Why Real Estate Appraisals Matter
- By lemaster@digitalproductsuite.com
- •
- 20 Oct, 2023
The Reasons Why You Need a Real Estate Appraisal
Real estate transactions result in large sums of money being exchanged. When we buy a home or commercial property, we usually get a mortgage to pay for it. That is because most of us do not have the cash on hand to pay for a property. Mortgage companies require that a real estate appraisal be performed before they approve a mortgage for a property. Why do they do this?
It is because they are putting up a large amount of their money to help you buy your property and the property is their collateral for the loan. Just like anyone else who loans out money, they want to do everything they can to ensure that they will recoup their money. A real estate appraisal helps with that. As we said, the property is collateral for the loan, so an appraisal helps them verify that the property is worth at least the value of the loan they are providing. This gives them peace of mind, knowing that they will be able to recoup their money if you fail to pay them back.
Contact Our Real Estate Appraiser Today!
At Skyline Appraisals, we provide real estate appraisals to the Nassau County, NY area. Our independent appraisers can provide you, your mortgage company, or your insurance company with a copy of our completed appraisal. This will help you get approved for a mortgage or get the proper homeowner’s insurance coverage. Contact us today to schedule your appraisal appointment!
MANHATTAN
According to this week’s market reports, 651 residential contracts were signed
in Manhattan and Manhattan investment sales fell by 41 percent in 2017.
Residential
Between Jan. 15 and Feb. 11, there were 651 contracts that were signed in
Manhattan. Out of that total, 327 contracts were for co-op units, followed by
288 condos and 21 condops. The most active price segments was the $1 million to
$2 million range, which accounted for 169 deals. The $2 million to $5 million
segment, was less robust, accounting for just 129 transactions
Commercial
In 2017, Manhattan investment sales dropped 41 percent year-on-year to $23
billion. The decline is attributed to the retreat of foreign buyers. U.K.
buyers led the exodus, with investments dropping 87 percent to $188 million.
However, the weakening of Chinese interest had the most impact. During the
year, investments from the country dropped 62 percent to $2.5 billion.
BRONX
Foxy Management will bring another large senior building to the Bronx on a three-lot assemblage at the corner of Arthur Avenue and East 179th Street.
The developer is planning a nine-story, 177-unit building spanning more than 120,000 square feet on sites at 2016 Arthur Avenue, 612 East 179th Street and 2010 Arthur Avenue. The company is purchasing the sites for about $4 million, according to the Highcap Group’s Guy Vardi, who brokered the assemblage deals along with Jonathan Bichoupan. Jeff Fox, principal of Foxy Development, said his company hopes to close on financing in the late fall and break ground at the end of 2018 or the beginning of 2019.
This may be the time to consider living in the Yorkville area of the UPPER EAST SIDE. The newly opened SECOND AVENUE subway extends the Q line through this neighborhood. For years buildings east of THIRD AVENUE were a more affordable option for apartments on the UPPER EAST SIDE but the price difference between west and east of THIRD AVENUE is narrowing. The new extension of the Q line has contributed to this change.
If you are looking for a suburban vibe but don't want to leave New York City you may be able to find a home without moving to suburbia. Brooklyn may have just the neighborhood where you will find that house and a yard for the outdoor grill. Enjoy the suburban perks and be just a subway ride from the office.
REF: New York Times, 6/25/17 REAL ESTATE SECTION, The Hunt - Joyce Cohen
