Liz Freeman

A real estate Appraisal is not the same thing as a Comparative Market Analysis (CMA). A real estate Appraisal determines the market value of the property, which is an estimate of the sale price of the house. An Appraisal is mandatory when you are borrowing money from a lender to purchase a home. An Appraisal is done by a specially trained and experienced individual known as an appraiser.

On the other hand, a Comparative Market Analysis is used to determine a reasonable asking price based on the selling and listing prices of comparable real estate. This is conducted by the real estate agent listing the property. The sole purpose of a CMA is to help the real estate agent advise the sellers when trying to come up with an appropriate asking price. This is different from an appraisal because a Comparative Market Analysis helps determine the actual asking price, where as the appraisal reveals the property's actual value. Appraisers usually use similar research on comparable properties as a factor in determining the property value.

Here are some myths and facts to help you lean more about the Appraisal of your Greenville real estate.

1. Myth: Some people may think that making sure the buyer does not overpay is the main goal of an appraisal.

Fact: People buying and selling real estate can gather resourceful information from an appraisal. However, the appraiser's intended purpose is to provide protection for lenders. An Appraisal is required before the lender approves a buyer's loan.

2. Myth: Appraisers determine the property value by multiplying the price per square foot by the square footage of the property.

Fact: Appraisers determine the value of the Greenville real estate by other characteristics too. Things they take in to consideration include the location, proximity to desirable destinations, school districts, quality and condition of the property, selling prices of comparable real estate, and other relevant qualities.

3. Myth: Anyone involved in real estate could conduct Appraisals.

Fact: States regulate the requirements for Appraisals to obtain a license. Obtaining a license usually includes taking courses, passing an exam, and possible hours of experience.

4. Myth: There is never an obligation to educate buyers on problems with the home found by the appraiser.

Fact: The appraiser is required to notify buyers of problems when the buyer is applying for a mortgaged insured by the Federal Housing Administration. For other types of mortgages, the appraiser is not required to disclose potential defects.

5. Myth: If an Appraisal is done there is no need to obtain a home inspection on your Greenville real estate.

Fact: As mentioned earlier the purpose of the Appraisal is to protect the lender. This does more for the people selling theGreenville real estate. Where as, home inspections are meant to educate buyers on the state of the home and its major elements.

Get a no obligation Comparative Market Analysis on your Greenville real estate.

Sometimes people have to sacrifice purchasing their dream home for a less perfect home in a better location. The buyer and family's quality of life can be affected by their surroundings and features a neighborhood has to offer. Choosing the best neighborhood is just as important as finding the perfect home. Neighborhoods have numerous characteristics to consider when trying to make the right choice.

One of the most important things to look in to is the quality of schools in the area. Compare various public schools within a school system; some may be better than others. In order to keep all options open, also take a look at private schools in the area. Even if you do not have kids that will attend school, it is still a good idea to pick an area with good schools to help with reselling Greenville real estate.

Another crucial characteristic of a neighborhood to research is the crime. Contact the local police office to find out crime trends, types, and rates. Go online to find out if there are any sex offenders living near by. Do not judge a book by its cover, just because a neighborhood looks well kept and charming does not mean there are not any crime related issues.

For financial reasons, check in to the property values of homes in the neighborhood. Find out if the Greenville real estate values in various areas have been increasing or decreasing. If the neighborhood is in an up and coming area the value of the property is likely to go up. Where as, if the area is going down under, the property value will probably follow. See if there are any future construction and development projects to take place. Alterations to the surrounding area could drastically change the property value.

Next thing to take into consideration is the neighborhood's proximity. Make sure the location is a reasonable distance to work, school, and other frequented destinations. Convenience always makes life a little easier. Having grocery stores, pharmacies, hospitals, and other places of interest and importance easily accessible will make a big difference in every day life.

Other things to consider when choosing a neighborhood relate directly to the neighborhood it's self. Just as buyers have preferences in things they are looking for in a house, there are also preferred characteristics to look for in neighborhoods. Neighborhoods could have numerous features to offer such as, gated communities, nice sidewalks, large lots, parks, restaurants, safe roads, trees, landscaping, community recreational facilities, civic leagues, and golf courses. Keep in mind that a neighborhood may have neighborhood fees as part of a home owner's association. Be sure to pick neighborhood features that best fit the lifestyle of you and your family.

Choosing a neighborhood can be just as difficult as finding the right piece of Greenville real estate. Finding the perfect home in the right neighborhood may be even more of a challenge. Do your homework, research the area and prioritize features that are most important to you and your family.

Learn more about Greenville real estate at LizFreeman.com and LizFreemanHomes.com.

Search all Greenville real estate and homes for sale.

There are currently 364 Pitt County and Greenville NC foreclosure homes with 67 new foreclosures in August 2009, according to RealtyTrac.com.

The average sales price of a Greenville NC home in August 2009 was $144,475. In comparison, the average sales price of a foreclosure home was $118,327.

Pitt County & Greenveille NC Foreclosure Activity and Home Price Index

Pitt County & Greenville NC foreclosure activity has steadily increased over the past 4 months with home appreciation down0.72 percent from July 2009.

Pitt County foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Pitt County & Greenville NC Foreclosure Geographical Comparison

Pitt County & Greenville NC foreclosures are 0.19% below national statistics and 0.01% below North Carolina figures.

Pitt County & Greenville NC Foreclosure Activity by Month

Pitt County & Greenville NC foreclosure activity remains high with increases in the of both pre-foreclosures and bank-owned properties.

Are you or someone you know behind on your mortgage payments and facing a Pitt County & Greenville NC foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE). Give me a call for a private consultation.

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. "The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit," he said. "Other buyers are taking advantage of low home values before prices turn higher. Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family's monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable," Yun said.

Let's take a look at the August sales statistics to see how the Greenville NC real estate market looks:

Greenville NC real estate sales statistics for August show that the average sales price has decreased by 13% to $164,473. While pending sales have increased by 8% compared to August 2008 and sold listings were down 31% from 2008. Market times increased by 31 days or 26% from 2008.

Don't forget the clock is ticking to use the $8,000 first time home buyer tax credit. Give us a call to make your dream home a reality!!

Learn more about the Greenville NC real estate market by visiting our websites, LizFreeman.com and LizFreemanHomes.com.

Search all Greenville NC homes for sale.

Information is provided by the Greenville Multiple Listing Service and is deemed accurate but not guaranteed.

If you are thinking of buying Greenville NC real estate and making it a rental property, there are a number of things to consider when choosing the property:

1. Location

If you will be renting to a year ‘round tenant, look for a property convenient to major employers, schools, shopping facilities, transportation.

2. Price

If you hope the rental income will be more than the cost of the monthly mortgage, insurance and taxes on the home, you should be careful to invest no more per month than the local rental market can bear. If your goal for rental income is to "break even" or even to have a negative cash flow, price becomes somewhat less important.

3. Resale

Consider the long-term resale value of the property. If you buy in a fast growing area, the resale value will be greater further down the road. If you buy is a slow growth area, your resale value will be less, but there may be a better rental market.

4. Neighboring homes

Are the neighboring homes well-maintained? If not, they will drive down your property values.

5. Solid construction

Look for solid construction. Tenants tend to put more wear and tear on a home than owners. Find a low-maintenance property suitable for renters. For example, white carpeting will have a much shorter life than something more neutral.

6. Do it yourself

If you live nearby, it can be relatively simple to stay in touch with tenants, and to keep an eye on your investment. If you lack the time, or your property is some distance away, you may wish to work with a property management firm.

Learn more about Greenville NC real estate by visiting LizFreeman.com and LizFreemanHomes.com.

Search all Greenville NC real estate and homes for sale.