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chap 10 b - • Financial Planning Online Listing of Homes...

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How Much Can You Afford? (cont’d) Criteria used to select a home Price Convenient location Maintenance School system Insurance Taxes–usually between 1 and 2 percent of market value of home Homeowner’s Association Resale value–consider real estate commission Personal preferences Financial Planning Online: Recent Sales Prices of Nearby Homes Go to: http://realestate.yahoo.com/Homevalues This Web site provides sales prices of homes on a street in a city that you specify over a recent period How Much Can You Afford? (cont’d) Focus on Ethics: Disclosing Defects Most state laws require disclosure of any defect that may effect the value of the home Disclosure is not only legal, but moral Failure to disclose can result in a lawsuit for misrepresentation
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Unformatted text preview: • Financial Planning Online: Listing of Homes Nearby for Sale • Go to: http://www.realtor.com • This Web site provides a listing of homes for sale in an area that you specify and homes in the price and size range that you specify • Valuation of a Home • Market analysis: an estimate of the price of a home based on the prices of similar homes in the area Usually based on price per square foot Information can be obtained from a real estate broker or appraiser • Valuation of a Home (cont’d) • Economic impact on market prices Economic conditions affect the valuation of homes As demand for homes increase, prices rise When economic conditions weaken, and demand declines resulting in lower home prices...
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