About Delray Beach's Woodlake

Positive Effect On Neighborhood Values When Earned Income Programs Are Used

02-28-08

David Hayes: Real Estate - Other in Boynton Beach, FL

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People often believe that home values when set by sales prices are a fair representation of the Fair Market Value of the home. Reasons often relating to market drivers and references to Adam Smith seem to lend credence to the argument but when examined under a fine microscope you find the opposite to be true.

Fair Market Value is not defined by the sales price of a home. The sales price is the wildest variable in the equation and only represents the current financial, emotional and personal situation of the home seller at that moment in time. Homes are sold for pennies on the dollar in certain circumstances and for more than their value in others. That is what Adam Smith was referring to....

A homes Fair Market Value is defined as it should be by a professional appraiser. I am a strong proponent of the Fair Market Value Sales Theory for Real Estate and will define that more in later blogs.

Now what is the positive effect that DPA's and specifically "Earned Income" DPA's like The Buyers Account, DP Funder and DP Now programs? Nothing much unless you live in the neighborhood. You see, when a home sells for less than the Fair Market Value it artificially lowers the values of the homes around it.

Homes only sell for less than the Fair Market Value when the seller's particular situation dictate that he sell his property before he wait long enough to receive its Fair Market Value. Sellers use many methods to enhance their homes for a quicker sale. Lowering their price is the "Old Standard" way of enhancing their homes for sale but as we see from above that can actually hurt your home, neighbors and neighborhood.

With Earned Income programs your seller can sell the home they need to sell while helping a buyer purchase a home with substantial equity and a mortgage that they can afford while not negatively effecting local values.

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2823 SW 2nd St, Delray Beach, FL 33445

01-31-08

Jenniffer Lee

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Office: (561) 322-3330

2823 SW 2nd St, Delray Beach, FL - Woodlake

$199,900 - Great villa, beautiful yard, convenient location!

Wow! This home is awesome! To start, it is convenient to everything! It is off Atlantic between Military Trail & I95, so it is convenient to the Florida Turnpike, I95, Downtown Delray & "The Ave," as well as tons of shopping, restaurants, and more! The community is private, peaceful, and very well maintained. It has a pool, tennis courts, clubhouse, exercise room, sidewalks, and more! The very low maintenance fees are only $155 per month and include cable as well as all the common items and areas. This home is great! It is a villa with only one attached neighbor! It has 2 big bedrooms, 2 full bathrooms, a lovely vanity area in the master, an eat-in kitchen, a 1 car garage, and a huge great room. The back of the great room is all windows looking out to a private yard with tropical landscaping. It is so peaceful and private! It is fully fenced with a courtyard entry. This lovely villa has vaulted ceilings, recessed lighting (hi hats), newer appliances (including dishwasher, full-sized washer & dryer), electric garage door opener, decorator paint finishes, blinds & verticals, tile in the living areas, and much much more! You'll feel like you are in a single family home here, but you won't have the upkeep! It is all ages, pet friendly (even large pets!), and rentable! It is clean, light & bright! And, the owner will even throw in the 50" tv in the great room! What more could you possibly ask for? Don't miss this one! Hurry! MLS #R2871144. For more information visit this Delray Beach villa for sale on my website or call (561) 807-5478.

Jenniffer Lee
RE/MAX Select Boca, Inc.
21301 Powerline Rd #106, Boca Raton, FL 33433
Office: (561) 807-5478 • Fax: (561) 368-0104
Website: www.best-real-estate-choice.com • Email: ReMaxJenLee@aol.com
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