Thursday, January 22, 2015 / by Shane Kilby
Every home must be sold TWICE! Once to the buyer, and once to the bank appraiser if a mortgage is involved.
The second sale may have just become more difficult.
A new program announced by Fannie Mae may slow down the home-sale closing process by causing more disputes over prices between sellers and buyers.
In a recent Washington Post article they explained the basics of the program:
“Starting Jan. 26, Fannie plans to offer mortgage lenders access to proprietary home valuation databases that they can use to assess the accuracy and risks posed by the reports submitted by appraisers.”
“The Fannie data will flag possible errors in the appraiser’s work before the lender commits to fund the loan, will score the appraisal for overall risk of inaccuracy and may provide as many as 20 alternative “comps” — properties in the area that have sold recently and are roughly comparable to the house the lender i ...
Tuesday, December 30, 2014 / by Shane Kilby
At the end of the year, in every region of the country, hundreds of homeowners have a tough decision to make. The ‘listing for sale agreement’ on their house is about to expire and they now must decide to either take their house off the market (OTM), For Sale by Owner (FSBO) or list it again with the same agent or a different agent. Let’s assume you or someone you know is in this situation and take a closer look at each possibility:
Taking Your Home off the Market
In all probability, after putting your house on the market and seeing it not sell, you’re going to be upset. You may be thinking that no one in the marketplace thought the house was worthy of the sales price.
Because you are upset, you may start to rationalize that selling wasn’t that important after all and say,
“Well, we didn’t really want to sell the house anyway. This idea of making a move right now probably doesn’t make sense.”
Don’t rationalize your dr ...
Tuesday, December 2, 2014 / by Shane Kilby
That is a headline you might have seen over the past weekend. And though it is true, we must understand the story behind the headline. Case Shiller reports on the year-over-year difference in home values. Their latest report revealed that the rate of appreciation has slowed – not that prices are falling!! Here is exactly what they said:
“The 20-City Composite gained 4.9% year-over-year, compared to 5.6% in August.”
Prices are still up this month over last year’s values (4.9%) just not as much as they were last month (5.6%).
Home Prices are NOT Falling.
As a matter of fact, the latest Home Price Expectation Survey by Pulsenomics (a survey of a nationwide panel of over one hundred economists, real estate experts and investment & market strategists) showed that home prices will continue to appreciate for the next several years.
Both first time buyers and families thinking of moving-up ...
Sunday, November 2, 2014 / by Shane Kilby
If you are thinking about purchasing a home right now, you are surely getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is currently happening in real estate. Let’s look at whether or not now is actually a good time for you to buy a home.
There are three questions you should ask before purchasing in today’s market:
1. Why am I buying a home in the first place?
This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with finances. A study by the Joint Center for Housing Studies at Harvard University reveals that the four major reasons people buy a home have nothing to do with money:
A good place to raise children and for them to get a good education
A place where you and your family feel safe
More space for you and your family
Control of ...
Friday, June 6, 2014 / by Shane Kilby
Selling Your Home? Don’t DIY
DIY (Do It Yourself) is one of the big buzzwords in 2014, and for some projects, it’s the way to go. If you’re into cars, say, doing your own oil changes and tune ups is not only fun, it saves some money. The same is true if home fixes or gardening is your thing. But selling your home on your own? Probably not.
A home is most owners’ single biggest investment. When it comes time to sell, owners have been out of the housing market for years, pitting them against buyers as well as real estate professionals who have seen dozens of homes just in the last few weeks. These market-savvy people pretty much know what your home is worth within the first few minutes. Price it wrong, and you may not see those people again.
It’s easy for lay people to underprice a home, because the first statistic they look at is comparable sales (comps). Comps are a little bit good and a lot bad, for a couple of reasons. First, a comp represents a ...