. This could also cover damages done to the home by the prior owner.

Sometimes a home is well maintained, but not up to date in terms of that which is desirable in today’s market. Kitchen counters may be in good condition, but are older Formica type, typically not what current buyers are looking for, such as granite counters. Remodeling can spruce up a property to provide an appearance of it’s being a “turn key” or “move in ready”. All of these terms can be found to be interrelated as the condition of homes varies greatly, and may involve more than just one of the above.

Some Flippers specializing in this venture are very quality oriented, knowing that to receive a good net return, they must provide the dwelling with quality craftsmanship and materials, resulting in a higher sales price. With some, it may just be a quick turn over, essentially applying band aids over areas in need of repairs or updating, to give the appearance that the home is ready to go. Can you tell the difference? The average buyer often can not, especially when first seeing the property.

What does a buyer need to do when they have found something that appears to be what they are looking for? Whether you are buying, or selling, what is the Market Value? Both buyers and sellers need to know. Based on recent similar sales, well researched, with a report prepared that summarizes all factors, including the condition. Selling or buying, find out what a home is really worth. Hire an independent Certified Appraiser.
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Thomas Edison's home here in Llewellyn Park, West Orange, NJ
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2014-07-21
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