Market Value vs. Appraisal

What is the difference between the market value of your house and an appraisal?

The difference is that an appraisal will tell you the market value of your home, according to a licensed appraiser.

Are you planning on selling your home? Is it a manufactured home, or a stick built home? Do you have lake frontage? Acreage or a city lot? Outbuildings? A shed or a shop? These various additions make a difference in the market value as well.

Homes on the water were selling relatively well last year, but with the panic of the nation's housing loans going under, owners going into foreclosure because of various loan circumstances, and lenders' loan programs going underwater because, hey, underwriters are people who panic too, it is harder to sell a home on the water. It is harder to sell homes. Period.

However, that doesn't mean it's time to give up! This merely means that it's important to listen to your Realtor(r) (and Realtors, listen up...) and make sure that you get an accurate (or updated) Comparable Market Analysis, a CMA. The CMA comps (comparable homes that have SOLD) are going to be quite similar to the comps the bank's appraiser is going to pull up in order to determine what your buyer's loan amount will be (not including the cash he might have to come up with... that will make it harder to buy (or sell) your home).

Simply put, if the Realtor(r) and appraiser come up with the same or similar market value for a home, it's most likely that a bank will loan the money to a buyer. If the Realtor and Seller's price is inflated, then we're going to have an abundance of buyers who are not going to be able to afford to buy a house, including the one you may desire to sell. So, let's price it accordingly or maybe even a little lower than market value so that you'll have lots of offers knocking on your door.

Happy selling!

***********************************************************************

QUOTE OF THE DAY: "The human spirit needs places where nature has not been rearranged by the hand of man." ~Author Unknown

***********************************************************************

For Sale:

20 acres in Othello: $80,000

5 acres vacant property on Neppel Road (coming up next week)

2.2 acres and a 2968 square foot, 5-bedroom home with space for animals, irrigated pasture, and an oversized swingset: $209,000

PRICE REDUCED: 1404 square foot, 3-bedroom, 2-bath manufactured home on the lake, 1.02 acres, huge deck, dock, fishing, waterfront property, fully fenced, approximately 1,100 square foot (immaculate) shop, one car garage, two sheds, expansive view of the lake below: $390,000. 5108 Shorecrest.

110.9 acres of recreational property in Grand Coulee on Springs Canyon Road, overlooking Lake Roosevelt: $425,000, two parcels and a manufactured home on the land (as is).

Home with a POOL. $165,000, over 2,000 square feet, right off of highway 17, 3-bedroom, 1 3/4 bath, bonus room, fireplace, being sold AS IS. In foreclosure. 1040 Clover

NEEDS:

Several homes out in the country, a little older, with older growth trees, 3-4 bedrooms, with just a little bit of acreage (.5 to 3 acres). One of my clients prefers a large kitchen for doing her canning.

****************************************************************************************

For a free list of homes available for sale in Moses Lake, call 509-431-5804.

SHOWCASE OF HOMES - Sat. April 12

You are invited to our Gary Mann Real Estate Showcase of Homes on Saturday April 12 from Noon to 3pm. Several of our Open Homes are on Astor Loop. That's where I'll get to meet you in one of the homes I'm hosting. Come have a snack with me! Tour our beautiful homes with many personal touches designed with the home buyer with exquisite tastes in mind. That's you!

For a complete list of our Tour of Showcase of Homes, look on the back of the Columbia Basin Herald, or stop by our office at 305 E. Third Avenue in Moses Lake for a Tour Guide copy, with a map included.

See you Saturday!

********************************************************

For a list of homes in your price range, call 509-431-5804.

Thinking of Selling?

You may be thinking of hiring a real estate agent to help you sell your home. What are the things you are hiring your agent for? Here are some items you may want to think about:

You hire your agent to be up front and honest with you.
Your hire your agent for an accurate Market Analysis to price your home at a reasonable sales price.
You hire your agent to advertise your home for sale.
You hire her to help with offers that come in.
You expect her to have some open houses for you.
You expect her to let the buyer's agent know all the details that you provide in the 5-page Seller's Disclosure form so there are few unanswered questions at the closing table.
You hire your agent to help you find the most accurate market value of your home.
You hire your agent to price it right the first time, not to overprice it.

Here are some expectations your agent will have for you:
Your trust and loyalty.
Your availability so that when an offer comes in, you're there to answer the phone and view the documents.
You talk with one another on a regular basis, at least once a week if not more.
You de-clutter your home and make it a product to sell, not just a home anymore.
You complete your 5-page Seller's Disclosure statement as soon as possible, and as accurately as possible.
You price your home at an accurate market price.
You come with the understanding that if you overprice your home, you will end up getting less than if you would have priced it right in the beginning.
Your hire your agent for an accurate Market Analysis to price your home at a reasonable sales price. (Yes, this is listed twice.)

Don't get me wrong. You might think that I'm driving the "accurate price" a little hard, but there are too many sellers out there who set their sales price up too high so they can see if they can get a high offer, and what ends up happening is that they don't get ANY offers, their house sits on the market without even one showing by other agents, the agent ends up spending hundreds of dollars on marketing, their house becomes a "comparison" house for other accurately-priced homes, and then when the listing finally expires, the seller goes away mad because she felt like the agent didn't do her job. Well, to tell you the truth, the agent didn't do her job because she allowed an overpriced listing to go on the market and wasted her client's time and her own time and money trying to sell a home that is overpriced.

So, thinking of selling?

*************************************************************
FOR SALE:
1. 20 acres in Othello on Hays Rd, off of WA26: $80,000

2. 2,968 square foot house, five large bedrooms, bonus room, two fireplaces, oversized swingset, privacy, 2.2 acres on Rd 2 SE, Moses Lake (fenced for livestock): $209,000

3. 1,404 square foot, 3 bedroom home right on Moses Lake, 1 acre, large immaculate shop, huge deck, dock, great fishing, privacy, one car garage, two sheds, fully fenced with entry gate, sweeping views of the lake, on Shorecrest Road: $425,000

4. 2,338 square foot, 3 bedroom home near Chief Moses Middle School at 1040 Clover Drive, in-ground pool, fenced back yard, tri-level, bonus room downstairs, fireplace, large open kitchen and dining room area, semi-covered patio: $165,000

5. 110.9 acres in Grand Coulee with 4-5 potential buildable lots (buyer to verify), overlooking Lake Roosevelt, with a spring acres overlooking Lake Roosevelt. 1993 Liberty mobile home 28x40 w/no value attached. Two land parcels. Sweeping view of Lake Roosevelt. Very secluded. Road access & easement. Zoned recreational. Several fruit trees. Deer, rabbits, wild turkeys, pheasants in lawn around home. Faucets in yard - hoses to rainbirds: $425,000.

NEED:
1. Acreage between Othello and Royal City with water rights.

2. Country home with an acre or two, 3 bedroom, a place to raise pigs and rabbits, at least 1600 square feet.

$95 million in home sales in Grant County

I enjoy getting statistics of home sales. Here is a short summary of statistics of residential sales and residential land sales in Grant County from the Grant County Assessor's website. (Click on the title above for the complete summary.)

2007
Over $95 million in residential sales.
Over $17 million in resident land sales

2006
Over $98 million in residential sales
Over $20 million in residential land sales

2005
Over $77 million in residential sales
Over $20 million in residential land sales

We're up $18 million from two years ago in residential sales, with this year's average home sales price at $195,453.

***********************************************************
Call 509-431-5804 for a free emailed list of homes in the Moses Lake area. As of this date, there are 95 homes under $195,000 and 180 homes over $195,000.
***********************************************************
Quote of the day: Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways at the last minute, champagne in one hand, strawberries in the other, body thoroughly used up, totally worn out and screaming "WOO HOO - That was Fun!” - Anon


Connie Suehiro, Realtor
Gary Mann Real Estate
305 E. Third Ave
Moses Lake, WA 98837
homes@iglide.net
509-431-5804 DIRECT

How Should You Price Your House For Sale?

In a rising market or in a falling market, you need to ask your Realtor to help you base the price of your home on the sales of homes that are already sold. It's tempting to say, "Well, my friend Joe has his house for sale, just down the street, for $365,000, and my house is just like his." You and your friend may have identical houses, but if Joe's house is over-priced, you don't want to overprice your house too. It will just sit on the market just like Joe's. You can expect your Realtor to price your home based on homes that are:

1) SOLD (not currently for sale)
2) recently sold in the past SIX MONTHS
3) are within 1/2 MILE of your house (unless you're out in the country, and then there's some wiggle room.

These three things are the basics for getting started on how to price your home for sale.

Nationally speaking, we're in a falling market. Regionally, we're doing better in Washington state than many other states. Locally, in Moses Lake, our home prices have come down just a little bit, but with so many businesses coming in and the need for homes increasing, the prices will start to inch their way up again.

As a seller, you need to understand that neither you nor your Realtor will set the final sales price.... the market will. Who has control over the market? The buyers.

If after three weeks, you haven't had any showings, a price adjustment may be necessary.

If after more than eight showings, you haven't had any offers, a price adjustment may be necessary.
**************************************************************************************************
You are invited to attend the Gary Mann Real Estate Showcase of Homes this weekend! Look in our local paper, the Columbia Basin Herald, on the back side of the front page for details on the homes that we're showing and are available for sale.
******************************************************

Quote of the day: Blessed are the flexible,

for they shall not be bent out of shape. - Anon

******************************************************

For a free list of

homes available

for sale in Moses Lake,

call me at 509-431-5804.

Have a great weekend!

~Connie Suehiro, Realtor (r)

Gary Mann Real Estate

305 E. Third

Moses Lake, WA 98837

509-431-5804 direct

509-765-3463 office

Community Event for Moses Lake

Have you joined in to help build the Doolittle Dream Park, the community-built playground for children in Moses Lake? There must have been 200 people out there working on the first day of the build. I had a GREAT time! They're building from Wednesday through Sunday.

Come on out to Doolittle Dream Park. Donate your time and/or your finances for our kids. (By the way, I talked with Tara Childs, who is spearheading this project, and she let me know that $30,000 is still needed for the project.)

Directions: Take Highway 17 up to Patton Boulevard (up on the base) and drive about a mile until you get to Doolittle Road where you'll see a big yellow and white awning. Turn left on Doolittle, then left at the first left. Turn left into the driveway that says Doolittle Entrance and park. Sign up at the registration table, then they'll take you to where you're needed most.

See you there! I'll be wearing my black Gary Mann Real Estate jacket...

Who Pays For Closing Costs?

When you buy a home in Moses Lake, you will pay approximately 2.5% to 3% of the sales price in closing costs. These closing costs include excise tax, title insurance, a loan origination fee (around 1% of the sales price) if you are getting a loan, recording fee of $42, which are most of the closing costs.

When you sell a home in Moses Lake, you will pay approximately 2.5% to 3% of the sales price in closing costs too. However, you will also pay commission when you use the services of a real estate agent. Sometimes, sellers prefer to sell on their own, but if you've never sold a home on your own before, be sure to do your homework on the legal forms that are required before you do this. Now, of course, I love helping people sell their homes, and I know how hard I work for my clients, so naturally I would recommend that you use my services. If you think you could save money by selling it yourself, it turns out that statistically, sellers who hire a real estate agent usually get a better sales price than if they didn't, but that's another topic.

Now, what if you want to be nice and just sell your home to a friend, and set the purchase price at the same amount that you paid for it 10 years ago, plus have them pay for the new vinyl windows and fencing? So, the purchase price would equal the original purchase price plus windows and fencing. So, you you want to walk away from the closing table with the exact amount that you put into it. At that point, which is rather unusual for a seller to do, but can be do-able, you would ask the buyer to pay for all your closing costs so you can do that.

What would the process be?

You let the buyer know what the purchase price is, then ask them to pay your closing costs. Assuming, and you should NEVER assume, that your house has gone up in value, their lender's appraisal should come in at the purchase price plus your closing costs. If not, you'll have to settle for the amount of the appraisal, but help them write up the offer for the amounts added together, and explain to their lender what the two of you are planning to do. See if that works out.

Happy selling!

Connie Suehiro, Realtor (r)

Gary Mann Real Estate

*******************************************************

Quote of the day: Do unto others as you would have them do unto you.

********************************************************

Are you or your kids into doing crafty projects? Join us at Midway Elementary on Thursdays at 4:00 p.m. for the local, weekly 4-H meeting. Lynn is a GREAT teacher who is VERY patient with the kids. This Thursday we are going to tie-dye a pillowcase!