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 […]
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 […]
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 […]
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 […]
Things have definitely changed in the past year. If you’re a prospective homebuyer, you have absolutely seen those changes firsthand. Most notably, mortgage rates have more than doubled which has created an affordability gap that has taken approximately 15 million buyers out of the market. Yes, inventories all growing – however that isn’t due to […]
Football season is pretty similar to buying a home – you just might be on the sidelines. And, if you are in fact on the sidelines to buy a home, there are things you can do to be ready when you do get back in the game. Improve your credit score. Improving your credit score […]
So many negotiations take place during a real estate transaction. The seller wants the most for their home and the buyer wants to pay the least possible. Starting in the very beginning of the homebuying process, there are well-defined positions between those two principals. And, if you happen to be in a multi-offer situation, it just […]
