– Home buying 101-

Get your priorities in order!!

            Man I hated that phrase when I was young!  However, if you are in the stages of purchasing your first home, it’s sound advice.  Many first time homebuyers go into the purchase process without laying out a predetermined game plan of their true wants and needs. And with the amount of inventory on the market today, that’s like giving your kids the keys to Toys R Us and saying “pick one”.  Without a sound “plan of attack” in place you may be quickly overwhelmed and end up making bad choices; like picking a Yo-Yo instead of a trampoline.  

First things First

            Right off the bat you need to decide what your #1 priority is in a home and why.  It can range from school system to the type of kitchen installed.  This will give you and your agent a base to start with.  These parameters can obviously change at anytime, but it’s the best way to get started.  With this base created we can start our home search with defined parameters, reducing the overwhelming effect today’s inventory levels can have on you.  This will also allow you to quickly get on the road and into some homes instead of sitting on Realtor.com for months.

Patience is a Virtue

            Now that we “have our priorities in order DAD” we need to give ourselves time.  The best way to do this is to remain calm…. Just chillax!  Patience is the name of the game when purchasing in this market – we are no longer in the “bidding war” days of homes being sold within hours.  This market is full of inventory and you need sufficient time to do your due diligence.   Give yourself 3-9 months depending on your situation to search and understand the market.  I always remind my buyers that you won’t know a great deal when you see it if you have had nothing to compare it to.  So be sure that you view enough property to really understand fair market value for your particular wants and needs.  r

Do you really need that?

            I often see buyer frustration when wants and needs are to “tight”.  What I mean by tight is that the buyers may be unwilling to budge a bit from their wants and needs.   We need to keep in mind that the average homeowner lives in their first home for only 8 years.   You may be able to “scrap” or hold off on a few of your original parameters in trade of something else.  For example, if you can part with a pool, you can usually get more space or an upgraded home for a similar price.  If you have small children that wont be attending school for 5 years or more, it may be worth it to get a larger/nicer home in a lower rated school district.   Rationalizing these wants and needs in an honest format is a great way to acquire the best home available in your budget.

            Keep these tips in mind, remember to stay patient and I assure you….YOUR PERSITANCE WILL PAY OFF!!

Closing on your own?

Closing on your own?

            When asked by the general public my thoughts about selling or buying on your own, I often give this exact answer – “I have no doubt that you can find a home or a buyer on your own, the doubt I have is if you can get past the closing table without professional help”.  The closing process is truly the meat and potatoes of any Real Estate transaction; we are not simply taking the home to the register and swiping our card.  While you may decide to sell or buy on your own, there are many factors that you need to be aware of.

            The closing maze can be a long, confusing and daunting process.   You will start to hear references regarding terms you may have never heard before.   “The funds aren’t seasoned” – “It’s still in Underwriting” – “The package hasn’t been processed” – “The estopple hasn’t arrived” – etc.   These events can and will cause great stress if you don’t know how to handle them, especially if you don’t even know what they are!  This is certainly not the time to cross your fingers and hope for the best.

            Staying abreast of these issues is crucial if you plan to close on time, or at all.  Any one of these issues or other unknown factors can easily prolong or destroy a closing.  By gaining knowledge of the process or simply working with a professional you put yourself in a much more protected state.  A great idea is to calendar all events taking place from date of contract.  Be sure your escrowed funds are deposited in time and accounted for, that appraisal and inspection issues are handled properly and in a timely manner.  You also want proof that title is “cleared to close” prior to loading the moving truck.  Small issues in a transaction can have drastic ripple effects, it’s imperative that you keep your ducks in a row until the last page is signed and notarized.

            While truly closing on your own is possible today, I highly advise against it.  Forms from your local office store or something you found on Google is not going to give you the peace of mind and protection you need in a Real Estate transaction. Due to the fact that most Real Estate transactions have multiple facets to them, it can be intimidating to try to “solve the puzzle” on your own.   To help ease that intimidation factor it’s best that you hire a title agent to conduct your closing.  Either buyer or seller can choose the title agent depending on how contract was drafted.  If you can’t choose, be sure to familiarize yourself with the agent chosen and be sure to start a friendly rapport.   The agent understands the process fully and in most cases is happy to answer any questions that may arise.  Remember, the title agent is here to provide a service, be sure to put that service to use.

            The closing maze is one that you may think you can tackle on your own, but let’s all remember the recent story of the woman who needed to be rescued in a corn maze.  It looked easy at first.

Renovate or Depreciate?

Renovate or Depreciate?

            With the market in its current condition many homeowners are contemplating renovating their home vs. selling their home.   With equity lines quickly becoming the next word to be deleted from Webster’s dictionary, this decision is much more difficult then it was just a few years ago.   Will I recoup my costs?  Should I just buy a renovated house?  Can I rent my house and then buy?  Do I want to go through a renovation?

            The first question a homeowner should ask him/herself is – “what is true Fair Market Value for my home?”  This can be a daunting exercise, as it requires total honesty with your self.  As we all know, most homeowners feel their home is worth much more then it is.  To be sure you have a realistic idea of what F.M.V (Fair Market Value) is for your particular home be sure to do the right research.

TIP – ZILLOW is wrong, call a Realtor.

            Now that you have a fair idea as to what you can expect to obtain in this market you must calculate your projected renovation budget. If you want to recoup your rehab costs in the sale of your home you must be sure that anticipated appreciation is in line with your budgeted amount.  For example, if a F.M.V of $300,000 home has a $30,000 kitchen renovation that home needs to appreciate by 4% each year for 3 years to “repay” the renovation. A more conservative equation may be to calculate using your current appreciation along with your anticipated renovation budget.  This will give you a better understanding of how long you will have to remain in the home to have the home pay for the kitchen.   If the number makes you cringe – it’s time to sell.

            We are currently in a remarkable buyers market.  The option of selling and purchasing may work for you, even if you have to sell at a loss.  If you have to take $25,000 to the closing table to sell your home but then obtain a dream home for $50,000 under F.M.V – it’s a relative wash.  Being able to “roll” a new kitchen and/or bath renovation into a mortgage is also very attractive, giving better rates and longer terms on the money “spent”.   There are tremendous deals to be had; while you contemplate it’s always worth taking a look at new inventory as well as meeting with professionals. 

Short Sales, Foreclosures and REO’s….., oh my.

Short Sales, Foreclosures and REO’s….., oh my.

            The Real Estate market has become a jungle entangled with unknowns; whether it be a foreclosure or REO many of today’s buyers don’t know what they are getting themselves into.  Without an available mapping system to explain each and every transaction on a case-by-case analysis, most are left in the dark. Without access that “map” or a firm understanding of each and every listing you approach you can easily put yourself at risk.  It’s not as easy as just finding the perfect house anymore.  If you are home shopping be sure you or the Realtor you are working with knows what’s what. 

Short Sales

            We have all heard the term short sale by now, it’s almost as common as Charlie’s “Winning”.  A short sale is in essence when the homeowners mortgage lender allows said homeowner to sell their residence at a lower price then currently due on their original mortgage.  If you are underwater, the bank will take the loss.  As common as this transaction has become, many buyers still don’t understand the full story involved.  Many short sales can still be a waste of time, but there are others that CAN be great deals, you need to map it out.  The most important factor to look for is if the short sale is approved or not.  Listing agents will advertise this, if they don’t you can simply call them and ask how far along the process is.  This will give a fair barometer on your chances of success.

Foreclosures

           

            A true foreclosure is a court sale, so generally you won’t see foreclosures as listed property.  (This may be argued as some counties do now pre-advertise the sale prior to auction)   When purchasing at the courthouse, you may hear that the sale is on the “Courthouse Steps”, you will need to pay the entire portion of the purchase in cash within 24 to 48 hours depending on County.  This will take this option off the table for most homebuyers, as this is an investor-saturated world.  We all know cash is king.   However, if you are looking at a home that was a foreclosure be sure to ask about open liens prior to making an offer.  You don’t want to find out 25 days in that there is an open electrical permit and the home can’t close without inspection and possible code violations.  $$$  It adds up.

REO’s

            An REO is a bank owned home, which may make you say – then REO is a dumb name… it stands for “Real Estate Owned” – as in Real Estate owned by the bank.  This means that the previous owner either could not sell short, or the bank would not allow it.  In some cases the bank may want the home back due to equity involved, if they stand to make some money – trust me they’re taking it.  Some REO’s however are homes that no one else wanted.  My first question when viewing an REO is “why is it here” as in why has someone else not grabbed it yet.  The owner couldn’t sell, the courthouse vultures didn’t bite and now the bank is sitting on it.  Unless you are ready willing and able to do significant home repairs, you may want to leave these to the investors. 

            There are plenty of wonderful “standard” sales on the market today, and the short sales and foreclosures of 2009 and 10 have lowered values significantly.   Be sure to always look for the best deal, just remember the best deal isn’t always a short sale or the like.   If you have any questions about this article or anything at all Real Estate related please email me at rick@rickrapp.com

Maintenance = Money!!

Maintenance = Money!!

         In this disaster of an economy we are all looking for ways to not only save money, but also how to MAKE money.  As homeowners, we are all Real Estate investors and should act accordingly in regard to maintaining that investment.   Just as you would hope to have full faith and trust in how your board of directors maintains the company representing your shares, you should be giving the same attention deserved to your own personal investment.  This attention will always pay off in the long run, proper maintenance of any and all investments is rule #1 for any investor, and as a home owner – that’s what you are!

           

            How often do you see a homeowner whom rarely maintains their home out in the yard cleaning up and have the instant assumption – “they must be selling”.  While an enigma to me, it’s a very common occurrence.  Notwithstanding that the thought process is on par and intelligent from a home seller prospective; It is somewhat penny smart and dollar stupid.  Not for the assumption that you won’t get your “rehab” costs back at closing, but simply for the overall fair market value that has been lowered due to the past neglection of beautification.  (yes I made up “neglection”)

            It’s the simple theory of “Sum of its parts”.  It’s easy to picture a great home in a rotten neighborhood; the value of that home will differ significantly if it were simply sitting on a different lot in a neighborhood of maintained homes, correct?  This added value is a non-controllable situation from a homeowner’s perspective; the only controlled factor is the homeowner’s own personal property. 

            Unfortunately we cannot push a homeowner to maintain their home, what we can do however is set an example.  We can maintain our own homes to the best of our ability and hope that our neighbors will follow suit.  A community with a higher percentage of maintained homes simply holds a stronger combined fair market value.  This is why maintenance = money!!  Whether we are selling now or in 30 years, the better we maintain our property, the higher our community’s fair market value will be, resulting in a higher average price per square foot when we are ready to sell!

            If there is anything to love about Hurricane’s, for me it’s the way communities and neighbors come together in a time of great need.  Neighbors helping neighbors is always a great American feeling.  Keep that feeling alive all year long by maintaining your property, not just for you – but for your community!  It’s a selfless way to MAKE MORE MONEY!!

What to look for in a listing agent

What to look for in a listing agent

            As we continue to recover from the recent Real Estate bubble burst it has become imperative that sellers and buyers alike work with professional and knowledgeable agents in any and all Real Estate transactions.    Working with a neighbor or friend just to “spare their feelings” simply puts you in a compromised position in this market.  We need to remember; “friends are friends and business is business”.  Selling Real Estate in this economy demands knowledge of current conditions and the ability to adapt to rapidly changing marketing techniques.  

Understanding of current market conditions

            This market is different then any market we’ve experienced in quite some time, and for numerous reasons.  Loans are much more difficult to obtain and foreclosures and short sales continue to flood the market.  Determining current market value and truly understanding market conditions is a “science” that changes on a daily basis.  When selling your home be sure that your agent has a STRONG understanding of what is happening in your particular market, and how to best position your property to obtain the highest possible price in the shortest amount of time. 

Ability to advertise in a medium visible to your buyers

            It’s no secret that technological marketing has taken newspapers by the throat and basically choked them out.  As technologies rapidly change, the mediums we use to advertise change with them.  Staying on the forefront of technology is the key to a successful marketing campaign.  Having an agent that knows what the hot trends are, as well as the knowledge and creativity to implement them is crucial in this market.  When interviewing make it essential that you discuss marketing techniques used by the agent and be sure they have a strong understanding of how to best market to your particular buyer base.  

Full understanding of product

            Whether you are selling a home or a toothbrush you should have a full understanding of what you are selling.   Be sure that your listing agent takes note of what separates your home from the rest, and confirm that they convey those differences to potential buyers.  You never know what the tipping point is going to be for a certain prospect.  It may be as simple as wanting attic access or as involved as needing an automatic standby generator.  It is imperative that your agent know AND point out every detail that makes your home special.  Standing out can help you in getting out.

Understanding of your buyer base

            Knowing your customer is rule #1 in my book.  What do customers in your market desire?  What type of incentives will bring the most bang for the buck?  How can I appeal more to my specific buyer base?  These are questions some sellers may never think of asking, thus the need for an agent that understands.  Different demographics call for different marketing approaches, be sure that your listing agent understands your typical buyer base and knows how to communicate with them most effectively.

            By using these four simple tips you should be able to be sure that the agent you pick is the one best suited to sell your property.   And remember - It’s not personal, it’s business.

Why you need a Real Estate buyers agent

Why you want need a buyers agent

Under Bidding

            The key to winning in this market is knowing what true Fair Market Value is, if you’ve read some other articles of mine you’ll note I drill this point in often.   If you don’t have a GREAT concept of what true F.M.V is, you shouldn’t even be placing an offer on a property.  I’ve seen a ton of it this year; buyers losing deals and getting completely frustrated “no one will accept my offer, don’t the banks just want to unload these homes?”  These are the buyers who are trying to Trump (double entendre) the banks by UNDER bidding at ridiculous amounts.   Some with offers up to 50% below current asking price.  You can do this all day long; it’s a free country, but your wasting a lot of time. 

            When banks finally approve a short sale they issue what is called a “demand letter”.  This “demand letter”  (are you thinking of Austin Powers?) states what the bank has decided they are willing to accept.  These are often very fair numbers, though not always “steals”, they are often good deals.   Any future closing is generally going to be within a small percentage of this demand letter number.  Now as always, there are exceptions to the rule, but in general it’s a good barometer.  Without having a full understanding of not only how the process works but also what true F.M.V is for that particular property, you put yourself at risk.  That is if you truly want to acquire the property.

Where’s the Beef?

            “Hey Rick, where are all the deals?”  -- why do people ask me this all the time?  Because I know!  Good Real Estate agents are the heartbeat of the Real Estate industry.   Knowing not only where a deal is, but also why it is a deal is an aptitude grown from experience and a strong understanding of current market conditions.  Making moves without access to this knowledge and understanding is akin to putting $50,000 on 14 the second you walk into a casino.  There’s a chance, but...... 

An agent on your side will provide the critical info you didn’t even know you needed.  Kind of like someone telling you that 14’s already hit twice the last 9 turns.  

Pro advice is always nice…

            This can be a very stressful market for anyone in the Real Estate market.  If you’re selling your worried you won’t get the maximum amount possible and if you’re buying you are having a difficult time sifting through excess inventory.  However, when you find an agent that offers the service you need and deserve the stress of this market will dissipate immediately.   Having access to a professional 24/7 is similar to having an attorney on your side in court.  Agents are here to guide and protect you in your transaction.   Take use of that, it’s well worth it.

If you have any questions or topics that you’d like discussed in this blog please email me at rick@rickrapp.com 

Real Estate in the news - what’s the truth in it all?

            Lately I’ve been asked on a daily basis, “What’s really up with the market?” People are reading an article on Monday stating that the market is continuing to decline and then wake up the next day to an article in the same paper reporting increases in property values.  How can homeowners and the public in general get a fair idea of what is really going on in today’s market with such conflicting stories being run?  It’s a fair question – “what’s the truth in it all?”

            It is my opinion that fair market values are climbing at a slow but steady pace.  We are seeing increases in certain areas due to buyers’ willingness to pay fair market value for specific homes in the 2011 market.  Maintained and Renovated homes can command a slightly hire price in this market.  The reason we are seeing this is due largely in part to the fact that a very sizable percentage of available inventory is… well its junk.   

            When a ready willing and able buyer hits the streets to start viewing in this market it generally goes something like this – “oh my god, did people really live like this?”  -  “Uh…how much do you think it would cost to replace…. everything”  -  “I can’t breath, can we go now?”.   Sounds comical, I know – but it’s funny because it’s true!  I’ve seen things in homes that I wouldn’t dare speak of, never mind write of… 

            You can picture how buyers in today’s market would be willing to pay a slightly higher “Fair Market Value” for a home that has been renovated and cared for.  This is why we are seeing slight increases in certain areas.   The “value” of a well maintained home has climbed which in turn raises FMV for a certain sector of homes.

            To be broken down it’s really easy to understand.  With lending so tight, rehabbing a home to your liking is no longer an option for many.  The days of buying a home, getting a home equity line and making it your Kingdom are over.  Today’s homebuyers have most of their funds tied up in the purchase with little to no reserves for renovations.  If we can provide what they desire, we can charge a premium, while not a large premium it is an increase, and these small increases over time are what bring us back.  This is our slow and steady climb back to a more stable market.

            Foreclosures may not be ending anytime soon, but that does not necessarily mean that our Fair Market Values need to continue to decline.   Because there is so much “junk” inventory, good inventory can shine in this market and in turn; can command a higher price. 

            If you are buying or selling in this market, be sure to conduct your research and do your homework.  There is a ton to take into consideration to fully understand what true fair market value on any particular property is.   If you’re unsure, hire a professional; it’s what we do!!

If you have any Real Estate questions that you’d like answered in this blog please email me at rick@rickrapp.com

Is now the time to Flip?

Is now the time to FLIP?

            In the past six months I’ve been involved with sales that provided very attractive returns to Real Estate investors, some as high as 23% and one in as short as three months.  So I have to report that yes, now is the time to flip.  Prices are low and buyers are willing to pay a premium for a rehabbed home. 

            While most buyers in the market today are using all of their cash funds for the purchase, rehabbing a home on their own is simply out of the question. Banks are requiring larger down payments to obtain loans and credit has dried up. In this market, the only way for many buyers to get an updated home is to buy one.  “Rolling the Rehab” into the mortgage makes it possible for these buyers to get what they desire while still remaining within their preset spending limit.  

            Buying at the right time in the right place makes it possible for investors to see a large return on their investment.  The great thing is that everyone wins in this environment.  Vacant homes get owners, buyers get the home they want for the price they anticipated and investors have a chance to put their money to work in a way that provides better returns then the 1.99% CD at their local bank.  

OK, you’re excited, but Hold Your Horses!!

            Opportunities to invest and profit in this market are out there, but they’re certainly not everywhere.  As with any investment strategy, we need to be cautious when getting into the flipping game.  Proper due diligence needs to be achieved prior, during and after the purchase. 

             Any and all factors come into account when flipping Real Estate, and simply finding a “cheap home” won’t get you far.  You need to be sure to take into consideration your true hold costs, maximum future appraised vale, upcoming sales fees, association regulations… you get the point.  It’s a big pie and you need to properly strategize before digging in.  If you get this wrong, the pain in your stomach isn’t going to be cured with Ta Ta Ta Ta TUMS.

            Don’t have the funds to take advantage?  Some REIT’s are available with buy-ins as low as $50,000.  For some investors this is the perfect opportunity as the fund manager handles all due diligence and management of the project.  The investor simply sits back and reaps the returns available in today’s market. 

            With the amount of REO and short sale properties available in today’s market there really hasn’t been a better time to flip in quite a while.

           

Buying in 2011

“My oh my how the market has changed”

Market conditions are not a secret to anyone.  While stories, facts and figures may be dramatized a bit in the media; on a whole American’s have a fair understanding of where the Real Estate market stands.  If you plan on buying in 2011 there are factors that you must take into consideration before and during your home search regardless of what you hear on TV or read online.  When markets change, strategies change and we simply cannot buy with strategies used during the boom.

Know your purchasing power, don’t guess… KNOW.

A few years back purchasing power was basically up to you.  Banks where nudging you with their elbow in a crowded room asking,  “Hey you, you want to buy a house? How much do you need?”  Terms like “no-doc loans” and “stated income” flooded the market, buyers could simply tell the bank what they made without any form of proof and the loan would be approved!!  No proof of income!!  NONE!! ….I digress.

In today’s market we all know that lending practices have been restructured and loans are now as hard to obtain as a Harvard MBA; and because of this it is IMPERITVE that you get pre-approved prior to even logging onto Realtor.com.  Find out what your true purchase power is, speak to a mortgage broker and learn where you stand as a purchaser before you become a buyer.

Knowing your true limit will protect you before during and after the home buying process.  Being knowledgeable and honest with yourself about your true purchase power will make the process much less stressful, as you will be able to negotiate faster without putting yourself in an uncomfortable situation.  By not overextending yourself due to passion and emotions, your future mortgage payments will always be in line with your predetermined plan.  In this day and age, planning for your financial future is as important as your health. 

Find a knowledgeable agent

Don’t just grab a friend or family member with a license and tell them you want to buy a house.  Choosing the right agent for your purchase is as vital as finding a home with a roof.  I could write analogy’s for days but the bottom line is that this is probably the largest purchase you’ll make, it’s not the time to put a transaction of that size in the hands of a friend just to spare their feelings.  I am not saying not to work with friends or family, just be sure they can provide the service you need and deserve.

A professional agent will provide continuous due diligence during the purchase process.  There is much more to being a buyer’s agent then simply opening a front door.  Working with a professional Realtor® will save you time, frustration and most importantly, money.   Ask your agent what kind of services they provide as a buyers agent, and what you can expect if you work with them exclusively.  

Give yourself time

Possibly the best Ying to the booms Yang for buyers is the amount of time you can take in today’s market to find your home.  There is truly no reason to feel rushed, unless of course you have personal issues, the market is allowing a bit more “tire kicking” time.  It’s been a bear for sellers and agents as transactions are reduced in return, but it is what it is, and as a buyer – you can take advantage.

It’s really never good to rush, it’s one of those motherly quotes you can remember as a child “don’t rush Ricky”. What happened to the market during the boom, what were all the buyers doing then? They were rushing, and they all have their bellyaches now, just like Mom promised.  We can slow down in 2011. We can analyze, and in turn, we then strategize.  By taking time to conduct our research we are better suited to negotiate, always insuring that our best interests are in hand.

2011 allows you as a buyer to purchase with bona fide care and knowledge.  It truly is a great time to buy.  This will ALWAYS be South Florida and people will continue to funnel here from across the country for centuries to come.  With the correct team and strategy in place there hasn’t been a better time to take advantage!  

Selling in 2011

            Speculation, media reports and common gossip has lead, in my opinion, to a more volatile market then necessary.  The constant onslaught of negative media has had a direct effect on the Real Estate market on a National and Local level.  So what’s the truth in it all?  Where does the market actually stand and what can we expect moving forward?

            Reporting from the front lines I can tell you that the Real Estate market is not as dreadful as generally reported.  Homes are selling, people are buying and banks are lending.  In December alone last year I closed 5 transactions.  The important factor of that stat however is not the amount of homes sold in a short period, but the types of transactions involved.  Of those 5 closing, one was FHA financed, two were conventional loans with 25% + down and two were relocation clients.  What can we take from this information?  That homes are selling, but only when sold correctly. 

            What do I mean by “correctly”?  As I break down each of these sales they all have one thing in common – they were all priced (or sold) according to market conditions and true “Fair Market Value”.  Selling at Fair Market value allows FHA financing to take place as there will not be appraisal issues.  It allows buyers with significant cash down to move forward as they will be aware they are getting a fair deal, and appraisals are never more of an issue then they are with re-lo’s.  If these homes weren’t priced correctly they would have never closed.

            A large problem in today’s market, and in my mind the most detrimental problem, is the lack of acceptance sellers have of the times we are in.  2005 is long behind us, but many homeowners have continued to base their perceived values on stats from the bubble.  Thus resulting in a stagnant market. 

            If sellers would become more realistic on a whole, we could turn this market around in a year.  Now I understand, many sellers can’t sell for fair market value.  They are simply “stuck”, upside down on their mortgage with limited options.  In my opinion these homeowners should simply take their homes off the market if they are unable to sell for fair market value.  Realtors are to blame for this as well.  Many agents will “buy” a listing by making false promises of what a seller can expect.  This leads to even more severe consequences as seller becomes frustrated with lowball offers, but refuses to sell for true value.  In turn buyers don’t move on properly priced homes because they feel if they wait a bit, the over priced seller will eventually drop – but they never plan to.  By not cooperating with market conditions our buyer base depletes, and out of frustration many buyers simply give up.

            Both buyers and sellers have false hopes in this market, and that is the main problem we are facing.  Buyers want more home, sellers want more money.  There has yet to be a full compromise between buyer and seller on a broader scale.  Without compromise we simply cannot rebound. For this market to truly bounce back we all need to face reality. 

            If you are interested in selling in this market be sure you work with an agent who is both honest and knowledgeable about TRUE market conditions, and more importantly, be honest with yourself about your homes value. 

            And please, always keep in mind – “Current market sets value”.  There is just no getting around it.