LINCOLN CA real estate appraisals, values, foreclosures – Larry J. Lynn, SRA

Appraisal Blog

January 10th, 2010 1:35 PM

If you are wondering what the interests rates are going to do you are not alone. The Change in rates can have a significant impact on your monthly payments. No one knows for sure which way the rates will go or when is the best time to lock in your rate. What we now know is that rates are near historic lows at that if inflation rises then rates are sure to follow. I have included a Rate Lock Advisory on my web page that is updated daily. Be sure to visit this site at any time you may be considering a refi or purchase. It is not a guarantee but will give you the updated summary of the current market condition.

www.LynnAppraisals.com

Posted by Larry Lynn, SRA on January 10th, 2010 1:35 PMPost a Comment (0)

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Lower your Property Taxes

February 19th, 2008 8:06 AM

If the value of your house is less than the current Tax assessed value, then why not ask the Assessor to adjust the value to its current rate. In most counties in California your property is assessed based on the value on 1/1/XX. Property taxes appeals are typically allowed from July to November. But you must be able to prove what the value of your house was at on Jan. 1st. The value is determined by an appraisal and the analysis of comparable sales. If you purchased your home between 2004 and 2007 it may be assessed higher than its current value.

Is it worth the cost of an appraisal?

If the typical appraisal cost $350 - $450 dollars then a drop in value of only $35,000 - $45,000 would offset the cost on the very first year. I have seen values drop over $100,000+ during this time. Thats a tax savings of $1,000+- the very first year. Its the difference between what your home is assessed for and the current actual value based on an appraisal.

Remember, its the sales data now that will be used to prove the current value. Not the value when you submit an appeal, later in the year. So arm yourself now with an appraisal. NOW

Posted by Larry Lynn, SRA on February 19th, 2008 8:06 AMPost a Comment (0)

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home values?

November 2nd, 2007 4:46 PM

What is the market doing now? After 30 years of being in the Real Estate field I thought I had seen it all. But, the one thing that never seems to change is that when the Real Estate market goes down it always comes back. Most buyers are still riding the fence to see when the bottom will hit. But its been my experience that when you think the bottom has arrived its already on the way back up. The more experienced buyers are in the market right now and making great deals with foreclosures and short sales. If you have the cash and the credit you are in a great place to negotiate a below market deal. I have seen many homes selling for a lot less than you could build them for. Drive around your neighborhood and and you will notice that the only "for Sale" signs are Bank owned properties or listed as a "short sale". So if you are an owner thinking about selling then you better look at your competition first.

Posted by Larry Lynn, SRA on November 2nd, 2007 4:46 PMPost a Comment (0)

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Foreclosures and Short Sales = value?

September 26th, 2007 12:59 PM

The increase in the number of "foreclosures" and "short sales" is keeping the values down. Typically a foreclosure in the neighborhood was ingnored by the agents and appraisers as it was not typical. But now, because they have become common, they have established the Market. This has forced the sellers who do not need to sell, to lower their prices so they can compete with the bank owned homes.

Everyone seems to be riding the fence to see if prices will go down further and/or interest rates going lower. If this continues then it may force prices even lower.

When will this cycle end?

Larry J. Lynn, SRA (ca certifed appraiser / real estate broker)

Posted by Larry Lynn, SRA on September 26th, 2007 12:59 PMPost a Comment (0)

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