Mortgage

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Everything You Need to Know About Appraisal Gaps

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With mortgage interest rates remaining low compared to historic averages, many people are financing their home purchases – a move that makes a lot of financial sense.

Whenever you buy a property and intend to take out a mortgage on it, whether it be a house, condo or cooperative, all mortgage lenders will require an appraisal, which is an unbiased estimate of the true or fair market value of the property. All lenders order an appraisal during the mortgage loan process so that there is an objective way to assess the home's market value, and ensure the amount of money requested by the borrower is appropriate.

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What’s the Difference Between Prequalified and Preapproved?

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The homebuying process comes with a language all its own, and two of the terms you may have heard are prequalified and preapproved. While both can be essential parts of obtaining a mortgage and buying a home, you may not know what they mean. Check out the information below to learn how each term may benefit you during your home search.

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Your 2022 Homebuying Game Plan

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Over the past year, the real estate market has been marked by unpredictability and, at times, overheated competition. This has resulted in some buyers bowing out after one too many disappointments while other potential buyers put off their home-buying plans, hoping that things would settle down.

Whichever type of buyer you are, you may be thinking ahead to the new year and planning to begin a search for a new home. If so, it’s vital to prepare yourself for the challenges—and opportunities—that lie ahead.

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Home Purchase Costs You May Have Forgotten

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When you’re purchasing a home, most of your budgeting is built around the costs directly associated with your purchase. You’re probably planning for your EMD, home inspection, some repairs, your down payment, and closing costs. However, it’s also important to think through the way your budget will change once you’ve signed on the dotted line and bought your first home or upgraded to a new one. Here’s a list of expenses to take into consideration as you prepare for the months and years following closing.

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Buying and Selling in the Summer Season

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In most markets, the Spring season is the most important time of year for buying or selling a home. However, with stay-at-home orders imposed in many markets by mid-March, some new listings never saw the light of day. In addition, tightening in the mortgage markets and job uncertainty discouraged many buyers from looking for a new home this year.

Here’s What to Expect During the Appraisal Process

While many home buyers and sellers are familiar with the home inspection that occurs at the beginning of the contract period, they may be less familiar with another inspection that can have an even greater impact on the home sale: the appraisal. The home appraisal looks at the property, both individually and within the context of its market, to determine whether it is being sold at fair market value.

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Is Now the Time to Sell Your Home?

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After initial COVID-related disruptions to the real estate market in March 2020, real estate was declared an essential service. Subsequently, virtual transaction and marketing processes made it possible for buyers and sellers to move forward with home sales. What followed was one of the most active real estate markets in recent memory, with buyer demand far outstripping the availability of listings in markets all over North America.

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What Buyers and Sellers Can Expect from the Spring 2021 Market

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In 2020, just as the spring market was heating up, it was unceremoniously brought to a standstill by the shutdowns and precautions associated with the COVID-19 pandemic. Since then, both buyers and sellers have seen a host of ups and downs that added up to one of the most active, and in some ways frustrating, real estate markets on record.

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March 2021 Residential Market Report

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The good news is that the percentage of List Price to Sales Price is up a little more than 1%. The better news is that the Average Days on Market across the Front Range is down a little over 26%. The BEST news is that the number of homes under contract is up almost 10%!

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What to Expect from the Closing Process

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When you watch a show on HGTV where an eager young couple is looking for a home, it usually ends when the offer is accepted. In real life, however, that is only the beginning of the story. The closing or escrow process has its own rules and challenges. By being prepared for each step of the process, you’ll be able to stay calm, cool, and collected—even if the unexpected occurs.

If you or someone you know is in the market to buy or sell real estate, I would appreciate the opportunity to earn the business. Thank you!