profile picture

English French Spanish

Cheaney Appraisal Blog

January 9th, 2014 10:15 AM

There's good news for property owners in Vanderburgh County.

Based on statistical data from The Southwest Indiana Association of Realtors, the average sales price of a home in Vanderburgh County for the year 2013 was up from the same time period in 2012.

According to the SIAR, MLS 1,990 homes sold in 2012 in Vanderburgh County. The average sales price of a home in the County for the time period 01/01/2012 to 12/31/2012 was $119,976. During the same time period in 2013, 2,179 homes sold with the average sold price of a home increasing approximately 3.2% to $123,916. 

Keep in mind the average price is calculated considering all properties that sold from 1 to 1 billion dollars.

The median sold price in 2013 was $110,000 up from $107,000 in 2012.

*These results are based on properties that sold only through the SIAR, MLS.

 


Posted in:General
Posted by Roy Cheaney on January 9th, 2014 10:15 AMLeave a Comment

Subscribe to this blog


A recent study conducted by the research arm of the Mortgage Bankers Association has found that older Americans who own their own homes are more financially secure.

WASHINGTON, D.C. (November 25, 2013) — Today, the Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) released a new report entitled “A Profile of Housing and Health among Older Americans” authored by Professors Michael D. Eriksen of Texas Tech University, Gary V. Engelhardt of Syracuse University, and Nadia Greenhalgh-Stanley of Kent State University.

“The study found older Americans who own their homes are more financially secure and generally experience fewer impediments to good health than their peers who rent,” said Professor Eriksen. “Owning a home provides the single largest asset in most Americans’ retirement portfolios, while renters have far more difficulty modifying their living space to adapt to any of the myriad physical ailments that tend to affect older people. Our report serves as a useful reference for all parties interested in the implications of housing on an aging society, a situation America now faces with large numbers of the Baby Boomer generation rapidly heading into retirement age.”

This new RIHA report examines the housing and health status of older Americans roughly a decade after the Commission on Affordable Housing and Health Facility Needs for Seniors in the 21st Century released its report detailing the challenges facing all levels of government and society in ensuring support for housing and health needs as the population ages. This latest study provides a profile of the housing, functional status and health status of the near old (individuals aged 55 through 64) and older Americans (aged 65 and older) using the most recent data available from the Health and Retirement Study, a joint product spearheaded by the National Institute on Aging and the University of Michigan.

“Housing demand over the next decade will be significantly impacted by the aging of the U.S. population. Real estate finance must also evolve to meet these changing needs, whether older Americans age in place and continue to own their homes, or whether they rent,” said Mike Fratantoni, Executive Director of RIHA, and Vice President, Research and Policy Development for MBA.

The principal findings are as follows:

  • There were more than 47 million near old and older American households in 2010, of which 80 percent were homeowners.
  • Housing is still the dominant asset in the portfolios of older Americans. Median housing equity for older American homeowners was $125,000; the median housing-equity-to-income ratio was 2.4:1; and 50 percent of the typical older homeowner’s portfolio was composed of housing wealth.
  • 44 percent of older renters spend more than 30 percent of annual gross income on rent, which suggests that the availability of affordable rental housing is a concern for older Americans.
  • Older renters have almost double the number of limitations in their ability to conduct daily activities relative to homeowners.
  • 36 percent of older individuals have fallen in the last two years, and one-third of these have been seriously injured in a fall. The likelihood of falls occurring rises steeply as housing quality declines.
  • 31 percent of older Americans have residences that have special safety features. 13 percent have modified their home to be either more accessible or safer between 2008 and 2010.
  • Approximately half of those reporting a home modification between 2008 and 2010 (7 percent) had associated out-of-pocket expenses. The median out-of-pocket expenditure was $800; the mean expenditure was $2,260.

This report, along with other RIHA studies, can be found at www.housingamerica.org.



 

 

 


Posted in:General
Posted by Roy Cheaney on December 3rd, 2013 8:30 AMLeave a Comment

Subscribe to this blog
November 14th, 2013 10:16 AM

Thinking of remodeling your kitchen? Considering current trends is one of the best ways to improve the value of your home. 
Take a look at the results of this survey conducted by houzz.com. It provides a list of the top 8 trends in kitchen remodeling. 
I’ve shared it here courtesy of NAR and Realtor Magazine. 

Photo credit: Taylor Lombardo Architects

By Melissa Dittmann Tracey, REALTOR(R) Magazine

Home buyers love kitchens so what trends are cooking up lately? The remodeling web site Houzz surveyed 7,812 home owners about their kitchen remodeling plans this fall. Here are the big trends that emerged from the survey:

1. Bigger isn’t better: Home owners don’t mind a small kitchen, but they do want a feeling of space, the survey found. One way they’re achieving is that is by adding kitchen islands.

2. Wide open: 77% of home owners say they plan during their remodel to have their kitchen open to other rooms.

3. A love for granite: Granite continues its reign as the most popular countertop (favored by 50 percent of those surveyed), but quartz is following up behind at 36 percent.

4. Mix and match: Mixing materials is becoming a more popular fad in the kitchen. For example, home owners are mixing stainless steel appliances with appliances in other finishes, like white or appliances integrated with cabinetry. Also, they’re mixing countertops, such as opting for a different choice for the kitchen island than the other countertops.

5. Conservative with color: Conservative color schemes are the most popular, with 75 percent of home owners say they’re choosing soft and neutral colors for their kitchen walls and decor compared to 14 percent who are opting for bright, colorful selections.

6. Style varies by age: Younger home owners show a stronger preference toward contemporary and modern kitchens while over 55’s tend to favor a more traditional look in the kitchen.

7. Flooring favorites: Top flooring choices in kitchen are hardwood floors (with 35 percent), but followed closely behind tile flooring (32 percent).

8. Being green: Nearly 50 percent of home owners say having eco-friendly appliances and materials in their kitchen is important to them.


Posted in:General
Posted by Roy Cheaney on November 14th, 2013 10:16 AMLeave a Comment

Subscribe to this blog
November 12th, 2013 7:59 AM

Finalizing a divorce involves many decisions, including "Who gets the house"? There are generally two options regarding the house - it can be sold and the proceeds divided, or one party can "buy out" the other. In either case, one or both parties should order an appraisal of the residence. Divorce appraisals require a well supported, professional appraisal that is defensible in court. When you order an appraisal from us, you are assured that you will get the best in professional service, courtesy, and the highest quality appraisal. We also know how to handle the sensitive needs of a divorce situation.

Attorneys and Accountants rely on our values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.

As an attorney handling a divorce, your needs oftentimes include an appraisal to establish fair market value for the residential real estate involved. Often the divorce date differs from the date you order the appraisal. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of divorce. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.


Posted in:General
Posted by Roy Cheaney on November 12th, 2013 7:59 AMLeave a Comment

Subscribe to this blog
November 11th, 2013 7:59 AM

Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on us to act quickly and with sensitivity to the feelings of everyone involved.

Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.

All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.

Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.

Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if it is challenged.


Posted in:General
Posted by Roy Cheaney on November 11th, 2013 7:59 AMLeave a Comment

Subscribe to this blog
November 8th, 2013 9:47 AM

The most frequent question I'm asked by property owners is, "What can I do to increase the value of my home?". It's a perfectly reasonable question to ask and I do my best to answer it for them. While I often tailor my response with specifics about their particular property I have a couple of standard answers that apply to all homes.

If they're thinking of selling the property I tell them this;

Obviously you want to spend as little money as possible because any improvements you make have to be cost effective.

So you should paint, repair and clean anything and everything that needs it. Make the house neat, clean and easy to move into. You can typically do this for little cost and it reaps big rewards. This is because regardless of what you see on DIY TV most buyers just want to move into a house and enjoy the place. The process of moving can be exhausting and they don't want any projects to finish or repairs that need to be made.

If you do these simple things you'll be well on your way to receiving the maximum price for your home.  

  

 


Posted in:General
Posted by Roy Cheaney on November 8th, 2013 9:47 AMLeave a Comment

Subscribe to this blog