Monday, May 30, 2011
Happy Memorial Day!
Hope all is having a great Memorial Day with Friends and Family. Thanks to those who have served their contry in any capacity to help make our country great!
Monday, May 23, 2011
FINDING THE RIGHT SALES PRICE ISN'T EASY
Daily Real Estate News
May 23, 2011
Finding the Right Sales Price Isn't Easy
In a volatile real estate market, knowing the right price for a home isn't always clear, experts say.
Having to drop a home's sale price from its initial list price is common. On average, sellers reduce their list prices after about 2.5 months by 8 percent when a property hasn't sold yet, according to a report by Trulia.com. After making one price reduction, 35 percent of those sellers will make a second price cut too.
Even homes without any obvious faults are undergoing price cuts, agents say.
Real estate pros are finding that to find the right price for a home is much more than comparing it to a set of comps. But determining a price to fit a few of a home's unique limitations isn't easy. For example, a 1946 five-bedroom home in a sought -after neighborhood in Scarsdale, N.Y., has had five sales price adjustments. It was first listed at $1.699 million and now is on the market for $1.278 million.
While buyer offers are coming in, real estate pro Claire Civetta with Coldwell Banker Residential Brokerage in Scarsdale, N.Y., says they are far below asking price. The home is on a busy road and doesn't have as large of buffer from street noise as other nearby homes.
So while comparable houses reveal this one to be well priced, Civetta says "the market has been telling us something else."
May 23, 2011
Finding the Right Sales Price Isn't Easy
In a volatile real estate market, knowing the right price for a home isn't always clear, experts say.
Having to drop a home's sale price from its initial list price is common. On average, sellers reduce their list prices after about 2.5 months by 8 percent when a property hasn't sold yet, according to a report by Trulia.com. After making one price reduction, 35 percent of those sellers will make a second price cut too.
Even homes without any obvious faults are undergoing price cuts, agents say.
Real estate pros are finding that to find the right price for a home is much more than comparing it to a set of comps. But determining a price to fit a few of a home's unique limitations isn't easy. For example, a 1946 five-bedroom home in a sought -after neighborhood in Scarsdale, N.Y., has had five sales price adjustments. It was first listed at $1.699 million and now is on the market for $1.278 million.
While buyer offers are coming in, real estate pro Claire Civetta with Coldwell Banker Residential Brokerage in Scarsdale, N.Y., says they are far below asking price. The home is on a busy road and doesn't have as large of buffer from street noise as other nearby homes.
So while comparable houses reveal this one to be well priced, Civetta says "the market has been telling us something else."
Tuesday, May 17, 2011
Rural Development Loan
Some areas qualify for this loan - it is 100% loan with no money down and no mortgage insurance. Minimum credit score of 620. Check this website to see if the home are are thinking about is eligible
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
USDA turnaround time is now down to about 10 days, that means it usually takes about 4-6 weeks to close. Rate at this time is 4.625%
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
USDA turnaround time is now down to about 10 days, that means it usually takes about 4-6 weeks to close. Rate at this time is 4.625%
Wednesday, May 11, 2011
Summer is Almost Here!
With graduations coming up, we know that summer is almost here. A time when lots of people will be moving before the next school year starts. We are fortunate in the Greater Chattanooga market that our sales are staying steady, and our unemployment is much lower than the nations. I am starting to see more building going on in the area. I talked to a builder this week that said he had 9 homes to build before Christmas!
Monday, May 2, 2011
Bank Rates Inch Lower
See link below for latest on Bank Rates
http://rismedia.com/2011-05-01/bankrate-mortgage-rates-inch-lower/
http://rismedia.com/2011-05-01/bankrate-mortgage-rates-inch-lower/
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