The Most (and Least) Valuable States in America

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Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

Everyone knows location is the most important part of real estate. You can’t change where your house is (all things being equal). You have to consider school districts, crime rates, commute times—the list goes on and on. It can be much simpler when you’re considering buying a home to compare apples to apples so you can see how the real estate market differs according to location, so HowMuch.net created a new visualization showing land and housing prices at a glance.


The blue dots represent the value of an acre of land, and the red circles indicate the median value of a home. The bigger the blue dot and the larger the red circle, the more expensive it is to become a property owner. Small circles and dots likewise indicate a very low cost of purchasing property. The home values are from the U.S. Census Bureau’s 2015 American Consumer Survey, and the numbers behind the land values come from the Bureau of Economic Analysis.

Several things stand out in the illustration. An acre of land is much more valuable in the Northeast compared to any other part of the country. This is partly because the Eastern seaboard is a very densely populated area with several large cities, most notably New York. New York and Massachusetts have some of the oldest modern structures anywhere in the U.S. In other words, Eastern cities are a lot older than Midwestern cities, so there isn’t a lot of farmland for suburban expansion anymore. In terms of geographic size, these are some of the smallest states in the country. As a matter of fact, the three states where the cost of an acre of land is greater than the median price of a house are all located on the East Coast, and they happen to be some of the smallest states in the Union (Rhode Island, Connecticut, and New Jersey).

Median home values (the red circles) are a different and more complicated story. California has the most expensive houses by far ($449,100). Oregon and Washington boast similarly high housing valuations, as well ($264,100 and $284,000, respectively). It is also expensive to buy a home on the East Coast, with six out of the top 10 states with the most expensive median home values.

There’s a noticeable dip in both housing and land prices in Southern and Midwestern states. Prices slowly rise the further you move from east to west. This highlights unique economic developments over the last several years, including the boom in oil exploration in North Dakota and the growth of Western cities, like Denver, thanks to young people. Snowbirds also tend to move to Florida and Arizona when they retire, which also pushes up housing prices in those places.

Top 5 Most Expensive States to Buy a Home

  1. California
    Value per Acre: $39,092
    Median Home Value: $449,100
  1. Massachusetts
    Value per Acre: $102,214
    Median Home Value: $352,100
  1. New Jersey
    Value per Acre: $196,410
    Median Home Value: $322,600
  1. Maryland
    Value per Acre: $75,429
    Median Home Value: $299,800
  1. New York
    Value per Acre: $41,314
    Median Home Value: $293,500

Top 5 Cheapest States to Buy a Home

  1. West Virginia
    Value per Acre: $10,537
    Median Home Value: $112,100
  1. Mississippi
    Value per Acre: $5,565
    Median Home Value: $112,700
  1. Arkansas
    Value per Acre: $6,739
    Median Home Value: $120,700
  1. Oklahoma
    Value per Acre: $7,364
    Median Home Value: $126,800
  1. Kentucky
    Value per Acre: $7,209
    Median Home Value: $130,000

All this shows that the laws of supply and demand are alive and well in the real estate market. You can easily find cheap acres of land where they are plentiful and un-useful (sorry, Nevada), but owning property is a lot more expensive in smaller places crowded with lots of people. As always: location, location, location.

A version of this article originally appeared on HowMuch.net.

For the latest real estate news and trends, bookmark RISMedia.com.

The post The Most (and Least) Valuable States in America appeared first on RISMedia.

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$129,900 :: 492 KENNEBUNK Drive, Oakland Township MI, 48306

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Property Photo

0 beds, 0 bath
Home size: 0 sq ft
Lot Size: 23,086 sq ft
Added: 10/20/17, Last Updated: 10/20/17
Property Type: Lot/Land/Acreage
MLS Number: 217095100
Community: Oakland Twp
Tract: OAKLAND VALLEY SUB NO 5
Status: Active

BUILD YOUR DREAM HOME!!! This is a deep lot ready for large home. Right across the street, you’ll have direct access to Stoney Creek Metropark that provides 4400 acres of trails, fishing, and playscapes. The Sellers already received an approved plan for a 4500 sqft French Country home. The work is already done for you and a copy of the plan can be provided to you.

Listed with Keller Williams Royal Oak Market Center


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$330,000 :: 1201 TIVERTON TRAIL DR, Rochester Hills MI, 48306

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Property Photo

4 beds, 3 baths
Home size: 2,412 sq ft
Lot Size: 11,325 sq ft
Added: 10/20/17, Last Updated: 10/21/17
Property Type: Single Family
MLS Number: 21381968
Community: Rochester Hills (63151)
Tract: CHICHESTER EAST SUB
Status: Active

4-bedroom Cape Cod in desirable Rochester Hills. Home sits on beautiful lot with nature galore from your back deck. Newly carpeted upper level features 4 bedrooms including large master suite with bathroom, four closets, dressing area and skylight. Newer granite countertops in kitchen and bathrooms. Fireplace and hardwood floors in family room. First-floor laundry, walk-out finished basement with lots of storage. Newer stainless steel appliances in kitchen. Assigned schools: Long Meadow Elementary, West Middle School & Blue Ribbon honored Adams High School. Home backs to commons area.(===)

Listed with Real Estate One-Rochester


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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The Most (and Least) Valuable States in America

Thumbnail for 81342
most_valuable_states_infog

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

Everyone knows location is the most important part of real estate. You can’t change where your house is (all things being equal). You have to consider school districts, crime rates, commute times—the list goes on and on. It can be much simpler when you’re considering buying a home to compare apples to apples so you can see how the real estate market differs according to location, so HowMuch.net created a new visualization showing land and housing prices at a glance.


The blue dots represent the value of an acre of land, and the red circles indicate the median value of a home. The bigger the blue dot and the larger the red circle, the more expensive it is to become a property owner. Small circles and dots likewise indicate a very low cost of purchasing property. The home values are from the U.S. Census Bureau’s 2015 American Consumer Survey, and the numbers behind the land values come from the Bureau of Economic Analysis.

Several things stand out in the illustration. An acre of land is much more valuable in the Northeast compared to any other part of the country. This is partly because the Eastern seaboard is a very densely populated area with several large cities, most notably New York. New York and Massachusetts have some of the oldest modern structures anywhere in the U.S. In other words, Eastern cities are a lot older than Midwestern cities, so there isn’t a lot of farmland for suburban expansion anymore. In terms of geographic size, these are some of the smallest states in the country. As a matter of fact, the three states where the cost of an acre of land is greater than the median price of a house are all located on the East Coast, and they happen to be some of the smallest states in the Union (Rhode Island, Connecticut, and New Jersey).

Median home values (the red circles) are a different and more complicated story. California has the most expensive houses by far ($449,100). Oregon and Washington boast similarly high housing valuations, as well ($264,100 and $284,000, respectively). It is also expensive to buy a home on the East Coast, with six out of the top 10 states with the most expensive median home values.

There’s a noticeable dip in both housing and land prices in Southern and Midwestern states. Prices slowly rise the further you move from east to west. This highlights unique economic developments over the last several years, including the boom in oil exploration in North Dakota and the growth of Western cities, like Denver, thanks to young people. Snowbirds also tend to move to Florida and Arizona when they retire, which also pushes up housing prices in those places.

Top 5 Most Expensive States to Buy a Home

  1. California
    Value per Acre: $39,092
    Median Home Value: $449,100
  1. Massachusetts
    Value per Acre: $102,214
    Median Home Value: $352,100
  1. New Jersey
    Value per Acre: $196,410
    Median Home Value: $322,600
  1. Maryland
    Value per Acre: $75,429
    Median Home Value: $299,800
  1. New York
    Value per Acre: $41,314
    Median Home Value: $293,500

Top 5 Cheapest States to Buy a Home

  1. West Virginia
    Value per Acre: $10,537
    Median Home Value: $112,100
  1. Mississippi
    Value per Acre: $5,565
    Median Home Value: $112,700
  1. Arkansas
    Value per Acre: $6,739
    Median Home Value: $120,700
  1. Oklahoma
    Value per Acre: $7,364
    Median Home Value: $126,800
  1. Kentucky
    Value per Acre: $7,209
    Median Home Value: $130,000

All this shows that the laws of supply and demand are alive and well in the real estate market. You can easily find cheap acres of land where they are plentiful and un-useful (sorry, Nevada), but owning property is a lot more expensive in smaller places crowded with lots of people. As always: location, location, location.

A version of this article originally appeared on HowMuch.net.

For the latest real estate news and trends, bookmark RISMedia.com.

The post The Most (and Least) Valuable States in America appeared first on RISMedia.

Continue Reading →

$845,000 :: 2978 SHANNON DR, Oakland Township MI, 48363

4 beds, 5 baths
Home size: 5,448 sq ft
Lot Size: 101,930 sq ft
Added: 10/20/17, Last Updated: 10/20/17
Property Type: Single Family
MLS Number: 21381556
Community: Oakland Twp (63101)
Tract: BROOKMEAD HEIGHTS
Status: Active

Beautiful custom- built home situated on a rare 2.3 acre lot right in the heart of Oakland Township. Tiered deck with hot tub overlooks Paint Creek and Trout Creek, running right through the property. Two- story foyer opens to a window-filled, kitchen, and sun room. Clean lines, natural light and hardwood flooring throughout. Den with fireplace located directly off first-floor master bedroom. Lower level kitchen and family room are an entertainer’s dream. Spacious exercise room and sauna. Must see to appreciate this one of a kind property.

Listed with Arterra Realty Michigan LLC


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$129,900 :: 492 KENNEBUNK DR, Rochester MI, 48306-2867

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Property Photo

0 beds, 0 bath
Home size: 0 sq ft
Lot Size: 23,086 sq ft
Added: 10/20/17, Last Updated: 10/21/17
Property Type: Lot/Land/Acreage
MLS Number: 21381815
Community: Oakland Twp (63101)
Tract: OAKLAND VALLEY SUB NO 5
Status: Active

BUILD YOUR DREAM HOME!!! This is a deep lot ready for large home. Right across the street, you’ll have direct access to Stoney Creek Metropark that provides 4400 acres of trails, fishing, and playscapes. The Sellers already received an approved plan for a 4500 sqft French Country home. The work is already done for you and a copy of the plan can be provided to you.

Listed with Keller Williams Royal Oak Market Center


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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Appraisal Disappointing? Steps to Take

Appraisal disappointing? You have options, according to the Appraisal Institute.

“Homebuyers and sellers should first understand what an appraisal is and how it’s used,” says Jim Amorin, president and acting CEO of the Appraisal Institute. “Real estate appraisals for mortgage finance applications are prepared for the bank or financial institution so they can better understand the collateral risk in making the loan. This can be confusing, because homebuyers typically pay for the appraisal and receive a copy of it.”

In some cases, the appraisal may not match the contract price—but just because an appraisal comes in below (or above) the listing or contract price doesn’t mean it’s flawed, Amorin says. The agreed-upon contract price may be above market value, for example. In those situations, the buyer and seller often renegotiate the contract at more favorable or balanced terms.

Homebuyers should ask their lender for the qualifications of the appraiser, including whether they are designated by a professional association like the Appraisal Institute, says Amorin. A qualified and competent appraiser knows how to conduct a thorough market analysis and make appropriate adjustments.

Homebuyers also can ask whether the appraiser is directly engaged by the bank or whether the bank utilizes an appraisal management company, and what their procedures are for engaging qualified appraisers.

“The best way for consumers to combat potential problems with appraisals is to ensure the appraiser hired by their lender is highly qualified and competent,” Amorin says. “Consumers have every right to demand the use of a highly qualified appraiser, someone with field experience in their market and knowledge and experience to handle the assignment properly.”

Contrary to incorrect interpretations of appraiser independence requirements, appraisers welcome information that would assist the development of credible assignment results,” says Amorin. If lender policies permit, consumers can accompany appraisers when conducting the property inspection and may provide the appraiser with any information they consider important.

Amorin suggests consumers ask their lender for permission to do so, and confirm the appointment. Consumers should also take note of whether an adequate inspection is performed. Did the appraiser spend enough time at the property to observe important features or improvements or potential problems?

Homebuyers should take advantage of their right to obtain a copy of the appraisal report,” Amorin says. Even though the appraisal is ordered to help assess lender collateral risk, buyers are entitled to a copy of the appraisal report. Federal regulations require lenders to provide property buyers with free copies of appraisal reports no later than three days before the loan closes.

Although appraisal review is best performed by qualified appraisers, consumers should examine the appraisal for potential deficiencies, says Amorin. According to “Appraising the Appraisal: The Art of Appraisal Review,” common errors in appraisals include: misuse of adjustments to comparables; disregarding special financing and concessions; or miscalculation of gross living area (GLA).

Amorin suggests consumers ask themselves:

  • Do adjacent homes add or detract from the value of the subject property?
  • Is the subject property equal to or lower in price than surrounding homes?
  • Does the floor plan have any functional problems?
  • Does the house (particularly the kitchen and bathrooms) require major remodeling to make it comparable with similar homes in the same price range?
  • Is the number of bedrooms and baths in the home comparable to similar homes in the same price range?
  • Did the appraiser perform an adequate inspection?

“Most lenders have appraisal appeal procedures, known as ‘Reconsiderations of Value,’” says Amorin. “If you’re aware of recent, comparable sales information or items that may not have been available or considered by the appraiser, provide those to the lender. If problems were found with the first appraisal, you can and should obtain a second appraisal.”

Source: Appraisal Institute

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The post Appraisal Disappointing? Steps to Take appeared first on RISMedia.

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$899,000 :: 1200 N LIVERNOIS RD, Rochester Hills MI, 48306

5 beds, 7 baths
Home size: 5,435 sq ft
Lot Size: 199,069 sq ft
Added: 10/19/17, Last Updated: 10/20/17
Property Type: Single Family
MLS Number: 21381584
Community: Rochester Hills (63151)
Status: Active

Country this close to the city! Sprawling 5,435 sq ft ranch nestled on over 4.5 acres in Rochester Hills. 5 bedrooms and 6.5 bathrooms. Detached and fully renovated guest house with beautiful finishes. Main house is completely updated with a modern, open floor plan. Spectacular master suite with huge attached master bath. Exterior features a pond with fountain and a charming bridge that connects you directly to the Paint Creek Trail. Indoor pool and basketball court, workout room, high-end finishes throughout. 4 car garage with electric car charging station. This tranquil retreat is truly a one of a kind home.

Listed with Andrews Realty Group


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$129,900 :: 492 KENNEBUNK DR, Rochester MI, 48306-2867

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Property Photo

0 beds, 0 bath
Home size: 0 sq ft
Lot Size: 23,086 sq ft
Added: 10/20/17, Last Updated: 10/21/17
Property Type: Lot/Land/Acreage
MLS Number: 21381815
Community: Oakland Twp (63101)
Tract: OAKLAND VALLEY SUB NO 5
Status: Active

BUILD YOUR DREAM HOME!!! This is a deep lot ready for large home. Right across the street, you’ll have direct access to Stoney Creek Metropark that provides 4400 acres of trails, fishing, and playscapes. The Sellers already received an approved plan for a 4500 sqft French Country home. The work is already done for you and a copy of the plan can be provided to you.

Listed with Keller Williams Royal Oak Market Center


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$330,000 :: 1201 TIVERTON TRAIL Drive, Rochester Hills MI, 48306

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Property Photo

4 beds, 2.1 baths
Home size: 2,412 sq ft
Lot Size: 11,325 sq ft
Added: 10/20/17, Last Updated: 10/20/17
Property Type: Single Family
MLS Number: 217095000
Community: Rochester Hills
Tract: CHICHESTER EAST SUB
Status: Active

4-bedroom Cape Cod in desirable Rochester Hills. Home sits on beautiful lot with nature galore from your back deck. Newly carpeted upper level features 4 bedrooms including large master suite with bathroom, four closets, dressing area and skylight. Newer granite countertops in kitchen and bathrooms. Fireplace and hardwood floors in family room. First-floor laundry, walk-out finished basement with lots of storage. Newer stainless steel appliances in kitchen. Assigned schools: Long Meadow Elementary, West Middle School & Blue Ribbon honored Adams High School. Home backs to commons area.
===

Listed with Real Estate One-Rochester


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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