All of us often turn to professionals when we need critical services performed or important guidance offered. You may need to choose a real estate appraiser when selling or purchasing property.

Your lender uses an appraisal report to confirm a property's value before approving financing. In that case, the lender usually chooses the appraiser. Sometimes, either the buyer or the seller will order an appraisal in order to secure an independent opinion of said value. If you hire an appraiser, be sure he or she is licensed and certified.

Once you've ordered an appraisal, there are ways to check its accuracy. If your appraisal figure is much lower or higher than the price of similar homes recently sold in your area, you may have reason to seek a second opinion.
Your appraiser will provide a detailed report of the information that went into the appraisal.

A Realtor can provide you with a Competitive Market Analysis (CMA). This market analysis is not as precise or detailed as an actual appraisal, but can add extra support for the pricing. Call me for more information on the tools that can be used to determine a property’s value .

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Banks that own foreclosed properties are anxious to get them off their hands. After all, their business is lending, not property management. Banks work almost exclusively with real estate professionals to list and market the property for them.

If you are considering purchasing an “REO,” or Real Estate Owned property, your real estate agent can do some research for you and offer advice. They can perform a search of bank owned properties and do a price comparison with other properties on the market. Banks don’t usually have the properties priced much lower than they are willing to accept, but a property that has been on the market for 90 days or longer may be more open to a price negotiation.

There are also potential hidden costs associated with foreclosed properties.
Owners who vacate a foreclosed home may have left plenty behind in need of repair. Be sure to perform a thorough inspection - with electrical and gas systems operating - and ask your real estate representative to factor repair costs into your offer.

Call me for more information on REO properties in this area.

Like today's stock market provides excellent opportunities for investors in it "for the long haul," today's real estate climate appeals to buyers with long-term expectations. The more buyers take advantage of current conditions, the more prices will eventually begin rising again.

Areas where buyers are entering the fray again are well poised for recovery, and it's possible that the prices are finally bottoming out. The recently enacted housing stimulus bill is helping too, as over two million first-time buyers are predicted to take advantage of the new tax credit.

In 2009, those markets with affordable housing combined with healthy local economies will continue to see growth. We won’t know when the market has hit bottom until we look back as prices are rising. The signs of recovery will include a reduced number of houses for sale, a shorter number of days that a property is on the market before going under contract, and a reduction in the difference between the list price and the actual sales price.

Call me for more information on our local market statistics.

Over Pricing

Many sellers are having a hard time facing the realities of today's markets. Of course it’s difficult to make a pricing concession, but an overpriced home simply will not sell.

Sellers may argue that they really need the money, but then what will they do for money if the home doesn't sell. Maybe they figure that they can shoot for the moon now and reduce the price later if they must. However, the longer a property remains unsold, the more likely it is that even more price reductions will follow.

Some sellers might suggest trying a higher price just for the first two weeks, but that's when the interest of serious buyers is always greatest. Those buyers usually look within a certain range, and won't even make an offer at all on an overpriced property. Most importantly, if the sellers need to buy another home, time is of the essence. If the sale takes too long, they'll be buying at a time when prices and interest rates may begin climbing again.

If you are considering selling your home, call me for a free Competitive Market Analysis of your home’s value in today’s market

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WHAT’S YOUR ESTIMATE?
No one expects you to be able to appraise a home. It's a professional's responsibility to provide an independent estimate of either your home's value, or the value of a home you are interested in purchasing.
While the bank uses the appraisal to guarantee your home's tangible value against the mortgage, such documentation also ensures that you're not overpaying for your home. While your lender usually selects the appraiser, be aware that federal law guarantees you a copy of the report.
When selling your home, a professional appraisal will validate your list price, and assure you that you are getting what your home is worth. It’s a good idea to produce receipts for septic or roof repairs, or work on your heat and air conditioning. This proves your responsibility and pride-of-ownership, adding real and perceived value to your home.
If you're suspicious of an appraisal, ask a realty professional to provide a Competitive Market Analysis based on the most recent closings in your area. Sometimes another opinion is all you need to put your mind at ease.
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Buying or selling a home requires the services of several professionals. Your accountant can explain the tax implications and an attorney researches the title to the property you are purchasing so that you receive a good and marketable title.You may also need a surveyor if your lender requires a physical survey of a property's boundaries. They ensure that you receive title to the exact property for which you contracted.

Realtors also play an important role in your transaction. They act as a marketing agent for sellers, developing strategies to identify and attract likely buyers for the property.

Realtors provide buyers a variety of services: suggesting lenders, researching available homes, scheduling showings, and writing contracts. They oversee the closing activities and coordinate the roles of the other professionals involved.

Real estate agents will not give you legal or accounting advice, nor attempt to survey your property, but they will provide a wide range of services to those planning to buy or sell real estate.

Visit my web site at : www.MadisonVaRealEstate.com

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Being Reasonable

Rising real estate inventories are presenting buyers with more options and sellers with more competition. If you price a home reasonably, buyers will buy. If buyers make a reasonable offer, sellers will sell. For sellers, pricing is still the biggest factor in a listing's success or failure. Sellers, buyers and real estate agents all stand to lose from an overpriced property.

A buyer’s negotiating skills are critical. Contrary to widespread media reports of sellers panicking under the weight of foreclosure, most sellers are in fact in good enough shape to wait for a fair offer.

Buyers and sellers are still coming together in record numbers that would have been unthinkable just ten years ago. Most home sales are taking place due to traditional reasons: job relocation, growing families, retirement, or downsizing.

Your best insurance for a satisfactory sale or purchase is with the knowledge and skills of a professional representative. If you're unsure about our local market, schedule a cost-free, obligation-free consultation with an agent you know and trust. Then move with confidence!

To search the MLS visit my site ! www.MadisonVaRealEstate.com

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Long term advantages

You've been reading negative stories about the housing market, and while some are experiencing a slowdown, you can still pursue the American Dream. Remember that housing is a long-term investment. Some people tried to create high yields over the short term, and that's part of the reason so many markets are experiencing readjustments now. Regardless of whether housing is up or down, individuals and families will always have a need to buy or sell. Interest rates and prices are at historical lows, creating an excellent atmosphere for qualified buyers. When reading the gloom and doom about foreclosures, it's important to keep the reports in perspective. Most defaults are associated with sub-prime lone, which account for less than 10% of all mortgages. Turn to the advice and guidance of a trusted local real estate professional, and take advantage of positive forces in the current housing market.

web site: www.MadisonVaRealEstate.com