Home Values

Knowing what your home is worth with the current market conditions can in some cases cause you a heart attack. If you want to know this information I recommend you contact a REALTOR®, they will give you a value based on what other homes in your area have recently sold or listed. Using that information can help you to determine you homes value.

Some people choose to use Zillow which is most areas of the country have really good and right on values, however it is my experience that Zillow doesn't have the best values for homes in Las Vegas. For example Zillow estimates my home to be worth $200,000 (6/20/2009) however since I am a REALTOR®, I have pulled a Comparative Market Analysis(CMA) which shows homes in my area listing for between 96,900 & 179,900 and selling for $121,000 & 172,000 so you can see the differences between Zillow and your REALTOR®. I believe that using both systems can give you an advantage but you need to contact a REALTOR® for the CMA.

Thank you,
Sean T. Brown
REALTOR®

Offers on Short Sales & Foreclosures

Over the last few weeks I have been working with clients to get them into homes. The market is ever changing and can be very difficult if your not armed with the right information. That is what I am here for.

In a previous posting I talked about getting a CMA to make sure that you don't over pay for a home. However there are parts of that which can be construed has a double edge sword. Many of the homes that my clients have lost come down to the price they are welling to pay. Banks only want to deal with serious buyers, buyers that are willing to pay top dollar. Before you send me an email about what I just wrote let me explain.

Yes the people of the USA have an ownership in most banks do to the TARP funds they received late last year and even early this year. However the banks are already taking a hit on the homes when they sell them has either a short sale or a foreclosure.

This is probably going to be some of the best advice I can give you, after your agent runs a CMA on the property make your highest and best offer if that means offering a price over list and up to the market price then do it, you will have a better chance of getting the property that someone that thinks they can get a better deal. There is of course a catch you need to know about that can work in your favor. Lets say your offer is accepted and it takes 2 months before things start moving and the prices in the area drop and you are not paying cash but getting a loan like FHA, VA or Conventional then they would have to lower the property price down to the market price. So you can see how offering your highest and best price can be important.

This concludes this blog.

See you soon

Sean T. B

Protecting your interest in a home purchase

I know that everyone wants the best deal out there when buying a home. I also know that right now is suppose to be a buyers market. Here are somethings that just might help...

Banks don't like to negotiate they want your highest and best offer, like I mention before have your agent do a Comparative Market Analysis known has a CMA to make sure what homes of similar size in the area are selling for. Remember banks want to make their money back, but a keynote here is make sure that your contract has something in there saying that should the property not appraise that the price is reduced to the appraised value. This protects your money and helps insure that you don't end up owing more that the home with worth.

When buying a home make sure that you and your agent are doing all you can to protect the property you are buying. If the home is coming with appliances take pictures of them, write down the serial numbers to make sure those appliances you loved are staying with the home. Pictures and serial numbers will only help to prove those where what you where suppose to get.

In today's market a home inspection can be the greatest investment you can make into the home you have found. Not always are things what they appear to be. Just because the home looks good and the price is amazing could just mean that. A good home inspector checks many things that you might not check. In my past I have worked for new home builders in sales, construction and customer service and I have seen my share of bad ones but good ones are what you need in today's market and not so much on new homes, but on resale. I know we have all heard the horror stories on the news about homes being destroyed. I don't want that for anyone.

I hope you enjoy this and that it helps you along the way to home ownership.