25
Jul
By support
Real Estate Tips

The 7 Most Unaffordable Cities for Real Estate in the USA (And 3 Affordable Gems!)

The 7 Most Unaffordable Cities for Real Estate in the USA (And 3 Affordable Gems!)As prices continue to rise across the board with everything from food to gas, it’s no wonder that real estate prices are high in many cities across the USA. While this is the case for a large number of cities, there are also certain areas in which prices are decidedly low. Here’s a small look at the most affordable and unaffordable cities within America.

The Seven Most Unaffordable Cities

Oakland, CA – Though Los Angeles and San Francisco are 2 California cities that may first come to mind, Oakland is also highly expensive when it comes to real estate, with a median home value of nearly $450,000, which is over 100 percent more than the national average.

Los Angeles, CA – Los Angeles is another city in California that is particularly unaffordable. With a median household income of just under $50,000, the exceedingly high median home value of nearly $470,000 is largely galling in its expensiveness.

Boston, MA – The Boston real estate market becomes more unaffordable with each passing year. The median home value within the city is set at well over $350,000. This, combined with the relatively high cost of living, can make for a bleak outlook.

New York City, NY – As one of, if not the most, unaffordable cities in America, NYC is also the most populous city in the country. While the borough of Manhattan is the most expensive for real estate prices, Brooklyn and Queens aren’t much better, while the median home value of the entire city is just over $500,000.

Washington, D.C. – Though the median household income within the city of Washington D.C. is higher than the national average, the median home value sits at a substantial $443,000, with a cost of living over 40 percent above the national average.

San Francisco, CA – Living in San Francisco is extremely unaffordable, though mitigated a bit by higher household incomes. The median home value is likely the highest in the nation, at just over $750,000.

Honolulu, HI – As the capital city of Hawaii, Honolulu is much higher than the national average in everything from utilities to transportation, with the median home value sitting at $547,000.

Three Affordable Alternatives

Cleveland, OH – Though there are a surprising amount of affordable cities in Ohio, Cleveland has a median home value of just over $75,000, well below the state average of $129,000.

Knoxville, TN – Knoxville is a city in Tennessee that combines a generally low median home value of $140,000 with a median household income of just over $60,000, which is much higher than the national average.

Syracuse, NY – If you want to live in New York, but can’t afford the high real estate prices of NYC, the city of Syracuse has a low median home value of just under $80,000.

16
Jul
By support
Real Estate Tips

How Much is Your Home Worth in Today’s Market? Three Key Tips for Assessing Value

How Much is Your Home Worth in Today's Market? Three Key Tips for Assessing ValueIf you’re thinking about putting the house on the market, or are simply curious about its value in the current economic atmosphere, it’s essential to get an honest assessment of its value. An overly inflated figure won’t hold up and will only turn potential buyers away.

It’s best to get a fair assessment in order to ask a reasonable price or avoid over-extending oneself when it comes to taking out a home equity loan. Consider these three key tips to get a true assessment of a home’s value.

Identify Positive Features About The Home And Property

When seeking an appraisal for a home, it’s important to look at the big picture. While the neighborhood and specific location are important, as well as the size and condition of the home, it’s also essential to tally up any improvements or upgrades. Any recent renovations are a plus that are sure to give a boost to a home’s value. Outbuildings and swimming pools add more positives that will increase the initial value of a home. The most important thing any homeowner can do is to stay on top of repairs and give the property a facelift periodically to keep things fresh. This will be taken into consideration during an appraisal.

Pay Attention To The Competition

Whether homeowners try to estimate their home’s value on their own or bring in the professionals, it’s important to pay attention to the surrounding real estate. Take a close look at other properties in the area and their price tags when they come up for sale. It’s especially helpful to look at properties that compare in size and condition. From that point, the most expensive and least expensive homes should be tallied as well, providing a price range for the concerned individual’s home.

Think About Present Circumstances

Be sure to consider if the area is in a recession or showing a period of strong economic growth. If a home is located in an area that is booming, this will inflate the value of the home. It is all part of the law of supply and demand. When buyers are coming in droves, home sales will be ripe for the picking and homeowners can ask a higher price. However, if the population is dwindling and people are migrating elsewhere because job opportunities have fallen, there is a much greater chance that the home’s value will decrease. For those who want to sell, the best bet is to strike when the iron is hot and put the house on the market during a period of economic strength. If the economy is failing, it may be necessary to wait or cut ones’ losses.

Act Now To Learn More

There is no better time than the present to contact a name you can trust in real estate. Discover all the ins and outs of assessing your home’s value, discuss your options, and find out ways to boost your property’s potential as you seek a reliable assessment.

03
Jul
By support
Real Estate Tips

Buying or Selling, Here Are Three Traits You’ll Want in Your Real Estate Agent

Buying or Selling, Here Are Three Traits You'll Want in Your Real Estate AgentFor both buyers and sellers, choosing the right real estate agent is an important and difficult decision, but making the right selection is critical. Consider the following essential characteristics for a real estate agent before signing a contract:

Experience

An agent must understand the real estate market as well as the practices and processes of buying and selling. While a new agent may have energy and desire, experienced agents will be able to offer insights and experiences which are likely to give their clients the edge in their deal. Experience also indicates negotiating skill.

Of course an agent must be licensed, but they must also be knowledgeable about the specific neighborhoods and types of property their clients are interested in buying or selling. Commercial properties are much different than residential properties, for example, so find an agent with the experience you need.

Creativity

Since a variety of problems can happen at any point in a real estate deal, a real estate agent should be able to solve problems creatively. An agent who helps their clients think through problems, offers reasonable alternatives or finds a way to overcome obstacles is invaluable to both buyers and sellers.

Marketing is essential in the real estate world, so an agent who knows how to creatively use technology to entice buyers or to locate homes is a benefit. Buyers usually start their search online, so an appealing, user-friendly and updated website is essential. For sellers, videos are often the best way to display the best features of a home. These are today’s real estate tools, so an agent who knows how to use them has a better chance of making an effective deal for their clients.

Honesty

Home sellers need someone who will be realistic with them about the value of their home, no matter what other homes in the neighborhood are selling for or what the sellers think their home is worth. Home buyers need an agent who will tell them, for example, that consistently under-bidding in order to get more home for their money is not a viable strategy. These conversations are difficult, but an honest agent will have them in order to achieve a successful result.

Another aspect of honesty is maintaining consistent communication in whatever form suits their clients. Even if there is nothing new to discuss, a quick update to say that nothing is happening is essential to maintaining trust. Silence is a sign of denial or worse, so an agent who communicates regularly is being honest with their clients.

Finally, an agent should be honest enough to put their client’s interest ahead of their own, showing the client every house that fits the criteria and not just those that will get the agent the biggest commission. An effective seller’s agent will give their clients the feedback they receive from potential buyers, even if the news is discouraging. Keeping problem areas from a seller may keep the relationship friendly, but it does not put the seller’s interest above the agent’s.