First – what is an appraisal gap? Quite simply, it’s the difference between “the fair market value determined by an appraiser and the amount you agreed to pay for the home.” It doesn’t mean that you have to cancel the sale, but it does mean some negotiations will probably be happening And, an appraisal gap […]
When a new home is being built, builders are normally required to warrant their work for a specified period. Municipal inspections are also generally required during different stages to “ensure the life, health, safety, and welfare of the public” but even if something is missed, the ultimate responsibility for building to code belongs to the […]
Want to go shopping? Have you ever thought about shopping for a lower mortgage rate? If not, you may want to consider it. If you decide to go shopping for a lower mortgage rate, one thing you do need to consider is that not all lenders share the same business practices. Some of them may […]
Selling your home involves many decisions – some easier than others. Sometimes, those decisions can cause an owner stress or procrastination. Early in the process, the owner will have that opportunity to decide whether to sell their home “as-is” which avoids the issues that tend to loom when selling a home. But, is “as-is” a […]
Closing costs – we’re pretty sure you’ve probably heard that term at one point or another. There are fees and expenses associated with mortgages that must be paid by the closing date for closing costs, and pre-paid items, in addition to the down payment. These amounts can vary according to the type of loan, mortgage […]
In the world of real estate, numbers are still fluctuation in all different directions. Sales in February 2023 were up 14.5% month over month and still down 22.6% year over year according to the NAR Housing Snapshot. The median sales price dipped 0.2% to $363,000 and there are 2.6 months supply of homes on the […]
There wasn’t anything at all “normal” about the housing market in 2021 and in part of 2022. Mortgage rates were at an all-time low, and there’s a great possibility we will never reach those levels again! Double-digit appreciation drove prices to new heights. Low inventories fueled by high buyer demand made multiple offers a normal […]
Real estate isn’t the only profession where there are tools and techniques available to help with particular situations. Really, any profession has those tools and techniques. For real estate professionals, one of those is the backup offer. In situations where multiple offers may arise, the seller can accept any offer for whatever reasons are important […]
I’m sure you’ve probably played Monopoly at some point in your life. During this game, you’ll purchase and develop properties (developing them by placing houses and then hotels on them), and sometimes you may even sell them. As you go along in the game, and when many of the properties have been purchased and developed, […]
Homebuyers in 2022 experienced a huge shock – soaring mortgage rates which doubled in one year resulting in approximately 15 million mortgage ready buyers displaced from the market due to affordability issues. As of February 23, 2023, the 30-year fixed rate mortgage was at 6.5%. While that is twice as high as it was on […]
