The Spectrum of Real Estate

This week the real estate market has had activity at both ends of the spectrum, from very high to very low.

Copper Beech Farm, a 51 acre estate in Greenwich, Connecticut, sold for $120 million. You can read more about the sale on CNBC. It's the most expensive residential transaction in Greenwich history, and the most expensive single-family home ever sold.

On the other end, vacant single-family homes in Detroit will be auctioned off, starting at $1000 each, in May. CNN Money has the full story. Buyers will have six months to fix the home up and have someone living in it, or they lose the property. The city is recognizing the importance of getting empty homes reoccupied by owners and renters. Homes will be auctioned off neighborhood by neighborhood, so new residents will have others working with them to re-establish each area.

The real estate market is incredibly diverse this year, as you can see when the range goes from $1000 to $120 million for a single-family home. Most people will be looking somewhere in the middle, but no matter what your price range is, work with a Realtor!

Home Appraisals: Myths and Facts

The home appraisal process can be confusing, or just full of common misunderstandings, whether you're a lender, a borrower, a real estate broker, or a homebuilder. This article from The Appraisal Foundation gives you the myths and the facts from all those perspectives.

Common Myths about Appraisals in the Home-Buying Process