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Value of Housing Characteristics
Written By: Paul Bishop, Director, National Center for Real Estate Research
The real estate community's mantra about how the value of a property is determined has always been:
However, the National Association of Realtors recently published a study about other characteristics of the house itself that can either add - or detract - from the value of the home. As a loan originator, it's extremely important that you understand how much an extra bathroom or central air conditioning adds to the value. If not for your client's sake, for information you can pass on to your real estate agent partners and appraisers.
As a subscriber to this magazine, SUBSCRIBE NOW, you have the ability to print a chart that can be used to distribute to your clients (include in a client newsletter or give to prospects as an added-value when you meet with them). Send a copy of the chart and the article to your real estate agents. While this is available to RealtorsTM, I would bet my first-born child that they have not read it. While values are different in various areas of the country, give a copy of this to your appraisers too.
Here's the article.
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"Reprinted from Real Estate Outlook: Market Trends and Insights, Copyright, 2004 NATIONAL ASSOCIATION OF REALTORSTM. Used with permission. Reproduction, reprinting, or retransmission of this article in any form (electronic media included) is prohibited without written permission. For subscription information please call 1-800-874-6500."
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