Zaida Patel, Realtor —– Blog Website

In understanding the market value of your property, we must deal with some factors that we have no control over.   These factors are physical qualities of your property and the competition.

* Physical qualities:

-         Location

-         Age

-         Size of House and Lot

-         Floor plan and design style

* The Competition:

-         The number of similar properties for sale

-         Their prices and financing terms

-         Physical Condition

Then there are some factors that have no effect on the current value of your property.   These factors are original price and opinions of others.

* Original Price:

-         What you originally paid for your house

-         Credits or closing costs

-         Down Payment

-         The actual Sale Price

* Opinions

-         What people say your property is worth

-         Websites that contain comparable sales

According to the California Association of Realtors, qualified, first-time home buyers using a Federal Housing Administration (FHA)-insured mortgage now can apply the $8,000 federal tax credit toward their down payments, the U.S. Dept. of Housing and Urban Development (HUD) recently announced.

Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Buyers still must issue the mandatory 3.5 percent down payment, but the tax credit now can be used as an additional down payment, or for other closing costs, which can help lower principal balances and monthly payments.

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