National appraisal company Home Appraisals, Inc. provides a holistic view of the housing market and has found that the luxury homes market may very well be in trouble.
“There is a “Shadow” inventory out there in which no one really knows how big it is. Many homes are not on the market for sale yet because banks are still holding real estate that they have just foreclosed on or that are still going through the foreclosure process. Especially with the high end properties, say over 5,000 square feet, the banks have to sometimes do two or three appraisals on these properties to make a decision on how much they are currently worth and if they are willing to sell it for what can be a multi-million dollar loss. We have seen an increase over the past three months for appraisal requests on these high-end homes which are currently in default” said Joseph Castaneda, chief real estate appraiser for Home Appraisals, Inc.
Some reports are saying the government ceasing to back large new mortgages will make more expensive real estate difficult to sell and to buy. Without the government support, lenders are reluctant to loan large amounts of money. In addition, buyers are likely to see more demands from lenders, including higher credit scores and larger down payments. There also may be more stringent requisites placed on the appraisal reports used by lenders.
Essentially, the government doesn’t believe taxpayers should have the responsibility of homes priced high above the national average. This could make it extremely difficult for people to buy higher valued homes.
“On the other hand, a number of buyers at the higher end of the property market are able to afford to put down a larger down payment, or just buy the mansion with all their own cash. This makes it easier or even unnecessary for the high end buyers to secure mortgage financing.“ Mr. Castaneda added.
“The luxury housing market has been robust in places like Miami over the past twelve months. However recent research shows that the inventory for these mega mansions has been increasing over that past few months with Miami Beach celebrity homes like New York Yankee A-Rod’s , J-Lo’s and Al Capone’s former mansion all up for sale within the past few months” Mr. Castaneda continued.
A professional real estate appraisal can ensure homeowners know what a property is really worth. Home Appraisals, Inc. specializes in providing a fast, professional service. It was founded in 2000 with the sole purpose of providing exceptional service in the field of real estate appraisals.
The agents have many years of experience appraising homes, meaning they deliver the highest level of accurate appraisal reports in the market with a quick turnaround time – usually 48 hours from inspection.
Home Appraisals, Inc. leverages the latest technology to make the process for home appraisals even more accurate and faster for homeowners. They have a large staff of appraisers allowing the company to cover an expansive geographic area with great efficiency.
Homeowners can visit homeappraisalsinc.com for in-depth information and articles on the appraisal process, including a ‘To Do’ list for homeowners, appraisal myths, a jargon buster and more.
For a detailed explanation of the services Home Appraisals, Inc.provides, please visit http://www.homeappraisalsinc.com/
About HomeAppraisalsInc.com:
Home Appraisals, Inc. was founded in 2000 with the sole purpose of providing exceptional service in Real Estate Appraising. Its foundation is great customer service while delivering the highest level of accurate appraisal reports.
Homeappraisalsinc.com
Joseph Castaeda
866-533-7173
info@homeappraisalsinc.com
Source: EmailWire.Com
