Archive for September, 2014

‘Comps’ problem is slowly going away

Thursday, September 25th, 2014

Comps - short for comparable sales in the real estate industry.  For the past few years as real estate sales and sales prices have improved, getting your house to appraise for the sales price has been a problem. Comps used by appraisers were hard to find, since sales from 2009 and 2012 had been minimal. Plus those sales quite often were bank foreclosures or short sales and the prices depressed. Now, we are finally seeing a comeback of sales prices for the appraisers to use. This problem is going away. Good news yesterday from the home builders. Not only were their sales up 18% from July and 33% above one year ago sales. Most importantly, the sale prices increased 2% from July and over 10% from one year ago. These sales all help when getting your property sale to appraise. Federal Reserve manufactured low mortgage rates mean nothing if your house does not appraise. We look forward to these trends continuing as the real estate industry continues to improve.

FSBO Appraisals

Want a faster, smoother closing? use a Credit Union

Wednesday, September 17th, 2014

Credit Unions are not-for-profit organizations that are owned by their membership. Using a credit union, as opposed to a publicly owned/traded, for profit bank, your money is federally insured through: the National Credit Union Share Insurance Fund (NCUSIF).  Over the years I have found credit unions easier to deal with since you have a real person to talk with and they make their own decisions. With the large banks, the person you talk with always has to check with someone else. We recommend you meet with a local credit union, get their information and have it ready for your prospective buyer. I find their interest rates, closing costs, and closing time are all superior to the large banks.

FSBO Credit