Law of Attraction For Real Estate – Attracting Your Ideal Real Estate Agent

Immobilie bewerten, Immobilie Wert, Immobilienrechner, Verkaufsrechner, Immobilienwertermittlung Tel: 06227-399170 Handy: 0176-2116-9990 eMail: info@heidelbergerwohnen.de Internet: www.heidelbergerwohnen.de

When homeowners decide to put their home on the market, the first thing that usually comes to mind is: " How do we find the right real estate agent?"

The truth is, finding the perfect person to sell your home is crucial to getting your home sold quickly and for top dollar. But how can you find just the right agent?

There is an easy five-step formula, using Law of Attraction, to attract your ideal real estate agent, and it is as easy as KABAM! Yes, that is right, KABAM.

Using Law of Attraction and the KABAM Five Step Formula

K-Know what you want. Sounds easy enough, right? But take a few minutes to jot down what you really want. I have started the list for you and suggest you customize it for your exact needs.

1. I want an agent who knows my neighborhood.

2. I want an experienced agent.

3. I want an agent who is skilled at pricing homes for sale.

4. I want an agent who has a list of approved buyers for my area.

A-Ask for what you want. It is that simple. Be sure to spread the word when asking-email your family and friends for recommendations, tell the grocery clerk what you are looking for, be public about what you are looking to attract.

"I want to hire the best real estate agent. One that matches exactly what I am looking for."

B-Believe you are receiving it. Know that your ideal real estate agent is on his or her way. Start cleaning out your closet, sorting the garage, packing up boxes, and making room for the new homeowner.

A-Act on inspiration. If it feels right, do it. That means if someone reflects an agent to you and you like the person, do some due diligence and when you are satisfied, make a commitment to that agent.

M-Manifest your desire. This really is a simple process. If you follow the first four steps, the "M" in KABAM! comes easily.

So the next time you ask yourself, "How do I find the right real estate agent to sell my house?" remember the one word answer. KABAM!

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Source by Eric Carlyle

Establishing the Value of Your Business

Immobilie bewerten, Immobilie Wert, Immobilienrechner, Verkaufsrechner, Immobilienwertermittlung Tel: 06227-399170 Handy: 0176-2116-9990 eMail: info@heidelbergerwohnen.de Internet: www.heidelbergerwohnen.de

Some owners have a figure in mind of what their business is worth; often it's inflated because of their emotional attachment. On the other hand, many owners undervalue their business because they do not understand the technicalities of the various valuation methodologies and which of these is most appropriate for their specific business type.

Experience has shown that there is also a large percentage of business owners who do not know what their business is worth, nor how to go about establishing its true market value. Link uses many of the established valuation methodologies, often using a range of different options in combination to establish the most accurate figure. This figure is then further scrutinised by comparing the theoretic value with current and historical sales information from the Link database. This ensures that the valuation appraisal accurately represents what a purchaser will pay in the current market.

Profitability and Risk

Most businesses are valued based on a combination of assets and the cash surpluses generated. The risk factor of the specific business is also taken into account. This is the degree of threat from existing or potential competitors, changes in technology or consumer trends and many other factors that may affect earnings or costs.

"Barriers to Entry" is another issue that is taken into account and involves evaluating the degree of difficulty or barriers a competitor may face should they decide to establish a similar business. For example, businesses which require minimal capital investment or technical knowledge are said to have a very low barrier to entry and consequentially, may have a lower value.

Most businesses are valued on a "going concern basis" rather than the value of company shares. Purchasers are attributable to buy company shares for a variety of reasons including the unknown possible future tax, credit or legal liabilities, or the danger of inheriting contingent liabilities based on historical trading. The price of the business is usually made up of three components:

1. Intangible assets.

The future earmarking potential of the business reflective of historical earnings potentially including intellectual property (IP), right to products or services, benefits of a lease, contracts, techniques and procedures as well as goodwill.

2. Tangible assets.

The fixtures, fittings, plant and equipment used by the business to generate its income. This component is normally calculated according to its deprecated book value.

3. Stock.

Stock purchased by the business for resale or manufacturing purposes. It is valued at the historical cost price. An permission may be made for old or obsolete stock.

Valuation Methodologies

Typically, two or more of the following methods are used to appraise the value of a business:

1) Industry Ratios

2) Asset Based

3) Earnings Based

4) Market Based

The appraised value is then subjected to the "sanity test". Some businesses are in a growth industry where their track record is well established and their projections solid. Other businesses may be in what is known as a sunset industry where projections are less optimistic. Many factors affect the true market value of a business, including business sector, economic conditions, business cycles, interest rates, labor availability and a whole host of other influences. Similarly, the value of trademarks, brands, intellectual property and goodwill is not always easy to quantify. Balancing all these factors with the book valuation of businesses establishes the true market value.

1. Industry Ratios

The value of the business is based on its sales record compared with industry averages. This method is often used for small businesses and franchises where there is an established track record within a specific industry. It may also use a formula of multiples of weekly sales or an average derived from sales of similar businesses.

2. Asset Based

In businesses where there is a history of low earnings or even losses, the asset based approach is generally used. Using this method, the value of the collective assets (both tangible and intangible) will determine the value of the business. In many cases there will be an element of goodwill payable, even where a business is not trading profitably. Although the assets alone may be purchased on the open market, there is often value in purchasing assets as a going concern, which may include customer lists, relationships with suppliers, an assembled workforce, brand awareness and reputation, among others. Calculating intangible assets, including goodwill requires some subjective justice coupled with experience and the use of market comparisons.

3. Earnings Based

Generally the earnings based approach is used for larger businesses and places Emphasis on earnings rather than assets. There are various methods used when employing the Earnings Based approach to appraisals. Return on Investment (ROI) or capital of earnings is common, as is the application of earnings multiples.

Earnings Based value is determined by considering:

A. The level of return that could have been expected by investing in the business in question, taking particular account of the perceived level of risk and realistic costs of management.

B. The "industry average" multiplier on true earnings. This multiplier is market driven and varies according to perceived industry factors, perceived earnings sustainability and historical comparisons. The multiplier used most often in this approach is EBIT (Earnings before interest and tax) but others are frequently used and it is critical that you are comparing "apples with apples" when discussing multipliers.

C. The fair market value of the unencumbered tangible assets of the business eg plant, fixtures, fittings, equipment, stock and the tangible and intangible assets which may include intellectual property.

EXAMPLE OF ASSETS BASED METHOD

A dry-cleaning business has been breaking even and the owners would like to sell and move on. The business has tangible assets with a total book value of $ 135,000, $ 5,000 of stock (all saleable), no bad debts and will pay all creditors. The fair market value of the tangible assets has been estimated as $ 110,000 and intangible assets and goodwill at $ 15,000. Therefore the fair market value of this business is calculated as follows: $ 110,000 (tangible assets)% 2B $ 15,000 (intangible assets and goodwill)% 2B $ 5,000 (stock) = $ 130,000.

EXAMPLE OF ROI

Tom's manufacturing company produced an adjusted net profit of $ 160,000 (EBPITD). The net assets (Valuation of plant and stock) for the business were $ 240,000 and a fair salary for Tom (owner) is $ 70,000. If someone was looking to invest in this business they could expect a 25% ROI, as this business offers a low to medium-risk investment opportunity.

To calculate the ROI value for Tom's business:

Business profits (EBPITD) ……………………… $ 160,000

Minus owner's salary …………………… $ 70,000

Profit …………………………… ……….. $ 90,000

Return on Investment

Profit of …………………………………. ……… $ 90,000

Divided by desired return ………………………… 25%

Valuation assessment ………………………………………. $ 360,000

4. Market Based

There will be certain instances where no amount of sound theory or application of complicated methodologies alone will suffice. It is not uncommon that a willing buyer and a willing seller will agree on a value that defies all traditional appraisal methods. In other cases the use of traditional appraisal approaches produce unrealistic values ​​that have no bearing on market realities. It is important in any assessment to overlay relevant market data and multiples achieved in similar businesses "in the real world". Unfortunately the level of information available in Australasia is not as sophisticated as that available in other parts of the world.

How will taxes affect your pay out?

There are tax issues you may need to consider when selling your business. For instance, if you sell the plant and equipment (or company car) for more than the depreciated book value, you may have to pay back some of the tax you claimed when the items were depreciated (depreciation claw-back). Other tax liabilities may be incurred on the profit of land and buildings if they are included in the sale. It is vital that you fully understand your tax position when selling your business, and professional advice should be bought.

"Any desktop valuation involves a substantial amount of subjective judgment. The real test of the value of a business enterprise, like any asset, is what a buyer is prepared to pay."

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Source by Aaron Toresen

Converting Your Carport Into a Garage Can Increase Home Value

Immobilie bewerten, Immobilie Wert, Immobilienrechner, Verkaufsrechner, Immobilienwertermittlung Tel: 06227-399170 Handy: 0176-2116-9990 eMail: info@heidelbergerwohnen.de Internet: www.heidelbergerwohnen.de

All things being equal, converting your carport in garage can increase home value. A carport is better than no garage, a single car garage is better than a carport, and a double garage is better than the single garage. However, you really have to be familiar with homes in the area, and whether your home is comparable to other homes except for the carport.

And before you decide whether to put in a carport, you should first find out if other comparable homes in the neighborhood have a car or a two car garage. If other comparable homes in the area have a garage, then your house should have a garage. If you are going to put in a two car garage, then make it a real two car garage, and not a garage for a scooter and an ATV.

Converting you carport into a garage can cost you anywhere from $ 15,000 to $ 50,000, so you really need to know what other comparable homes are going for so that you know how much you should invest in converting your carport. You should also have an assessment of your home to know the difference in value between your home and other comparable homes in the area.

Since the conversion is going to be quite a large investment, you really need to be sure that you are going to be in the home long enough to recover your investment. That is the rule of thumb for any other home improvement you might make. After all, it makes absolutely no sense to invest money in your home if you are not going to reclaim the investment.

If you invest $ 50,000 in your garage, it is not likely that you will recover that much money in the short term, if at all. However, if other comparable homes in the area are selling for $ 20,000 more than the appraisal you receive for your home with a carport, then investing $ 15,000 on a garage is not such a bad idea after all.

If you decide to convert you carport into a garage, then make sure you ad shelves other types of storage space. When people look at garages, they are not only looking for a place to store and protect their car. They are also looking for a place where they can work, and store things such as tools, gardening equipment, etc.

If you add shelves, and other types of storage space, then you are going to make your garage that much more attractive. However, if you start adding insulation, heating, and cooling, you may run well over the budget that you had established. It all depends on how much you are willing to spend on your garage, and how much you are planning to recover when you sell.

If you get carried away, you will spend much more than you had planned to spend, so you need to stick to your budget. It may be that you have to wait five or ten years, or sometimes even longer, to begin to recover your investment. If you are looking to sell right away, then you should be conservative about how much money you spend in converting a carport into a garage. The important thing is to know what your home's value would be with a garage instead of a carport.

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Source by Marco D Benavides

The Forgotten Rooms When Staging Your Home For Sale – The Basement

Immobilie bewerten, Immobilie Wert, Immobilienrechner, Verkaufsrechner, Immobilienwertermittlung Tel: 06227-399170 Handy: 0176-2116-9990 eMail: info@heidelbergerwohnen.de Internet: www.heidelbergerwohnen.de

In 1973 a film entitled "Do not Look in the Basement" was released. It was originally entitled "The Forgotten" in reference to the ignored patients of an insane asylum, but someone thought it would attract more movie goers with a new title. After all, basements can be creepy.

Dark, dank and dirty is what usually comes to mind, never mind those hidden corners where something just might pop out!

Well, sometimes "The Forgotten" was an appropriate name after all, since basements are one of those areas in a home that is often overlooked when staging a home for sale.

Basements, whether finished or unfinished, add valuable square foot to the house.

Basements should receive as much attention as the rest of the house when it comes to the Must Do's of staging:

  • Begin by decluttering . Discard, sell or donate any items you have not used in years. Basements tend to collect items we think we may use someday, such as old faucets, old appliances ( left ), toys, luggage pieces, etc. So ask yourself "will I ever really use this?"
  • Consider renting a storage space for items that you are keeping but will not use or need in the next 6 months, especially if you are considering renting storage for unneeded furniture and items in the rest of the house. It may be worth it.
  • At the very least, buy moving boxes and begin packing. Or purchase plastic storage bins with covers as you can probably use them for storage in your new home. Stack the boxes or bins neatly, or even better, purchase metal shelving to stack them on.
  • The basement should be cleaned thoroughly . You want to remove the "yuk factor" when buyers view the space. Sweep and mop the floor, or vacuum the carpeting. Make sure you remove cobwebs and dead bugs from corners and along the ceiling.
  • Clean the windows and remove excess vegetation from outside the windows to let in as much light as possible. Open the curtains, if any.
  • Wipe down exercise equipment, ping pong table, and anything that has collected dust.
  • Install extra lighting, even if it's a bare bulb and pullchord , in dark corners or areas.
  • Paint the floors of an unfinished basement (check with your paint store for the best product). It makes the room brighter and cleaner in appearance. And it does not have to be the typical gray.
  • A fresh coat of paint on sheetrocked walls also goes a long way in making the space appear clean and as valuable as the upstairs space.
  • If your basement does not have walls separating each room, it's important to design areas, each with a purpose. For example if you have exercise equipment or children's toys scattered about, design an area for each so that it shows that the basement has an exercise "room" and a children's "playroom".
  • If the washing machine and dryer is in the basement, set up this area as a laundry "room". Make sure this area is sparkling clean, since no buyer wants to do laundry in a dirty area. Set up an ironing board and iron and / or a table to fold clothes. Store laundry supplies neatly on shelves or in a cabinet.

The same goes for other areas in a basement: home office, media room, workspace, arts and crafts space. Make sure each area is clearly designated.

Buyers expect the basement to be dark and dirty. Why not surprise them with a clean, bright, organized and neat space? The buyers will also perceive that you are the type of homeowner that takes care of things and does not neglect the ongoing maintenance of the house.

Basements are one of the often overlooked spaces when staging a home for sale. Since basements add extra square footage to the house, it's important that they look their best to potential buyers. Here are some things you can do to get them in "show ready" condition.

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Source by Donna Dazzo

Using Subject 2 Contracts to Buy Real Estate With Less Than Perfect Credit

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Subject 2 is a way to buy real estate without applying for a home mortgage loan. This financing option requires buyers to accumulate mortgage debt from the property owner. Real estate investors often use Sub2 contracts when selling houses to buyers with less than perfect credit.

Subject 2 is a great option for buyers unable to qualify for a conventional home loan. The property owner transfers the real estate deed to the buyer who becomes responsible for paying remaining loan installments. Loan documents remain in the original mortgagor's name and the new buyer piggyback's off their good credit.

Instead of entering into a high interest bad credit loan, buyers can take advantage of assuming low interest payments. Buyers should engage in credit repair strategies so they can obtain financing within a year or two.

The primary purpose of entering into a subject to contract is to let buyers buy a house without a payment or credit check with the intent of refinancing the loan into their own name as soon as their credit allows them to obtain financing through traditional means.

Entering into Sub2 contracts requires both parties to engage in due diligence. Sellers should obtain financial records to ensure the buyer is financially capable of paying home loan installments. When Buyers default on the note, the note holder is liable for missed payments or runs the risk of losing the property to foreclosure.

Most Subject 2 contracts require buyers to submit loan payments to the servicing lender. However, some sellers require buyers to submit payments directly to them and they will submit payments to the loan provider. In this scenario, buyers run the risk of losing vested funds should the seller default on the mortgage loan.

Subject 2 contracts should be drafted by a real estate attorney to minimizeize risks for both parties. Sub2 contracts are used in place of bad credit lender loan mortgages to give buyers time to restore their credit rating. Buyers should refinance into a conventional home loan to purchase property rights as quickly as possible.

In order to be legally binding, Sub2 contracts must be recorded through the court. Subject 2 records the transfer of property rights to the buyer. However, property rights are "subject to" the buyer adhering to contract obligations. If Buyers default on their agreement, ownership rights revert back to the seller and the buyer loses all funds invested into the property purchase.

Sellers determine the duration of Subject 2 contracts which typically extend for 2 to 5 years. At the end of the contract, buyers must apply for a home loan or obtain financing through another source such as hard money lender loans.

Hard money loans consist of high-interest loans provided by private real estate investors or investment groups. This is a risky and expensive option for borrowers with bad credit. Therefore, buyers who enter into Subject Contracts need to carefully strategize the ability to obtain financing in the future. If buyers can not obtain financing at the end of the subject 2 contract they could end up being in default and run the risk of having property rights transferred back to the seller.

When mortgage notes are refinanced the buyer is liable for costs typically associated with entering into a home loan. Common costs include loan points, home inspections, property appraisals, mortgage insurance, homeowner's insurance, realtor contracts, legal fees, and closing costs.

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Source by Simon Volkov

Can Store Closing Signs Reduce Sales?

Immobilie bewerten, Immobilie Wert, Immobilienrechner, Verkaufsrechner, Immobilienwertermittlung Tel: 06227-399170 Handy: 0176-2116-9990 eMail: info@heidelbergerwohnen.de Internet: www.heidelbergerwohnen.de

Suppose you want to close down your store, whether you are retiring, market is tough or just ready to move on to something different. Getting rid of tens of thousands of dollars worth of inventory is easier said than done.

First idea that pops into many retail business owners?

Going out of business sales. Well, in fact this type of sale is the answer to liquidating inventory fast, but simply posting a few going out of business sales signs on your windows will not sell inventory. In fact, the signals by themselves are counter productive.

How so?

When consumers see a sign like that it only screams out one thing, 'deals'. To you it is a sale, but to them is the opportunity to satisfify their greed and buy anything they can for wholesale or less. They expect everything to be 70% to 80% off, but that is not what you as the business owner wants.

Not at all. What makes the difference between someone who runs a successful store closing sale and someone who ends up worse off?

Simple, it is called strategy.

See slapping on a few store closing signs on your windows will get you some traffic, but it is probably not going to be the traffic you want. However, that is still a critical component of running a successful sale and you must know how to do it properly.

The signs on the windows alone will not do the job. Instead you have to make sure that people see it and can follow it.

Have you ever seen an open house sign while driving through the suburbs? Some of these agents are really good at placing signs in every possible point where they may lose traffic and others do not. I do not know if that is because of a lack in budget, but something as simple as that can make the difference between a successful sale and a not successful one.

Now, if your store closing signs will draw the wrong people, how do you get the right people? The first place is your customer database.

There is a huge mistake people make when telling their own customers that they are going out of business and that is timing.

You do not want to tell everyone at once, which is what most business owners do.

Last, we have debt. Unfortunately for many business owners, they close down their stores and are left with huge debt to pay off. Secretly, many business owners have been closing down their stores and getting rid of all debt and many times making profit because of this one tip I am about to share.

When you are going out of business, you can negotiate your debt 10 times better, but you must do it at the right time and in the right way. If you do not know when to do this, I can tell you you will probably do it too soon.

Unfortunately there is no set time I can just share with you, otherwise I would. It all depends on your inventory and specific situation.

Here is what I would like for you to take from this. If you are planning on running a store closing sale by yourself, I can almost guarantee you will not do nearly as well as if you hire a professional to do it for you.

I just met one who has been doing this for 25 years and I thought to myself. Going out of business is not something you do everyday. In fact, it usually is a one time event and there is just no possible way that you can do almost as well as someone who has done this for years!

Now, before you go hire any professional, let me give you a tip on hiring someone to help you with this. You do not want liquidation companies who are just looking to buy your inventory wholesale. You want someone who specializes in running these sales and who work based on performance. In other words, they do not get paid unless you succeed.

That alone will filter out 90% of the companies out there and give you a good chance at succeeding. Usually their fee will pay for itself many times over.

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Source by Jorge Zarate

Flipping That House in Oregon – Big Profits Or Big Headaches?

Immobilie bewerten, Immobilie Wert, Immobilienrechner, Verkaufsrechner, Immobilienwertermittlung Tel: 06227-399170 Handy: 0176-2116-9990 eMail: info@heidelbergerwohnen.de Internet: www.heidelbergerwohnen.de

Flipping, the real estate investment vehicle in which you purchase a property below value and soon sell it for a profit, is a very good way to generate positive cash flow. Cash flow is important if you want to pay the bills and feed the family. Flipping has become a big business. I encourage my protégées to buy and sell for a profit without getting into the rehab business if their goal is to be an investor.

In Oregon you need to be careful how you proceed with a flip. If you buy a house and sell it without doing work on it you will not butt heads with the state construction contractors board (CCB). But be careful. If you think you can buy a house, remodel it, and then sell it, you can – if you have a general contractors license or a developers license. In other words, it’s regulated by the state. The purpose is to offer some semblance of protection to the consumer.

The stated mission of the CCB is:

„The Construction Contractors Board protects the public’s interest relating to improvements to real property. The Board regulates construction contractors and promotes a competitive business environment through education, contractor licensing, dispute resolution, and law enforcement.“

A general contracting license with allow you to do the work yourself on a house you plan to buy, fix up, and sell. A developers license will allow you to buy, hire contractors to do the rehab, and sell.

Who needs to be licensed?

According the CCB:

Oregon law requires anyone who works for compensation in any construction activity involving improvements to real property to be licensed with the Oregon Construction Contractors Board (CCB). This includes roofing, siding, painting, carpentry, concrete, on-site appliance repair, heating and air conditioning, home inspections, tree service, plumbing, electrical, floor covering, manufactured dwelling installations, land development and most other construction and repair services.

A CCB license is also required for:

*those who purchase homes with the intent to fix them up and resell them, even if they do not perform the work themselves.

*material suppliers that receive compensation for installing or arranging the installation of the materials.

It’s not difficult to meet the requirements for a contractor or developer license. You simply take a short course that costs around $200 and you learn about OSHA, lien laws, and such – there’s very little in it about how to be carpenter, etc. You then take a test which adds an additional $50 to $100. The test is designed, like most state tests, to be passed so the state can collect fees. You can get through it. When I was first licensed all I needed was a bond and liability insurance, which cost about $125 if I remember correctly, and $50 for the state license, and I was a contractor – no course to take and no test.

The hard part of the process now is securing liability insurance you can afford. My insurance broker, Bob Gorham at Century Insurance in Bend (541-382-4211), has done a good job for me in the past. The insurance part of the equation is tough but you have to obtain it in order to comply with the state regulations.

Who does not need to have a license to work on a house?

The July issue of the Construction Contractors Board Bulletin says the answer to that question is:

1. A person who works on their own house

2. A person who furnishes the materials, supplies or equipment and does not for compensations, install or arrange to have them installed.

3. An owner who arranges for the work to be done by a licensed contractor. But this exemption does not apply to a person who in the pursuit of an independent business, does the work themselves or arranges for the work with the intent of offering the structure for sale before, upon or after completion. It is considered prima facie evidence that it was the intent to offer the structure for sale if the owner does not occupy the structure after completion.

4. A person who performs work on property they own even if they do not live there. And an owner’s employee can perform work.

5. A real estate licensee who performs work on the structure that the real estate licensee manages under contract.

For more information on licensing, you can call the CCB at 503-378-4621. Their web address is http://www.oregon.gov/ccb.

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Source by Donald Loyd

Phoenix Housing Market As of January 2013: Our Real Estate Market Update

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Summary of the Phoenix Housing Market: January 10, 2013

Price per square foot in the Phoenix Real Estate Market

The average price per square foot in the Phoenix Housing Market grows to $ 108, up $ 2 from the past month. The year over year (YOU) rise is $ 24 from last December 2011, while the complete growth in cost per square foot from the bottom of the market (March-April 2011) is $ 31.

In the Phoenix Real Estate Market the first half of December was dominated by substantive sales of high-end properties while the concluding few days witnessed a growth in more affordable residences, especially with short sales. Prices consequentially rose higher and stronger by the third week of December only to plummet sharply in the concluding days.

Active Residential property Listings in the Phoenix Real Estate Market.

The beginning of January 2013 is the 1st span in 6 months that listings in the Phoenix housing market have receded. The decline was a little over 900 listings as January began with 17,155 listings in the Phoenix MLS. The Phoenix Real Estate Market typically averaged 20,000-25,000 active home listings in the Phoenix MLS before the real estate upsurge and resulting foreclosure destruction. It will be essential to watch this number as we preceded into the spring purchasing season. The number of home listings on the Phoenix housing market goes a long way in determining if we are living in a buyers market, the seller's market or a normal market.

The Phoenix Housing Market and Foreclosures

The Phoenix Housing Market is enjoying a large increase in price per square foot thanks to the remarkable decline in foreclosure-type homes, which are typically bank owned properties and short sales. The reduction is 44% from prior December and 85% from December 2010. Property owners in the Phoenix Real Estate Market are no longer needing to contend with the unfairly low price of foreclosures.

More regarding Foreclosures in the Phoenix Real Estate Market

Passages of these next 3 paragraphs were drawn from the Cromford Report, from which I am a paid subscriber and have the right to reproduce: December was really an invalid period for people who have a preference for Phoenix foreclosures. Brand-new Notifications of Trustee Sale for Maricopa County came in at 2,112 in total which included 1,994 for residential residences. The last time we had fewer than 2,000 residential notices in the Phoenix Housing Market in a month was May 2007.

Documented Trustee Deeds totaled 1,399 of which 1,302 were residential. This is the lowest monthly amount of Trustee Deeds since November 2007 in the Phoenix Housing Market. As a sign of the times there were almost as many residential foreclosure notices cancelled (1,881) as new ones filed (1,994). There were 8,758 residential notices active (ie pending foreclosures) as of January 1.

This is 82% below the peak level of 47,606 in December 2009. Total troubled residential inventory (active notices plus REO) stands at 14,547, down 77% from the peak of 62,123 in February 2010. We are clearly almost at the end of the foreclosure wave in the Phoenix Real Estate Market.

Phoenix Housing market: The Short-Term Prediction

We recently wrote on how the ongoing price per square foot trend for residences under a purchase contract can accurately forecast the cost per square foot for homes sold 4 to 8 weeks into the future. The price for pending sales leveled out in December so we are able to anticipate the sales price per square foot to level out in January. Prices are going higher to begin January 2013 so we may forecast price per square foot in February to continue upwards.

Our complete and updated market summaries can be found on our blog under Phoenix Housing Tracker

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Source by Kristina Keller-Wilczek

Arizona Real Estate Law – Using a Partition Action to Resolve an Ownership Dispute

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It is a frequent occurrence that people who jointly own Arizona real estate find themselves unable to agree about whether to sell and / or how to manage the property. When that happens the Arizona Revised Statutes provide a mechanism whereby one of the owners of the property may compel the sale of the property and distribution of the resulting proceedings.

The partition statute, set forth at ARS Section 12-1211 et seq., Provides for the appointment of one or more "commissioners" who are charged with selling the property. If the property can be physically partitioned by dividing it into equitable portions, an owner who wishes to retain ownership of his or her share may be able to do so. In most cases involving single family homes or other properties that are generally not divisible, however, the property will have to be sold and the proceeds distributed.

The commissioner (s) appointed to manage this process will usually be Arizona real estate brokers or other similar professionals who are strictly qualified to prepare the property for partition and / or sale. Although the court can make whatever order is deemed fair and necessary, the commissioner (s) are usually compensated by receiving a sales commission.

In most cases partition actions do not involve defenses allowing on or more owners to block the sale (unless they want to buy out the other owner (s)). That being the case, partition actions that do not involve other related issues can be handled fairly quickly without excessive expense. Nonetheless, because an Arizona partition action must be filed in the Arizona Superior Court and must strictly comply with the constitutional guidelines, a party seeking to force part of a property or facing a partition complaint filed against him or her should seek professional advice.

An experienced Arizona real estate lawyer should be able to help guide you through a partition action. If you'd like to force a partition a lawyer can help make sure your partition complaint meets the statutory requirement and that the order compelling the partition provides the relief you seek. If a partition action has been filed against you an experienced Arizona real estate attorney can help make sure you receive an equitable hearing and distribution of any partition proceeds.

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Source by Kevin R. Harper

Do not Trust Your Realtor: Common Valuation Mistakes

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OK OK … I do not really mean to not trust your Realtor or other advisors, unless they give you really bad advice, like the three mistakes outlined in this article. Many Realtors understand how to value real estate and can be a great asset (especially the ones that focus on real estate investors), but the unfortunate truth is that many investors and agents make these common mistakes:

· Add value to a property for a bedroom

· Incorrectly adjusting for square footage

· Compare non similar style homes with no adjustment

Add to shortlist

This is by far the most common error that I see. In some cases a bedroom will add value but normally you can not count on it. If a house has more bedrooms it is significantly larger and the large home is more valuable, but the bedroom itself is not adding the value, the square foot is. If two houses are the same size and one has an additional bedroom it is lacking something else OR has many smaller rooms, which will deter some buyers. It is basically a wash for valuation purposes. The one exception to this is if the house does not conform to the neighborhood. For example, if the entire neighborhood is two or three bedrooms and you have a bedroom, it actually should add value to add a bedroom, even if you are keeping the house the same size. I would be very careful in these rare cases because it is hard to know how much value a bedroom will actually add. So when you are looking at your comps, look at the size and not the number of bedrooms.

This does not hold true for bathrooms. Bathrooms will almost always add value.

Incorrectly adjust for square footage

A less common, but more devastating error that I see is to use a price per square foot model to value a home. Many agents make this mistake. The error is to use an average price per square foot and multiply that number by the size of the house you are trying to value. It is not wise to use this method, especially if your house is on the small or large size for an area. Think about it. Is a 2,000 square foot house really worth twice as much as a 1,000 square foot house that might be next door? The area brings a certain range of values ​​that all houses fall in and the lot values ​​should be close to identical no matter what size house is on it. Using a price per sq foot model does not account for the lot.

It is true that you need to adjust for size, because larger homes carry more value, but it is easy to mess the adjustment up. The best way to do this is to dig into your comps and get an idea for the required adjustment. This can be very tricky because the value per square foot decreases as the homes get larger. It is a safe bet to never buy the largest or smallest house in an area, but if you do, use a very conservative adjustment for size. One rule of thumb that I like to use is 1 / 3rd of the average price per square foot as the size adjustment. This is pretty close to average, so it is nice; but again is a rule of thumb and is not science.

Keep in mind that the adjustments that I mentioned are above the ground adjustments. Basements do NOT carry the same value. In fact, it is normally worth less than half of the above ground square footage. For example, in a nice area an above ground adjustment might be $ 90.00 above ground but basements in that area might only be worth an adjustment of $ 30.00 per finished sq foot. I never have understood this because if finished it is usable / livable space and people love basements. I gave up trying to understand why the basement has little value and have just accepted it. You do not need to understand why it is true as long as you know it is true and use that to help come up with an accurate value.

Compare non similar style homes with no adjustment

This one makes me laugh when I hear it. The biggie that I see here is comparing the ranch or rambler style home to a home with stairs, like a bi-level or 2-story. The house with no stairs is always more valuable. You need to think of yourself as the buyer and what a buyer would want. Another common example of this mistake is comparing older homes to newer homes. In fact, we just took a call today from a client that was comparing her home to a never been lived in house one neighborhood over. They were almost identical in size and were within a quarter of a mile to each other, but one is about 30 years old and one was just built. Do you really think that someone would buy a used home for the same price they can get a new home for? The newer home is worth more, so it is best to not even use that comp; but if you need to use it, be sure to adjust for the age.

My hope is that by understanding these common mistakes you will be able to come up with more accurate after repaired values, and be a better investor for it.

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Source by Kevin Amolsch