Main Blog Discussion: IHB Property Valuation Reports 8/18/09

irvine_home_owner_IHB

irvine_home_owner_IHB

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So part of the value added service the IHB (now known as Ideal Home Brokers) will have is Property Valuation Reports:



<a href="http://www.irvinehousingblog.com/blog/comments/canopy-quail-hill-irvine/">http://www.irvinehousingblog.com/blog/comments/canopy-quail-hill-irvine/</a>



This is a very good report and something many people will use. I do think it's almost like an appraisal report (parts of it remind me of the full-color appraisal report we got when we did our house) and I agree there should be some additions as commented on the main blog:



1. Add dates sold for comps.

2. Add pictures of comps.

3. Add currently listed homes for comps.



I think this tool will also help sellers understand what price to list their homes at to bring them the quickest offers.



BTW: www.idealhomebrokers.com needs some content (or at least a holding page!)
 
[quote author="irvine_home_owner" date=1250727325]1. Add dates sold for comps.</blockquote>


I have added this. Fortunately, it is in our database.



<blockquote>

2. Add pictures of comps.</blockquote>


Unfortunately, this is not in our database. Once it falls off the MLS, it is gone forever.



<blockquote>

3. Add currently listed homes for comps.</blockquote>


We only do this if necessary because listings are generally priced too high. A few WTF listings can really distort values.



<blockquote>



I think this tool will also help sellers understand what price to list their homes at to bring them the quickest offers.



BTW: www.idealhomebrokers.com needs some content (or at least a holding page!)</blockquote>


I hope you are right about the quick offers...



We will be debuting the new broker's website in September.
 
I didn't really understand who the report would be available to. Will you be working as buyer's agents under contract? Can I buy just the report? If so how much do you expect it to cost?



I think it looks great. Kind of like a more personalized/less automated Zillow.
 
IrvineRenter,



The reports look really good. I am not sure if this is legal or not, but is there a way you can add the down payment/loan information on the comps.
 
IR, if you're going to use a long term savings yield average of 4% then you should also include long term inflation average of 3% for $750,000 which equals an additional $1,875 per month.
 
If you want to by hyper technical, impound accounts pay a mandated 2% interest on the cash they hold. In this market that's a bonus.



From blog post comments - an "A" version for buyers and a "B" version to be submitted with buyers offer, addressed to the seller, I believe will help those who are ..... price challenged.... to see the light.



My .02c



Soylent Green Is People
 
The report is incredible.



And it would not influence me to use Ideal Home Brokers.



I would still go with the person who has developed a personal realtionship based on trust, IR2.



Who is Ideal Home Brokers? IrvineRenter? He does not have a brokers license. Same with Zovall. So, that leaves Chevy. I do not know Chevy and he does not put himself on this blog so I have no relationship with him. Why would I want to entrust my personal business with someone who I have no relationship with?
 
[quote author="asianinvasian" date=1250734921]IR, if you're going to use a long term savings yield average of 4% then you should also include long term inflation average of 3% for $750,000 which equals an additional $1,875 per month.</blockquote>


What did housing prices do between 91-96?



What was the inflation rate between 91-96?



Housing is not an inflation hedge. Anyone who says that it is... ignorant like IR said in the original blog post.
 
For photos of sold comps, I have a few suggestions:



1. Use Zillow. They usually have photos from old listings. This might be against MLS rules if you eventually subscribe to them, though, unless they got the photos from somewhere other than the MLS (which they have in some cases).

2. Use Google Streetview or Maps.

3. Use Bing/MSN Bird's Eye View.



Of course, all three will require some sort of license from the company involved.
 
Is this photo thing new? I've been sent old MLS listings with photos before. I don't know how but I know there is a way to automatically save redfin listings with photos in a database. I think photos are key. In the neighborhoods I'm looking in there are great discrepancies in the upkeep of various homes.
 
[quote author="Mcdonna1980" date=1250744317]Is this photo thing new? I've been sent old MLS listings with photos before. I don't know how but I know there is a way to automatically save redfin listings with photos in a database. I think photos are key. In the neighborhoods I'm looking in there are great discrepancies in the upkeep of various homes.</blockquote>


On the main blog IR2 said that if there were photos in the old listing in the SoCalMLS, then they should be able to get the picks. I know that you can too, because I sat there with IR2 as we looked up some sold and taken off the market listings from the past year or two on the MLS.
 
I think the photos issue is BS. Armchair buyers wanting all their needs catered to.



If the buyers and sellers are serious, they can drive by the comps.



I will reiterate my point in the main blog that purchase history and current loans outstanding are useful.
 
[quote author="freedomCM" date=1250746562]I think the photos issue is BS. Armchair buyers wanting all their needs catered to.



If the buyers and sellers are serious, they can drive by the comps.



I will reiterate my point in the main blog that purchase history and current loans outstanding are useful.</blockquote>


Well, for me, it's important. And the outside of a home can be deceiving. We certainly learned this with the pot house in N. Tustin. The comp being used could have had the kitchen, bath, backyard, etc. completely remodeled but how do you know that without pictures?
 
[quote author="awgee" date=1250738381]Who is Ideal Home Brokers? IrvineRenter? He does not have a brokers license. Same with Zovall. </blockquote>


This question is difficult to answer today, but soon, all will be revealed.



I am scheduled to take the broker's exam in September.



Zovall does have a brokers license, and Ideal Home Brokers is an entity licensed in the State of California. Currently, we are not running transactions through that brokerage, but Ideal Home Brokers is licensed.
 
[quote author="IrvineRenter" date=1250749829][quote author="awgee" date=1250738381]Who is Ideal Home Brokers? IrvineRenter? He does not have a brokers license. Same with Zovall. </blockquote>


This question is difficult to answer today, but soon, all will be revealed.



I am scheduled to take the broker's exam in September.



Zovall does have a brokers license, and Ideal Home Brokers is an entity licensed in the State of California. Currently, we are not running transactions through that brokerage, but Ideal Home Brokers is licensed.</blockquote>


I would have a great deal of faith in IR or Zov.
 
[quote author="graphrix" date=1250745375][quote author="Mcdonna1980" date=1250744317]Is this photo thing new? I've been sent old MLS listings with photos before. I don't know how but I know there is a way to automatically save redfin listings with photos in a database. I think photos are key. In the neighborhoods I'm looking in there are great discrepancies in the upkeep of various homes.</blockquote>


On the main blog IR2 said that if there were photos in the old listing in the SoCalMLS, then they should be able to get the picks. I know that you can too, because I sat there with IR2 as we looked up some sold and taken off the market listings from the past year or two on the MLS.</blockquote>
You can look at old closed listings, withdrawn, expired, etc from as far back as 3 or 5 years (I forgot which one it is). You can pull up the full listing along with all of the pictures. The problem is that not all listings were created equally and some have all of 1 picture in them.
 
[quote author="IrvineRenter" date=1250749829][quote author="awgee" date=1250738381]Who is Ideal Home Brokers? IrvineRenter? He does not have a brokers license. Same with Zovall. </blockquote>


This question is difficult to answer today, but soon, all will be revealed.



I am scheduled to take the broker's exam in September.



Zovall does have a brokers license, and Ideal Home Brokers is an entity licensed in the State of California. Currently, we are not running transactions through that brokerage, but Ideal Home Brokers is licensed.</blockquote>
What is/are your goal/s for Ideal Home Brokers? Are you guys gonna run a lean shop with only a few agents or are you guys going to try to build a larger network of agents? What about commission splits, annual dues, and transaction fees for your agents? Just curious...
 
[quote author="usctrojanman29" date=1250764814][quote author="IrvineRenter" date=1250749829][quote author="awgee" date=1250738381]Who is Ideal Home Brokers? IrvineRenter? He does not have a brokers license. Same with Zovall. </blockquote>


This question is difficult to answer today, but soon, all will be revealed.



I am scheduled to take the broker's exam in September.



Zovall does have a brokers license, and Ideal Home Brokers is an entity licensed in the State of California. Currently, we are not running transactions through that brokerage, but Ideal Home Brokers is licensed.</blockquote>
What is/are your goal/s for Ideal Home Brokers? Are you guys gonna run a lean shop with only a few agents or are you guys going to try to build a larger network of agents? What about commission splits, annual dues, and transaction fees for your agents? Just curious...</blockquote>


Some of the answers to those questions will evolve as we grow. PM me, or we can talk at the next IHB get together.
 
Today we have <a href="http://www.irvinehousingblog.com/blog/comments/michelson-towers-airport-area-irvine/">IHB Investor Reports</a>.



Any comments or suggestions are appreciated.
 
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