Mark Twain famously said "Buy land. They're not making it anymore." The Balance says that buying real estate is a good way to round out your investment portfolio, especially for the long term. One of the reasons is because you can build equity in it from the moment you take ownership in most cases. How does that work? Is it possible to boost it even more? The answers to these questions and more can be found below.
How Does Equity Work?
What Is It?
First of all, it helps to know what it is. Basically, experts define equity as the difference between what you owe on your mortgage and your property's current market value. When you originally purchased your property, you included a down payment. That ranges anywhere from 3% to 20%. Let's say you paid $120,000, with 10% as your downpayment. At the time, you bought your Lake Havasu home for the fair market value of $120,000. That means that your equity at that time was $12,000.
As time went on, your mortgage balance went down as your fai. ...

Sunstone Realty Professionals, Coldwell Banker Residential Brokerage, Lake Havasu City, AZ
Originally posted on my Lake Havasu real estate blog here: http://www.sunstonerp.com/lake-havasu-market-report-june-2021/. ...

Open houses used to be a regular part of the Havasu home buying experience. But during the pandemic, this was put on hold for a while. While we now see open houses occur more regularly, some people still feel concerned about entering a stranger's home. And for out-of-town buyers, physically visiting properties becomes difficult. In a highly competitive market like here in Lake Havasu City, you need to be ready to pounce on a property as soon as you think it works for you. If you are interested in buying a Havasu home sight unseen, use these tips to make it a successful experience.

How to Buy a Home Sight Unseen
Hire Locally
An experienced local Lake Havasu REALTOR® knows the market better than anyone. This really helps when you wish to buy a home sight unseen. Interview several agents. Ask them for references (and make sure you contact those references directly). Discuss how long they have been working in the Lake Havasu market and inquire about how many buyers they have worke. ...

Sunstone Realty Professionals, Coldwell Banker Residential Brokerage, Lake Havasu City, AZ
Originally posted on my Lake Havasu real estate blog here: http://www.sunstonerp.com/lake-havasu-market-report-may-2021/. ...

High buyer demand and a low housing inventory continue to spur on our hot Lake Havasu seller's market. Many sellers often receive multiple offers on their property from several buyers. Every month, we see sale prices climb higher and higher. But that does not mean that you can list your Havasu home for whatever price you want and expect to automatically receive it. How do you determine what to ask for your home? You should take into account the appraised value as well as its fair market value. While you might think they are the same thing, they are actually different.
Appraised Value vs Fair Market Value
Appraised Value
The appraised value (AV) is determined by an independent third party (the appraiser). First, the appraiser comes out and takes visual stock of the condition of your Lake Havasu home. They also consider the total square footage of both the home and the lot, its location, the number of bedrooms and bathrooms, features, fixtures, etc. Then, they look at recently sold pr. ...