Beyond the Headlines- What’s Happening in Real Estate Pt 20
The Dawn Thomas Team is constantly trying to keep our clients and the
inquiring public up to date on the goings-on of the Real Estate Market. These
days there is so much information coming out daily that it’s hard to keep it all
straight and not miss important articles. We’ve recently written about sellers, buyers, taxes and loans-all
of these things are important factors in the Real Estate Market-a very integral
arm of our current economic climate. So today we give you three articles–and a
bit of advice– that we think are important for you, our clients and the public,
to know. Read on!
The New York Times
Neighbors’ effect on appraisals
When calculating the value of a property, an appraiser also factors in surrounding conditions. Neighborhood nuisances like an overgrown yard or a resistant odor could, in some cases, bring down the value of adjacent homes by 5 to 10 percent, according to the Appraisal Institute.
Making sense of the story
Mercury News
Bay area condos’ tight supply has buyers scrambling
Across the Bay Area, buyers are fighting for a limited supply of new and existing condos. Investors have already snapped up many foreclosures and short sales and are renting them out, while owners who might sell in a typical market are either still on the sidelines watching prices rise or are underwater and can’t afford to sell. And demand has been growing.
Read the full story
The Los Angeles Times
California foreclosure starts plummet 60 percent in January
The real estate website ForeclosureRadar.com reported a 60.5 percent decline in California default notices in January from December.
Read the full story
The New York Times
Neighbors’ effect on appraisals
When calculating the value of a property, an appraiser also factors in surrounding conditions. Neighborhood nuisances like an overgrown yard or a resistant odor could, in some cases, bring down the value of adjacent homes by 5 to 10 percent, according to the Appraisal Institute.
Making sense of the story
- What a homeowner might refer to as a bad neighbor, the appraisal industry calls “external obsolescence” – depreciation caused by factors off the property and beyond the homeowner’s control.
- Some issues are not always permanent and an appraiser may overlook them. But an obvious eyesore, like a yard cluttered with old cars, for example, may be enough to prevent a neighboring property from selling.
- The perception of what’s unsightly varies by neighborhood. It’s possible that even a roof covered with large solar panels might be considered obtrusive in some areas, though the impact on nearby homes would be far less negative than if the property was run-down.
- Some neighborhood annoyances may be potentially mitigated with help from the local municipality. Unregistered vehicles in a yard, for instance, or a chicken coop and thumping late-night music, may violate local ordinances.
- Real estate professionals recommend homeowners work directly with their neighbor before making a complaint, to avoid future problems.
Mercury News
Bay area condos’ tight supply has buyers scrambling
Across the Bay Area, buyers are fighting for a limited supply of new and existing condos. Investors have already snapped up many foreclosures and short sales and are renting them out, while owners who might sell in a typical market are either still on the sidelines watching prices rise or are underwater and can’t afford to sell. And demand has been growing.
Read the full story
The Los Angeles Times
California foreclosure starts plummet 60 percent in January
The real estate website ForeclosureRadar.com reported a 60.5 percent decline in California default notices in January from December.
Read the full story
This blog is courtesy of The Dawn Thomas Team who is an
award-winning Real Estate Agent team at Intero Real Estate Services in Los Altos
650-701-7822. We help nice people with selling and buying homes from Palo Alto
to West San Jose!
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