What Will Homebuyers Want in 2010?

While conducting it 2009 home design trends survey of 500 architecture firms and home buyers, the American Institute of Architects has discovered home buyer prefer smaller, better designed homes.  

Following is a summary of the survey:

1. There will be a  shift toward “smaller, better-designed homes”.

2. Open floor plans will still be popular.

3. Since many two-income couples are now working at home, there has been an increased demand for extra office space.

4. Younger home buyers are more interested in affordable, eco-friendly homes.

5. Buyers favor making full use of their living space, including outdoor areas. Which include outdoor living enhancements such as fire pits and kitchens as popular incentives so buyers may enjoy as much of their property as possible.

Overall, buyers want a highly functional space that is well-designed and inexpensive to maintain.

Currently, there are many great opportunities to purchase a home in Hoboken. Perhaps you are considering buying your very first home, or you may be at the point in your life that you are searching for your ultimate dream home. If either may be the case or if it is something in between, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

WHAT DO APPRAISERS REALLY DO?

Homebuyers and sellers may be surprised to find out the truth about an appraiser’s loyalty. An appraiser is one of the most important people in a home-buying transaction. Yet few homebuyers or sellers understand the facts about who appraisers are or what they do.

The most common misperception is that the appraiser represents the homebuyer. That mistaken idea is understandable since the buyer typically pays for the appraisal. But in fact, appraisers are hired by lenders, and appraisals typically are done not to make sure the buyer doesn’t overpay for the home, but to assure the lender that the home won’t be mortgaged for more than a certain percentage of its value. An appraisal isn’t a hist

orical record or prediction of the home’s value. Nor is it an inspection of the home’s condition. An appraiser may consider house price trends or identify obviously hazardous conditions inside the home, but the appraiser’s main focus is on the home’s overall appeal and salability, and how it compares with other homes in the area.

An appraisal contingency, which allows the buyer to cancel the deal if the appraised value of the home isn’t equal to or more than the purchase price, is a wise precaution. The contingency must be written into the sales contract to be enforceable.

Buyers should request a copy of the appraiser’s report and be sure they understand it. Some lenders provide a copy automatically; others do so only if the borrower completes a form.

Appraisers are regulated by state law, which requires them to meet certain qualifications, conform to certain standards and be licensed. Licensure typically requires many hours of education and experience, plus an exam.

The lender’s power to choose the appraiser has been controversial because some lenders have been accused of putting undue pressure on appraisers to modify their reports to fit the lender’s purposes. A proposed Home Valuation Code of Conduct would attempt to remedy that situation by forcing lenders to hire appraisers through appraisal management companies or perhaps state government agencies, which supposedly would hand out assignments on an impartial basis.

The proposed code is part of an agreement between New York Attorney General Andrew Cuomo and Fannie Mae and Freddie Mac, the two quasi-governmental corporations that buy most U.S. mortgages. But it is controversial as well. How the code will be implemented and whether it will be applied nationally are issues of great concern to appraisers today.

Source: cyberhomes.com