Archive for January, 2010
What Is A Comparative Market Analysis?
To get the best price in the current market you should have a comparative market analysis CMA done on your home.Real estate agents often offer CMAs as part of their services usually for free. A CMA contains information about how much is being asked for homes on the market prices of homes currently under contract but not sold yet homes that have recently sold and expired listings.All of the homes in a CMA should be reasonably close to the size age condition amenities upgrades and location of your home.This information is then used to determine how much your home is likely to sell for in the current market.
Beware of recent inflated home prices affecting your expectations of what your home should sell for today.2005 prices are not the prices of 2009 and 2010.In a market where prices can fluctuate based on seemingly unrelated events it is inadvisable to use your purchase price to determine your selling price.In todays “buyers market” overpricing only means that people will ignore your home for something more reasonably priced.What you paid for your home means nothing in a buyers market; all people care about is how much homes are selling for now.If you really need or want to sell you may be facing a significant loss.Accepting the possibility or reality of this will make it easier to sell your home for the best price possible.Getting a CMA done will give you and your agent a price that will likely be considered seriously by buyers.
Analyses can differ depending on a number of factors.The number of comparable homes currently on the market can be a lot different than the number of similar properties available a month ago.CMAs can also differ depending on the different characteristics of the homes compared.If youre selling a 2 bedroom rancher with a 30 year old roof likely it wont go for as much as a 2 bedroom rancher with a 5 year old roof.If your home is exquisitely maintained it will likely go for more than a comparable home that was advertised as a “fixerupper”.Any upgrades or amenities that your home has should be included in the evaluation.
An analysis of your home is highly recommended if you want to sell your home for the very best price you can get for it.A CMA will help you and your agent evaluate your home and show you what homes like it are being priced for and what theyre selling for.Allowing for differences between homes and the markets you should end up with an idea of what your home is presently worth.
About the writer: Joshua Sloan is your experienced REALTORreg; for San Diego real estate. Visit his website at SanDiegoRealEstateBuzz.com to find San Diego short sales property listings and more.
What Are The Best Markets To Invest In Foreclosures?
Nothing is sweeter than finding the perfect foreclose property in the perfect area at the perfect price. Just one such property can easily earn you a years worth of investment income. Trouble is most foreclosure investors rarely ever find their dream foreclosure. In fact the average foreclosure investor will struggle to find a single decent foreclosed property. Its not because there arent foreclosed properties to go round but rather because of the sheer number of people looking to invest in foreclosed properties. To make matters worse investors have penetrated every phase of the foreclosure process.
This means that many savvy investors try to get a steal on a house before the house is made available to the general public. Foreclosed homes are available in almost all areas of the country but investors have a tendency to only look for properties within their general area. Some foreclosure investors have simply forgotten that a profit made anywhere is still a profit. If youre having trouble locating the perfect foreclosure it could be because you simply live in an area that isnt very well suited to foreclosures.
The first market you should consider outside of your own should be the next closest metropolitan area near your home. I happen to be fortunate and live only an hour away from three major metropolitan areas. Each metropolitan area near me has different demographics and different market trends. Before looking into any other area you should always be sure to have an exit strategy in mind. When it comes to foreclosed homes the best exit strategy is renting the property. In order to do this you need to evaluate the rental market of your chosen market.
If you like to travel and see new places you might consider looking for foreclosed homes in the countrys biggest foreclosure markets. Right now Atlanta Houston and Denver have the hottest foreclosure markets anywhere in the United States. In fact Atlanta has such a high rate of foreclosures that it is frequently shown on television as an example of the recent foreclosure boom. If you happen to have an internet connection you can easily find foreclosed properties in these areas to invest in.
All of the research you need to do to find a foreclosed home can be done online. You can easily look at county and city records online at no cost. You can also find a realtor to use as a partner by going to realtor.com. To find out detailed information about market trends you can look at the websites of local real estate investors clubs. Every major metropolitan area has an investors club.
By expanding your base of operations beyond your usual boundaries you can dig up all kinds of sweet deals you may not have been able to find otherwise.
About the writer:nbsp;nbsp;Sal Vannutini is the author of ” The 8 Power Profit Secrets To Making More Money With Less Risk In Real Estate ” a free strategy report for investors. Get your complimentary
copy at www.FastFixerUpperProfits.com today.
Ways That Trusts And Lawful Estate Planning Protect Your Property
Estate planning and trusts are all about planning not only for your own future but also the financial wellbeing of your family and loved ones after you’re gone. However the reality of life can often get in the way of a smooth transition divorce second marriages step kids longterm illness and other family changes make life and estate planning sometimes a little unpredictable.
Remember protecting your wealth and the financial wellbeing of your family is about a lot more than simply splitting up your assets it’s about providing for your family members in a way that’s responsible and speaks in detail to your situation. To learn more about how trusts can help you do that read on.
Trusts are for Everyone
Many people make the assumption that estate planning and trusts are the domain of the incredibly rich or people looking to lower their inheritance tax. However in the real world that isn’t accurate.
A trust is an incredibly versatile estate planning tool that allows you to address inheritance goals for your heirs who may still be children are disabled are from a mixed family or answer difficult questions like who will manage your trust if you become incapacitated a living trust.
How to Set Up a Trust
Setting up a trust will involve the assistance and services of an estate planning attorney. By consulting a legal professional this person can help you create a trust that speaks to your specific family needs. For these services you’ll likely pay between 1500 to 5000. Some trust costs are based on a percentage of the total estate value.
Setting up Trusts for Children
Typically when a child inherits the money is placed in a custodial bank account and held until he or she turns 18 or 21. Of course giving a young person access to a large amount of money at the age of 18 or even 21 can be both dangerous and detrimental to their longterm financial health if they lack maturity or sufficient financial wisdom.
Instead a wellsetup trust for minors will not only hold the assets until the child comes of age but it also allows you to stipulate at what age they may receive the funds whether those funds will be given at once or in installments and how the inheritance can be used. For example many people stipulate that trust funds must be used for expenses associated with education until the child turns 25.
Trusts for People with Special Needs
If you are caring for a child or a dependent with special needs mental or physical whom you expect to outlive you then setting up an inheritance trust should be a critical part of your estate planning. It’s also important to ensure the trust is not set up as an income source as this can interfere with Social Security and Medicaid benefits.
Instead a specialneeds trust will protect your heir’s eligibility for financial assistance but continue to provide support. It will also legally protect the inheritance from potential squandering or mismanagement.
In short estate planning and trusts can help address a number of familial issues but don’t ignore your own inevitable mortality and leave such planning until it’s too late.
About the writer: Jeffery Morris is a CPA with 25 years of experience and has served as an adjunct professor of taxation at Golden Gate CSUF and USC. To economically streamline the property tax appeal process go to http://www.californiaproptaxappeal.com where you answer interview style questions then print your property tax appeal forms along with comparable sales all done within 10 minutes for 29.99. The inspiration for the site came from Mr. Morriss experience as a Tax Partner at a Big 4 firm where technology was used to simplify preparation of tax forms for a variety of tasks for clients.