The Ins and Outs of a Home Appraisal

 A home appraisal is a big part of the home-buying process. Having a better understanding will allow you to better negotiate and avoid the stumbling blocks. A home purchase is a financial obligation but it also is a very emotional decision. When it comes to the appraisal of your home, this is what the mortgage lenders will be most concerned about.

A home appraiser is a middle man literally speaking. An appraiser will always be your neutral opinion. In order for you to obtain a mortgage, your home must pass an appraisal. An appraisal is an assessment of the property’s value by an unbiased third party.

The unbiased third party is known as the appraiser who is state-licensed or certified. They will look at the home as a neutral party taking into consideration the home’s location, age, condition, additions or renovations and recent sales of comparable homes.

When you are in the midst of your home purchase, you the buyer will be the one who is responsible for paying for the appraisal. The appraisal fee is usually bundled in with your closing costs. A typical fee would be anywhere from $330 and $440. The cost will depend on the home’s square footage and if it has an unusual floor plan.

Once the appraiser completes the appraisal, they will present you with a report. The report will give an analysis of the property and data on comparable homes. Once your appraisal goes to you and your lender. If the appraisal matches the value of the price you and the seller agreed upon, then your loan will go to process. If the appraisal comes in higher, then you gain immediate equity. If the appraisal comes in lower, you will have to come up with the difference between what the lender will lend you and the amount you agreed upon with the seller.

Remember going at this alone is very stressful. Go with a local sales agent who can help you with the homebuying process from start to finish. A local agent will also be a great source for the perfect lender for your needs.

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Why House Hunters Will Be Ready To Buy In The Next Six Months

 According to a survey done by Realtor.com, 46% of potential house buyers said they were planning on purchasing a home within the next six months. This study looked at those who accessed listings and search results of homes on the site. The survey justifies that although we look like we are in a recession and the 30-year fixed mortgage rate is close to 6%, this is not detouring buyers in the market. This share of buyers reported is actually higher than reported in 2019 even with mortgage rates reaching the highest level since 2008 and home prices increasing.

Many potential home buyers are looking at the market as an advantage. Rising inventory levels are bringing more options for buyers to find a home within their budget. It is reported that two in five buyers feel that the U.S. economy is already in a recession but it will have no effect on their decision to purchase a home in the near future. Close to 27% of home buyers are more likely to purchase while the economy is in a recession. This figure is up 24% from what was reported in 2021 although there are many potential home buyers that are scared of the current market. In fact, the share of buyers who say they are more than likely not going to purchase a home during a recession rose from 5% to 6.5% this year.

The housing market is definitely tipping the scale from a sellers’ market over to a buyers’ market. Those in the industry said there are fewer buyers who are being outbid going from 12.6% to 9.4% from this spring to summer. The share of buyers who report being overbid on a home has decreased as the market has begun to correct itself

Even though there are home buyers who are willing to purchase in an uncertain economic time, it is still a sellers’ market. Twelve percent of first-time homebuyers are still being outbid in today’s market. Two in five first-time home buyers are also having a hard time finding a home within their budget. Currently, the median price of homes in the U.S. was $435,0000 according to Reatlor.com. This summer was at an all-time high of $450,000! Twenty percent of first-time homebuyers also said they are having a hard time buying because of their credit score.

If you are a first-time homebuyer or in the market to purchase a home, you will want to work with a local real estate agent who can help you navigate these uncertain waters. A local agent can help you find a home in your price range in your desired area.

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