Homeowners: We Need to Sell Your House Twice

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is that bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate comparable sales (similar houses in the neighborhood that closed recently) to defend the price when doing the appraisal for the bank.

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The Difference A Year Can Make [INFOGRAPHIC]

The Difference A Year Can Make [INFOGRAPHIC] | Simplifying The Market

The Difference A Year Can Make [INFOGRAPHIC] | Simplifying The Market

Some Important Points To Consider:

  • The latest Freddie Mac Primary Mortgage Market Survey reports the 30-year fixed rate at 3.7%.
  • Freddie Mac’s projection for Q2 2016 is that the rate will be 4.7% (a full percentage point higher)
  • The Home Price Expectation Survey predicts that home prices will appreciate by 4.4% during this same time

The impact waiting a year to purchase your dream home can make on your monthly payment is significant. Contact me today to discuss your options before the experts’ predictions become reality!