Address: 212 Buckeye Street, Saltville, VA 24370 Minimum Bid: $39,805 Please fill out/submit the Offer Submission Form with your Pre-qualification/Proof of Funds Document attached to Marketing@REI-ReferralNetwork.com. View appraisal below.
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[FEE-niks] Part of speech: Noun Origin: Greek, pre-12th century Definitions: 1. (in classical mythology) a unique bird that lived for five or six centuries in the Arabian desert, after this time burning itself on a funeral pyre and rising from the ashes with renewed youth to live through another cycle. 2. A person or thing regarded as uniquely remarkable in some respect. Examples of Phoenix in a sentence ” ‘In order to rise from its own ashes, a Phoenix first must burn.’ ― Octavia Butler” “I used the phoenix as personal inspiration to recover from my setback.” About Phoenix As a common noun, “phoenix” is a mythological bird that lived for many centuries before burning and rising from the ashes into a new cycle of life. As a proper noun, “Phoenix” is the capital of Arizona, among many other geographical names. Then you could use the phrase “rise like a phoenix from the ashes” to refer to a figurative comeback or rebirth. Did you Know? The original phoenix appears in Ancient Greek folklore as a bird that rises from its own ashes into a new life. The name, imagery, and powers ascribed to the phoenix have shown up in countless legends across many cultures. It has even appeared in modern pop culture as a comic book character in X-Men and in the world of Harry Potter.
Read MoreVeros® Real Estate Solutions, an industry leader in enterprise risk management and collateral valuation services, released its Q1 2022 VeroFORECASTSM that anticipates home prices will appreciate on average 7.1% for the next twelve months. VeroFORECAST evaluates home prices in over 330 of the nation’s largest housing markets. Veros is committed to the data science of predicting home value based on rigorous analysis of the fundamentals and interrelationships of numerous economic, housing, and geographic variables pertaining to home value. Fundamentals remain to keep prices marching higher in most parts of the country. Historically low mortgage interest rates, insufficient new housing starts, very low inventory of homes for sale, the prevalence of all-cash buyers, and rapidly declining unemployment rates will continue to keep upward pressure on house prices. Though recent Fed actions have begun to raise interest rates and have started to paint a picture of rising mortgage rates throughout 2022, it is expected that these increases will be very modest and leave the historical low-rate environment generally intact. Though 30-year mortgage interest rates have gone from under 3.0% earlier this year to over 4.5% today, Veros doesn’t expect there to be much of an impact to the upward spiral of housing prices. Rates are still historically low, and with an average nationwide house price increase of $52,000 in 2021, many homeowners are sitting on a large amount of equity. When these homeowners are competing with others for purchase of a home where supply is very low, prices will be pushed upwards. In fact, recent interest rate increases will cause mortgage payments to increase by $200 per month for the median priced home. Buyers who have $52,000 more equity in their existing home are not likely yet to alter their behavior significantly for this monthly increase. To put this in perspective, this is the first time that typical house prices increased nationwide annually by more than the median full-time wage which was $50,000 last year. Eric Fox, Chief Economist at Veros commented that, “The situation the housing market is in today with prices that will not decrease or even slow down would be analogous to the situation of someone trying to lose weight but can’t seem to have success. If a nutritionist told them they had to start eating healthy meals, stop eating dessert, stop drinking alcohol, and start going to the gym 4 times per week to achieve their weight loss goals, and they questioned why they were not losing weight when the single recommendation they had only partially implemented was reducing their dessert from 4 scoops of ice cream per day to 3. That is the situation that today’s housing market is experiencing. We have a long way to go before fundamentals change in a significant way to cause a moderation in prices.” The 10 strongest performing markets in the country forecast over the next 12 months continue to be exclusively in the Western United States or Florida, indicating demand being driven by migration South and West. Phoenix rocketed to the top spot with an estimated 17.2% forecast appreciation over the next 12 months. Flagstaff was another Arizona city making the Top 10. Utah remained strong with the cities of Provo and Salt Lake City making the list with appreciation above 14% expected. The Florida cities of Tampa and Sarasota are #8 and #9 with appreciation greater than 13% expected. And four states had a single city make the list including San Diego, Coeur d’Alene, Colorado Springs, and Olympia. The 10 Strongest-Performing Markets Over Next 12 Months Rank Metropolitan statistical areas (MSA) Forecast 1 PHOENIX-MESA-CHANDLER, AZ 17.2% 2 PROVO-OREM, UT 14.5% 3 SAN DIEGO-CHULA VISTA-CARLSBAD, CA 14.2% 4 SALT LAKE CITY, UT 14.2% 5 COEUR D’ALENE, ID 14.0% 6 COLORADO SPRINGS, CO 13.7% 7 FLAGSTAFF, AZ 13.6% 8 TAMPA-ST. PETERSBURG-CLEARWATER, FL 13.5% 9 NORTH PORT-SARASOTA-BRADENTON, FL 13.4% 10 OLYMPIA-LACEY-TUMWATER, WA 13.4% The 10 least performing markets over the next 12 months are again led by Texas oil country city Odessa with 2.9% appreciation expected. Midland is another Texas oil market at #4 on this list with only 3.3% appreciation expected. Louisiana occupies 4 spots on the 10 least performing markets list, North Dakota 2 spots, and 1 spot each for Iowa and Illinois. Though these markets are on the 10 least performing markets list, all are expected to appreciate slightly. The 10 Least-Performing Markets Over Next 12 Months Rank Metropolitan statistical areas (MSA) Forecast 1 ODESSA, TX 2.9% 2 WATERLOO-CEDAR FALLS, IA 3.1% 3 GRAND FORKS, ND-MN 3.3% 4 MIDLAND, TX 3.3% 5 HOUMA-THIBODAUX, LA 3.4% 6 BISMARCK, ND 3.5% 7 SHREVEPORT-BOSSIER CITY, LA 3.7% 8 PEORIA, IL 4.0% 9 LAKE CHARLES, LA 4.0% 10 ALEXANDRIA, LA 4.0% VeroFORECAST Methodology The quarterly VeroFORECAST reports to clients by subscription and to industry media in a summary overview. The current report is based on data from 335 Metropolitan Statistical Areas (MSAs), including 16,994 ZIP codes, 1025 counties, and 82% of US residents. The report is a projected increase 12-months forward. About Eric Fox, VP of Statistical and Economic Modeling Eric Fox received his M.S. in Statistics and B.S. in Mathematics and Economics from Purdue University, and has 30 years of industrial experience in statistical and econometric modeling, probabilistic life methodology development, statistical training, probabilistic design software development, and probabilistic financial/competitive analysis. Fox has published numerous technical papers on probabilistic and statistical methods. About Veros Real Estate Solutions A mortgage technology innovator since 2001, Veros is a proven leader in enterprise risk management and collateral valuation services. The firm combines the power of predictive technology, data analytics, and industry expertise to deliver advanced automated solutions that control risk and increase profits throughout the mortgage industry, from loan origination to servicing and securitization. Veros’ services include automated valuation, fraud and risk detection; portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is the primary architect and technology provider of the GSEs’ Uniform Collateral Data Portal® (UCDP®). Veros also works closely with the FHA to support its Electronic Appraisal Delivery (EAD) portal. The company is also making the home buying process more efficient for our nation’s Veterans through its appraisal
Read More69% of Respondents Expect Mortgage Rates to Go Up in Next 12 Months The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased by 2.1 points to 73.2 in March, as consumers continue to express pessimism regarding the trajectory of mortgage rates and homebuying conditions generally. Overall, four of the index’s six components decreased month over month, including the components asking consumers whether they expect mortgage rates to go up and whether they believe it’s a good time to buy a home. In March, a survey-high 69% of respondents indicated that they expect mortgage rates to continue their upward ascent. On net, the “Good Time to Buy” component set a new survey low, with 73% of respondents reporting that it’s a bad time to buy a home. Year over year, the full index is down 8.5 points. “The ‘Good Time to Buy’ component of the index reached yet another record low, with high home prices, rising mortgage rates, and macroeconomic uncertainty serving as consumers’ chief concerns,” said Mark Palim, Fannie Mae Vice President and Deputy Chief Economist. “Only 24% of consumers believe it’s a good time to buy a home, with similar levels of pessimism expressed by nearly all of the demographic groups surveyed,” Palim continued: “This month, we also saw a survey-high share of consumers expecting their financial situations to worsen over the next year; this was especially true among current homeowners. These concerns, together with the run-up in mortgage rates since the end of 2021, will likely diminish mortgage demand from move-up buyers – and fewer move-up buyers mean fewer available entry-level homes, adding to the rising-rate challenges for potential first-time homebuyers. If consumer pessimism toward homebuying conditions continues and the recent mortgage rate increases are sustained, then we expect to see an even greater cooling of the housing market than previously forecast.” Home Purchase Sentiment Index – Component Highlights Fannie Mae’s Home Purchase Sentiment Index (HPSI) decreased in March by 2.1 points to 73.2. The HPSI is down 8.5 points compared to the same time last year. Read the full research report for additional information. Good/Bad Time to Buy: The percentage of respondents who say it is a good time to buy a home decreased from 29% to 24%, while the percentage who say it is a bad time to buy increased from 67% to 73%. As a result, the net share of those who say it is a good time to buy decreased 11 percentage points month over month. Good/Bad Time to Sell: The percentage of respondents who say it is a good time to sell a home increased from 72% to 74%, while the percentage who say it’s a bad time to sell decreased from 22% to 21%. As a result, the net share of those who say it is a good time to sell increased 3 percentage points month over month. Home Price Expectations: The percentage of respondents who say home prices will go up in the next 12 months increased from 46% to 48%, while the percentage who say home prices will go down increased from 16% to 20%. The share who think home prices will stay the same decreased from 32% to 28%. As a result, the net share of Americans who say home prices will go up decreased 2 percentage points month over month. Mortgage Rate Expectations: The percentage of respondents who say mortgage rates will go down in the next 12 months increased from 3% to 4%, while the percentage who expect mortgage rates to go up increased from 67% to 69%. The share who think mortgage rates will stay the same increased from 22% to 23%. As a result, the net share of Americans who say mortgage rates will go down over the next 12 months decreased 1 percentage point month over month. Job Concerns: The percentage of respondents who say they are not concerned about losing their job in the next 12 months decreased from 87% to 86%, while the percentage who say they are concerned increased from 9% to 11%. As a result, the net share of Americans who say they are not concerned about losing their job decreased 3 percentage points month over month. Household Income: The percentage of respondents who say their household income is significantly higher than it was 12 months ago increased from 27% to 29%, while the percentage who say their household income is significantly lower increased from 12% to 13%. The percentage who say their household income is about the same decreased from 56% to 53%. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago increased 1 percentage point month over month. About Fannie Mae’s Home Purchase Sentiment IndexThe Home Purchase Sentiment Index® (HPSI) distills information about consumers’ home purchase sentiment from Fannie Mae’s National Housing Survey® (NHS) into a single number. The HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis and decision making. The HPSI is constructed from answers to six NHS questions that solicit consumers’ evaluations of housing market conditions and address topics that are related to their home purchase decisions. The questions ask consumers whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher than they were a year earlier. About Fannie Mae’s National Housing SurveyThe most detailed consumer attitudinal survey of its kind, Fannie Mae’s National Housing Survey (NHS) polled approximately 1,000 respondents via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts, six of which are used to construct the HPSI (findings are compared with the same survey conducted monthly beginning June 2010). For more information, please
Read MoreThese properties are presented as part of a Highest-And-Best offer strategy. The minimum offer price is shown & all assets will be sold at that minimum price, or the Highest-And-Best price received by end date of offering. These assets are being premiered today, and official offers will be made available on Tuesday, April 12th. All offers with proof of funds will be due and time stamped by the portal on Thursday, April 14th – 5:00 pm EST. Please email Marketing@REI-ReferralNetwork.com with questions or to submit an early inaugural offer with this new Highest-And-Best offer platform. GOOD LUCK!!!!
Read MoreCareful Reviews Can Uncover Hidden Savings Opportunities, Freeing up Funds for Property Enhancements With inflation, rising energy costs, supply chain interruptions and continued fallout from the pandemic exerting financial pressures on commercial property owners, Incenter Tax Solutions is urging them to find new ways to maximize savings–including scrutinizing their property tax assessments. “As property values continuously rise and fall with market conditions, these assessments are not always adjusted properly, especially in the current commercial market,” said Alison Tulio, Esq., President of the firm, whose mission is to make sure property taxes are accurate and fair. “We are telling our clients to be proactive and have their assessments reviewed annually so they never overpay.” According to the National Taxpayers Union Foundation, various experts estimate that “between 30 and 60 percent of taxable property in the United States is over-assessed.” Lowering assessments could free up capital for property improvements, help compensate mall owners for the loss of anchor tenants and give multifamily property owners an edge when competing for new renters. “The opportunities to leverage this potential source of hidden savings are numerous,” said Ms. Tulio. A few examples include: Reducing (or not raising) rents to keep tenants happy, and prevent them from leaving for “somewhere better” Adding amenities, collaborative spaces and safety/security improvements to make buildings more attractive for hybrid work Repurposing restaurants to accommodate less dining in and more takeout/delivery Incenter Tax Solutions, which has a national network of real estate attorneys and appraisers covering the country’s 19,495 municipalities, provides complimentary property tax assessment reviews for their commercial clients. If the firm determines that they are excessive, they will offer to handle the entire appeal process, which includes preparing and filing an appeal free of charge, except for an initial appraisal (which clients then own) and attending a hearing if required. Incenter Tax Solutions only receives a one-time contingency fee if the appeal succeeds. The firm’s principals have prevailed on behalf of their clients 100% of the time, saving them thousands of dollars. Tax appeal deadlines vary from state to state, ranging from May 15 (in most cases) for Texas and June 1 for Colorado, to August 1 for regions of Pennsylvania. For more information, contact Incenter Tax Solutions at 1-888-901-2287 or submit an inquiry at incentertaxsolutions.com. About Incenter Tax Solutions Incenter Tax Solutions protects commercial and residential property owners from overpaying their property taxes. The firm is part of Incenter LLC, a family of 11 companies helping mortgage banking and real estate finance organizations improve performance. See incentertaxsolutions.com for further information. To learn about Incenter, see incenterms.com. Contacts Dawn RingelDawn.ringel@incenterms.com or 267-620-8401
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