A smooth transaction is one when one has accurately represented the physical characteristics(in writing) of one’s home , whether it be listing the home with an agent or selling it yourself(FSBO). “The main step is to acquire the accurate living area during the whole process of obtaining the accurate representation of one’s property”, says William D. Cobb, CREA who is the owner of Accurate Valuations Home Appraisal Group in Baton Rouge, Louisiana. An agent will enlist a CMA or Comparative Market Analysis for determining a home’s listing price. Still, one should have with them, a precise calculation of the living area.

Also, to be on the safer side, it would be a wise decision to have a third-party measure the living area and value of the property before one signs the Listing Agreement. A residential appraiser is the best option in this case.

This has the following advantages:

When an appraisal report is done in a professional manner, it leaves a good impression on the potential buyer as it supports the price quoted as well.

An appraisal generally includes photographs, location map, accurate sketch, precise dimensions, outline of the neighborhood etc. Also, 3 to 4 comparable sales must be present adjusted to subject property.

Enlisting recommendations for repair or enhancements, if any. This listing appraisal can indicate a value for addition(s), items that require repairs, etc..

Accurate estimation of Living-Area size lends peace of mind, especially with values @ $100/sf +

In U.S, majority of real estate professionals base the price per square foot of a home on living area size. Living Area is measured from the exterior walls. All real estate professionals are to follow the ANSI Standards for Single-Family Residential Buildings (American National Standards Institute) when calculating area home sizes. In a seminar in Apex Appraiser Home Sketching Software and National ANSI Standards in Houston, TX, the ANSI instructor, who is also on the Appraiser Standards Board in South Carolina, stated that one of the most common lawsuits in Real Estate today is “misrepresentation of living area size”.

Consider: A 2,000sf home is for sale, priced at $240,000. Instead of measuring the home, the living area was obtained by County Records; estimating the typical home size in that development. The home is listed with a living area of 2,000sf. A purchase agreement for $240,000 is received and is accepted. The appraisal is ordered by the buyer’s lender. The sellers submit an offer on a $350,000 home in a neighboring development. The offer is accepted. However, the appraiser for the home turns in her appraisal showing 1,840sf and an appraised value of $220,800, much less than the purchase price. The sellers are asked to renegotiate the purchase price as the living area is 1,840sf, and not the 2,000sf. The sellers sue for misrepresentation of living area.

Thus, it’s crucial to have one’s home measured by the person listing your home. It is strongly recommended that when interviewing the person listing your home, one must confirm that they follow ANSI, that they will measure your home, and provide you a calculated sketch. Thus, a written verification of true living area is present.

Bill states that he recently performed a purchase appraisal in a South Baton Rouge Subdivision on a 2,026sf living area, for $260,000, listed FSBO. The home was marketed WITHOUT obtaining a professional opinion on the value of the home. The buyers end up with $9,000 in equity as the home appraised at $269k. So, as against a loss of $9,000 the seller should have paid $225 to get the listing appraisal done.

An appraisal helps homeowners make the best decisions like investment in homes and setting a competent sales price. Thus it is strongly recommended to have a Listing Appraisal before one lists their home.

Accurate Valuations Group
Office: 225.293.1500
Fax: 1-866-663-6065

Housing Market Direction: Up or Down For Homes In The 1950sf to 2400sf, Ages 11-40 Yrs Old, Area 42, Price Range $130,000 to $225,000?

Therefore, based on the “median sale price barometer” charting above, the barometer used by the National Association of Realtors, the market direction declined from January 2009 to January 2010 by -2.4% based on 78 sales analyzed (REOs included). Search parameters were: 1/1/08 to Present, 1950sf to 2400sf, Ages 11-40 years old, MLS Area 42. 78 Sales Results Were Analyzed. Data used with the permission of the GBRAR (Greater Baton Rouge Association Of Realtors).

REO / Foreclosure Rate: Based on MLS Data of the actual solds, the REO rate is a low 7.14%. However, It’s also stated here that a 2009 article (The Landmines Within by Michael Tarabotto
http://activerain.com/blogsview/930436/The-Landmines-Within ) stated that as much as 70% of REOs never make it into the MLS. MLS is reporting 2 comparable REO listings. However, since it’s possible that 70% of REOs and/or Sheriff Sales never make it into the MLS System, it’s almost impossible to know exactly how many competing REOs there really are out there.

For Your Home Appraisal Needs In Greater Baton Rouge, Give Bill Cobb A Call At 225-293-1500 or www.accuratevg.com.

Office: 225-293-1500 or 1-888-678-3544

Fax: 1-866-663-6065

Staff Email: fastvalue2@cox.net

Bill Cobb, Accurate Valuations Group Appraiser, has operated as a home appraiser for 18 years now primarily in the Greater Baton Rouge, Louisiana market. Bill performs Conventional, FHA and RD/Rural Development home appraisals. For more information on Accurate Valuations Home Appraisal Group, visit FHA Appraisers in East Baton Rouge, West Baton Rouge, Ascension & Livingston Parishes.

Our Service Areas: All of East & West Baton Rouge, Western Half of Livingston Parish (Denham Springs, Walker, Watson & Livingston) and Northern Ascension Parish (Prairieville, Gonzales, Geismar, Saint Amant, Sorrento)

]]> http://www.batonrougerealestateappraisal.com/2009/12/baton-rouge-certified-fha-home-appraisers/feed/ 0 http://www.batonrougerealestateappraisal.com/2009/11/certified-fha-home-appraisers-in-the-city-of-baton-rouge/ http://www.batonrougerealestateappraisal.com/2009/11/certified-fha-home-appraisers-in-the-city-of-baton-rouge/#comments Mon, 30 Nov 2009 13:54:14 +0000 Baton Rouge Real Estate Appraisal http://www.batonrougerealestateappraisal.com/baton-rouge-real-estate-appraisal/certified-fha-home-appraisers-in-the-city-of-baton-rouge/ http://www.fhaappraisersbatonrouge.com/ – Certified FHA Home Appraisers in the City of East Baton Rouge

Office: 225-293-1500 or 1-888-678-3544

Fax: 1-866-663-6065

Staff Email: fastvalue2@cox.net

Bill Cobb, Accurate Valuations Group Appraiser, has operated as a home appraiser for 18 years now primarily in the Greater Baton Rouge, Louisiana market. Bill performs Conventional, FHA and RD/Rural Development home appraisals. For more information on Accurate Valuations Home Appraisal Group, visit FHA Appraisers in East Baton Rouge, West Baton Rouge, Ascension & Livingston Parishes.

Our Service Areas: All of East & West Baton Rouge, Western Half of Livingston Parish (Denham Springs, Walker, Watson & Livingston) and Northern Ascension Parish (Prairieville, Gonzales, Geismar, Saint Amant, Sorrento)

Bill Cobb, with Accurate Valuations Group, has launched “FHA Appraisers Baton Rouge Louisiana” blog. The “About” page of this blog says,

Thank you for visiting the “FHA Appraisers In East Baton Rouge Louisiana Blog”. This is a Baton Rouge FHA Real Estate Appraiser Blog Site of Bill Cobb, CREA, of Accurate Valuations Group!

Blog topics include local real estate market trends, appraisal-related issues, SMART Charting or Graphs documenting trends, ”photos from the field”, local interests, and anything Bill finds interesting – people, neighborhoods, coffee and events.

Bill Cobb, CREA is a real estate appraiser based in the Baton Rouge Market. He covers multiple Parishes (or Counties) in the Greater Baton Rouge Region and works for brokers, banks, governmental agencies, Real Estate Agents, attorneys, home owners, insurance agents and more. Beyond the appraisal business, Bill’s passions include building Online Video Business Cards, WordPress CMS Sites (Blogs), WordPress Video Sales Letters For Local Businesses, Embedding Video onto websites and blogs, building affiliate marketing campaigns, building the “BIG 3 In Social Media (Twitter, YouTube & Facebook”, shooting real estate videos for the Greater Baton Rouge Realty Visual Tours site, reading, local First Pentecostal Church, and spending time with family and friends. Vacations For Bill Are Behind A Computer Building Online Marketing Campaigns!

P.O. Box 40515
Baton Rouge, LA 70835
TEL: 225-293-1500
MOBILE: 225-953-0638
TOLL FREE: 1-888-678-3544
FAX: 1-866-663-6065
STAFF EMAIL: fastvalue2@cox.net
http://www.accuratevg.com

SOCIALLY:

Facebook: http://bit.ly/E0rsl

Twitter: http://twitter.com/billcobbsuccess

YouTube Channel: http://www.youtube.com/batonrougeappraiser

Lakeshore Gardens Is A Newer 3-5 Year Old Residential Development With Approximately 70 homes valued in the $300,000 to $450,000 range. The location is very convenient to the Mall Of Louisiana and the Siegen Lane Retail Corridor.

The Lakes At Highland Subdivision Baton Rouge Louisiana 70810

The Lakes At Highland (LAH) is a high-end residential development in the highest price zip code within the Baton Rouge marketing area.   Home prices within LAH are generally in the $350K to approx. $750K range with a median sales price since 11/03/2007 of $472,000.

Solds From Within The Lakes At Highland Subdivision from 01/01/2007 to 12/31/2007 revealed: 
Average Sales Price: $492,625
Average Sold Price Per Sq. Ft.: $158.34
Median Sold Price: $478,250
Low Sales Price: $375,500
High Sales Price: $685,000
Average # of Days On Market: 70
# of Sales: 12

Solds From Within The Lakes At Highland Subdivision from 01/01/2008 to 01/10/2009 reveals: 
Average Sales Price: $473,938
Average Sold Price Per Sq. Ft.: $159.49
Median Sold Price: $498,500
Low Sales Price: $356,000
High Sales Price: $575,000
Average # of Days On Market: 42
# of Sales: 8

Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within subdivision, the market direction appears to be increasing to remaining stable/steady.   Stable/Steady was chosen as a result of the large # of competing homes on the market.    

The Average Sales Price has decreased by -$18,687.   This could be due to the fact that there were 2 sales in the first period in 2007 in the $655,000 to $685,000 plus range.   These higher sales would have worked to skew the numbers in the second period where the sales were up to $575,000.

Median Sales Price has increased by +$20,250. 

Average Sold Price Per Sq. Ft. has increased by +$1.15/sf.

The Lakes At Highland Subdivision Data Is Used With The Permission Of The Greater Baton Rouge Board Of Realtors.

Author’s Bio:

Bill Cobb, CREA, is Greater Baton Rouge’s favorite and most reputable home appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values.  A home appraiser with 17 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Home Appraisal Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:

Office: 225-293-1500, Cell: 225-953-0638

Fax: 1-866-663-6065

fastvalue2@cox.net

http://gbrreocount.info/