Rising interest rates have slowed the market just a bit but there is still a shortage of homes for sale (June 2013 inventory in Northern Virginia was 15% less than a year ago). With an abundance of buyers still in the market, multiple offers are commonplace. So how does a buyer compete? Yes, the […]
It’s a jungle out there as anyone looking for a home will tell you. With limited inventory and scores of buyers, multiple contract scenarios are common place. Escalation clauses, appraisal waivers and more more are being included in contracts. How does one increase the odds of a successful bid? Well, the simple answer is […]
Where have all the homes gone? Buyers are out in force but there is so little for them to look at. Since October 2011 the month over month inventory levels have been off at least 10%. ( Oct 2011 vs Oct 2010, etc) Since April 2012 there have been more than 20% fewer homes on […]
Well, real estate appraisers are probably great drivers but if they insist on driving the way they run their business, watch out. It is very hard to move forward safely and confidently when looking in the rear view mirror. Over the last year, I have had more appraisal issues then the last 5 combined. Why? […]
I often get calls from folks who want to buy distressed homes, rehab them and sell them for huge profits. Looks easy on TV doesn’t it? The reality is that flipping homes is a very, very hard business and extremely difficult to keep profitable over the the long haul. (key – long haul) I […]
Last month I had two settlements delayed. On both I was representing the seller and both were delayed due to appraisal issues. The appraisal issues were outside the control of the lenders but how they were handled demonstrates why I prefer local, direct lenders. Here are the stories…
I am reading the book Canada by one of my favorite authors, Richard Ford. Early in the novel which centers on irrational acts committed by the main character’s parents, he writes, “Common sense should have dictated none of this ever take place. But no one had access to common sense.” That is how I feel […]
Kelly was an upperclassman at George Mason University in Fairfax VA. She was tired of dorm life and wanted to live off campus. Her parents suggested to her that she buy a home near campus and rent a few rooms to other students to help cover her mortgage. Under that plan, her housing costs would […]
Second verse (quarter) same as the first. Inventory is the story and becoming a bigger concern. We now have 10 months in a row where inventory for the current month was at least 10% lower than a year earlier. But in this quarter, for each of the 3 months, the inventory levels were […]
Technology is great. When I started in the business in the late 80s I would have never thought I would be writing a blog (and would not even have known what the word meant). I would have never thought my clients would be using a computer to find homes. And that they would be able to pull up pictures, get aerial views, estimated values and more – unfathomable.
This is all wonderful but despite all of our advances, nothing beats old fashioned “boots on the ground” (just saw Acts of Valor with my son). Let me explain what I mean
