Sometimes real estate agents get a bad rap for allegedly telling homeowners anytime is a good time sell a home. Obviously, some market conditions are better than others for sellers. Conditions for sellers during the current buying season are as good as they’ve been in a decade or more, since the housing boom of 2005-2006.
Since the housing recovery began in earnest three years ago, conditions in most markets have increasingly favored sellers. Record low interest rates have bolstered demand, making it possible for buyers to lock in great deals on mortgages. The slowly improving economy has reduced unemployment and is lifting more incomes. The largest generation of potential [...]
Low appraisals occur when appraisers hired by the buyer’s lender value properties for less than buyers and sellers expect. To protect their interests in the event of a default, lenders then limit the amount they are willing to lend. Low appraisals occur more often in markets where prices are rising faster than home values and are common in multi-bid situations when sale prices exceed list prices, which is occurring in many of today’s hotter markets. In April, about 12% of contracts that were terminated failed due to appraisal issues, and 28% of closings that were delayed were late because they encountered problems with [...]