Last week, the Senate voted to approve the high-balance conforming loan limit to $729,750 in wealthier neighborhoods, as part of a larger spending bill. As of October 1, 2011, the largest conforming loan (loans that are eligible to be purchased or guaranteed by Fannie Mae and Freddie Mac) limit returned to $625,500 after several years of a temporary extension to $729,750. There is a ways to go yet before the higher limit becomes an actuality. The approved measure is attached to a spending bill brought to the Senate by Robert … (1 comments)
market conditions: Low Appraisals
- 09/12/11 09:39 AM
A recent article from RIS Media discusses the increasing percentage of real estate deals that are getting snagged when the appraisal comes in lower than expected. According to the article, this past June and July alone saw 16 percent of real estate professionals reporting a sale cancellation as a result of low appraisals. What can you do? 1. Negotiate with the seller to lower the price — clearly the simplest solution, though not always the easiest. The earlier in the transaction you address this, the more leverage you may have. Consider that this summer the average home sale took 88 days. … (0 comments)
market conditions: Housing Market Once Again Regional
- 09/05/11 09:48 AM
The S&P/Case Shiller home-price index, released last Tuesday, showed a 3.6 percent increase in home prices from the first quarter of this year to the second. According to the index, however, the average home price year over year dropped 5.9 percent for the first six months of this year compared with last year. Average home prices are performing differently across the country — The S&P/Case-Shiller index tracks 20 “MSAs” (metropolitan statistical areas), of which, according to David M. Blitzer, Chairman of the Index Committee at S&P Indices, “eight bottomed in 2009 and have remained above their lows. These include all the … (1 comments)
market conditions: Lenders and Government Over-Correcting
- 08/12/08 01:13 PM
It's no secret that lenders have made way too many loans that they should not have made over the last few years which has resulted in the near meltdown of the housing industry for the past 36 months. Now we are looking at government reforms and tightening lender standards that swing 180 degrees the other direction. The incredible damage is done and the never ending supply of foreclosures is not going away for at least another 24-36 months. So why are the gift programs (at least for now) being done away with? Why are lenders now requiring two (or more) appraisals? … (0 comments)
market conditions: Don't Be Rigid In Negotiating
- 03/29/07 10:40 AM
The northern Virginia real estate market has come back to reality in a big way for 2007. It is a buyers market and prices have receded back to 2004/2005 levels. It is a great time to be a buyer indeed! Buyers have it made! Homes priced aggressively are still selling at a brisk pace, problem is getting sellers to price aggressively. Too many sellers are not willing to accept where we are as a market and want to price their home too high. If you can get the pricing right, it seems too many then do not want to negotiate and lose sale after sale. … (6 comments)
Hoping that higher conforming loan limits will help housing market
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