Friday, July 14, 2006
Rates will affect your quality of life Orangeburg SC and beyond
The higher interest rates go the less home you can purchase for the same payment:
If this concerns you in the least and you are thinking to purchase in the Orangeburg, SC market or within 40 miles of Orangeburg, SC you may contact John Kneece to get the ball rolling before we get back to Pre-2000 interest rates--- it is coming, it is just a question of when.
John Kneece
EMAIL: mailto:info@johnkneece.com
CALL TOLL FREE: 1-866-419-7539
Tuesday, July 11, 2006
Information about appraisals and how they affect your deal- buyer or seller
[RISMEDIA]
Learn how an appraisal report is developed. Appraisals are opinions of value. Residential real estate appraisals use a Comparison Method, which compares your home to similar homes that have sold to come up with an opinion of value. A residential appraisal gives summarized and concise information about your house and is not the same as a home inspection. Request a copy of the appraisal.
When you bought your house, you paid for an appraisal. If you didn’t request a copy of the appraisal at the time, go back and request it from your lender now. It is your right under federal law to obtain a copy of the appraisal report. Make sure you get one from your lender. Before you think about selling, review the appraisal report that was created when you bought your house. Look for things in the appraisal report that had a negative adjustment. You may want to look at updating or remodeling those areas. Examples of areas that might have caused a negative adjustment are: having less than the typical number of baths for houses of a similar size; kitchens and baths that are outdated; or a one-car garage or no garage in a neighborhood of two- and three-car garages.
Get your house appraised before you put it on the market. In a market that is fluctuating quickly, you may want to get an appraisal before you put your house on the market. That will help you price it and help ensure that the house will appraise for your asking price. Many sellers are shocked when their house appraises below the asking price and, either their deal falls through, or they have to reduce their asking price.
[Your host, John Kneece, has some comments on this article]
What I have experienced is that agents sometimes fail their clients by not telling them the truth about the value of their homes; it is referred to as BUYING a listing- in other words, whatever list price makes the seller happy enough to list with them is the one they place on it. In such processes sellers generally are happy for about one day- and get less happy every day after that-
The same agent mentality which places your home on the market at your price (regardless of the real 'fair market value') also lacks the ability to take responsibility for the failed efforts to sell.
Markets change- usually not in a 24 hour period- generally, from one to three months. This is a fact which can be identified- also marketing plans should be altered to accommodate market changes. In a rising market it is not uncommon for a home to sell for more than can be demonstrated via the appraisal- since competitive sales are usually those which have occurred within the last 6 months- in some cases the market data has not had time to reflect the market position at the time the home is appraised.
If you have questions about your home in the market in or around Orangeburg, SC- please call or email me at 803-378-5208 or info@JohnKneece.com
[RISMEDIA]
Learn how an appraisal report is developed. Appraisals are opinions of value. Residential real estate appraisals use a Comparison Method, which compares your home to similar homes that have sold to come up with an opinion of value. A residential appraisal gives summarized and concise information about your house and is not the same as a home inspection. Request a copy of the appraisal.
When you bought your house, you paid for an appraisal. If you didn’t request a copy of the appraisal at the time, go back and request it from your lender now. It is your right under federal law to obtain a copy of the appraisal report. Make sure you get one from your lender. Before you think about selling, review the appraisal report that was created when you bought your house. Look for things in the appraisal report that had a negative adjustment. You may want to look at updating or remodeling those areas. Examples of areas that might have caused a negative adjustment are: having less than the typical number of baths for houses of a similar size; kitchens and baths that are outdated; or a one-car garage or no garage in a neighborhood of two- and three-car garages.
Get your house appraised before you put it on the market. In a market that is fluctuating quickly, you may want to get an appraisal before you put your house on the market. That will help you price it and help ensure that the house will appraise for your asking price. Many sellers are shocked when their house appraises below the asking price and, either their deal falls through, or they have to reduce their asking price.
[Your host, John Kneece, has some comments on this article]
What I have experienced is that agents sometimes fail their clients by not telling them the truth about the value of their homes; it is referred to as BUYING a listing- in other words, whatever list price makes the seller happy enough to list with them is the one they place on it. In such processes sellers generally are happy for about one day- and get less happy every day after that-
The same agent mentality which places your home on the market at your price (regardless of the real 'fair market value') also lacks the ability to take responsibility for the failed efforts to sell.
Markets change- usually not in a 24 hour period- generally, from one to three months. This is a fact which can be identified- also marketing plans should be altered to accommodate market changes. In a rising market it is not uncommon for a home to sell for more than can be demonstrated via the appraisal- since competitive sales are usually those which have occurred within the last 6 months- in some cases the market data has not had time to reflect the market position at the time the home is appraised.
If you have questions about your home in the market in or around Orangeburg, SC- please call or email me at 803-378-5208 or info@JohnKneece.com
Friday, July 07, 2006
Why living in Orangeburg can help you OWN a larger home-
Shorter Commutes Mean More Purchasing Power
(July 6, 2006) -- A recent study by the Brookings Institution and the Center for Trans-Oriented Development concluded that for every $10,000 saved in annual transportation costs, a household can afford to spend about $100,000 more on a home.
Housing represents 20 percent of the average household budget, while transportation is 19.4 percent. Last year — before the dawn of $3 per gallon gas — more than half of Minneapolis-St. Paul households spent $10,000 a year in transportation costs.
In cities where urban sprawl means many people have long commutes, builders say buyers shrug off commuting 30 minutes and many will drive up to an hour.
But that could be changing. According to a recent survey of almost 14,000 employees by compensation consultant Salary.com, employees ranked a desirable commute as one of their top three factors for job satisfaction.
The Minneapolis real estate market is responding to commuters’ concerns. The first phase of a 267-unit condominium complex built along the light rail line in Bloomington is 90 percent sold, and another large residential project has been proposed near the 38th Street station in downtown Minneapolis.
Noah Bly, managing principal at UrbanWorks Architecture in Minneapolis, one of the firms working on the 38th Street project, said buyers are placing a desire for more time above other concerns. “Everyone feels harried and stressed out and unable to do all the things they're supposed to be doing.”
Source: Star-Tribune, H.J. Cummins (06/24/06)
(July 6, 2006) -- A recent study by the Brookings Institution and the Center for Trans-Oriented Development concluded that for every $10,000 saved in annual transportation costs, a household can afford to spend about $100,000 more on a home.
Housing represents 20 percent of the average household budget, while transportation is 19.4 percent. Last year — before the dawn of $3 per gallon gas — more than half of Minneapolis-St. Paul households spent $10,000 a year in transportation costs.
In cities where urban sprawl means many people have long commutes, builders say buyers shrug off commuting 30 minutes and many will drive up to an hour.
But that could be changing. According to a recent survey of almost 14,000 employees by compensation consultant Salary.com, employees ranked a desirable commute as one of their top three factors for job satisfaction.
The Minneapolis real estate market is responding to commuters’ concerns. The first phase of a 267-unit condominium complex built along the light rail line in Bloomington is 90 percent sold, and another large residential project has been proposed near the 38th Street station in downtown Minneapolis.
Noah Bly, managing principal at UrbanWorks Architecture in Minneapolis, one of the firms working on the 38th Street project, said buyers are placing a desire for more time above other concerns. “Everyone feels harried and stressed out and unable to do all the things they're supposed to be doing.”
Source: Star-Tribune, H.J. Cummins (06/24/06)
Thursday, July 06, 2006
ORANGEBURG SC - Mortgage interest and Property taxes would be reason enough
RISMEDIA, July 6, 2006—Among the 35 million taxpayers who use the home mortgage deduction, the average amount of mortgage interest deducted among each tax filer is $9,650. For those who deducted real estate taxes, the average is more than $3,000, making these two of the most widely used and important preferences in the federal tax code, according to a new study released by the National Association of Home Builders (NAHB).
Using the most recent IRS data available from 2003, the report provides an in-depth analysis of the local use of the mortgage interest and real estate deductions in each of the 435 congressional districts across America.
It found that every state has at least one congressional district that had a minimum of $259 million of mortgage interest and $43 million of real estate taxes deducted.
“Because the mortgage interest and real estate deductions significantly reduce federal tax liabilities for home owners, they are important tools for promoting homeownership,” said Jerry Howard, executive vice president and CEO of NAHB. “The report shows that millions of working families across the nation use and depend upon these important tax incentives to help them maintain their current standard of living.”
According to the findings, the average congressional district contains roughly 80,000 taxpayers who use the mortgage interest deduction and 88,000 families who deduct real estate taxes, illustrating the widespread use of these important middle-class tax preferences.
On a national basis, 35 million taxpayers utilized the mortgage interest provision in 2003 and deducted a total of $338 billion, or an average of $9,650 per household.
There were 39 million taxpayers in 2003 who deducted an aggregate of $119 billion in real estate taxes, or an average deduction of more than $3,000 per tax filer.
Using the most recent IRS data available from 2003, the report provides an in-depth analysis of the local use of the mortgage interest and real estate deductions in each of the 435 congressional districts across America.
It found that every state has at least one congressional district that had a minimum of $259 million of mortgage interest and $43 million of real estate taxes deducted.
“Because the mortgage interest and real estate deductions significantly reduce federal tax liabilities for home owners, they are important tools for promoting homeownership,” said Jerry Howard, executive vice president and CEO of NAHB. “The report shows that millions of working families across the nation use and depend upon these important tax incentives to help them maintain their current standard of living.”
According to the findings, the average congressional district contains roughly 80,000 taxpayers who use the mortgage interest deduction and 88,000 families who deduct real estate taxes, illustrating the widespread use of these important middle-class tax preferences.
On a national basis, 35 million taxpayers utilized the mortgage interest provision in 2003 and deducted a total of $338 billion, or an average of $9,650 per household.
There were 39 million taxpayers in 2003 who deducted an aggregate of $119 billion in real estate taxes, or an average deduction of more than $3,000 per tax filer.
