*2024 Real Estate Market Reports Palm Beaches
Palm Beach County Market Reports’ Summary of Single Family Homes and Condos in this month 2024 with Stats and SOLD Housing Trends. Buying or Selling, Text/ Call 561-339-1779 to set-up FREE Consultation.
Palm Beach Gardens Report Real Estate Market
Palm Beach Gardens report of current real estate trends is slightly in a sellers’ market. The Martin Group of Realtors® can help you sell or buy a property. Text or call our office: 561-339-1779 for more info.
New Construction or Existing Home: Which Is Right for You?
Home buyers can choose to build a new home (new construction) or buy an existing home. Read on to see some considerations you need to think about in making your decision.
My Home Didn’t Sell… Now What?
My Home Didn’t Sell… Now What? We’ve outlined the top five reasons a home doesn’t sell—and action steps you can take to overcome each of these issues.
10 Tips to Attract the Best Offers for Your Home
Several articles have been released concerning home design trends in 2023. We have chosen ten of these designs that you could try, as a do-it-yourself project, to update your property this year.
How to Avoid Home Buyer’s Remorse
Several articles have been released concerning home design trends in 2023. We have chosen ten of these designs that you could try, as a do-it-yourself project, to update your property this year.
10 Home Design Trends to Try In 2023
Several articles have been released concerning home design trends in 2023. We have chosen ten of these designs that you could try, as a do-it-yourself project, to update your property this year.
Annual Real Estate Market Report Palm Beach County Florida
Single Family Homes and Condos in Palm Beach County Summary Reports Year-end Annual 2022 with Stats and SOLD Housing Trends. Buying or Selling, Text/ Call 561-339-1779 to set-up FREE Consultation.
2023 Florida Housing Market Forecast What It Means For You
You don’t have to break the bank to celebrate the holidays in style—even in this season of inflation. Prices may be higher on everything, but there are still plenty of opportunities to stretch your budget and find extra savings.
Real Estate CMA: Comparative Market Analysis
Know the factors that affect market or home value which are different from assessed value, which is often lower than the market value. Martin Group can help you with both numbers. Text or Call at 561-3391-779 to schedule your free consultation.
Overcome Inflation With Real Estate Investments
The Top Home Design Trends for 2022 are represented in the above photo. Key words: warm, inviting, minimalist, back to nature, rounded, earth tones, variety of textures. These design trends will be covered in this article.
Real Estate Market Trends Palm Beaches 2022
What’s the state of housing market in SE Florida 2022? Home prices soared in south Florida by a record 29% between January 2021 – January 2022, a history maker.
5 Factors Reveal Where The Real Estate Market Is Really Headed
It’s the old supply-and-demand predicament: Home sales in the U.S. continue at a torrid pace, but the availability of listings remains limited. Buoyed by historically low mortgage rates, buyers keep shopping for homes, reducing the available inventory and sparking a rise in home prices across the country.
How to Bridge the Real Estate Appraisal Gap
Today’s Real Estate Market Unlike Any Other If you’re searching for drama, don’t limit yourself to Netflix. Instead, tune in to the real estate market, where the competition among buyers has never been fiercer. And with homes selling for record highs,1 the appraisal process—historically a standard part of a home purchase—is receiving more attention than ever. That’s because some sellers are finding out the hard way that a strong offer can fizzle quickly when an appraisal comes in below the contract price. Traditionally, the sale of a home is contingent on a satisfactory valuation. But in a rapidly appreciating market, it can be difficult for appraisals to keep pace with rising prices. Thus, many sellers in today’s market favor buyers who are willing to guarantee their full offer price—even if the property appraises for less. For the buyer, that could require a financial leap of faith that the home is a solid investment. It also means they may need to come up with additional cash at closing to cover the gap. Whether you’re a buyer or a seller, it’s never been more important to understand the appraisal process and how it can be impacted by a quickly appreciating and highly competitive housing market. It’s also crucial to work with a skilled real estate agent who can guide you to a successful closing without overpaying (if you’re a buyer) or overcompensating (if you’re a seller). Find out how appraisals work—and in some cases, don’t work—in today’s unique real estate environment. Appraisal Requirements An appraisal is an objective assessment of a property’s market value performed by an independent authorized appraiser. Mortgage lenders require an appraisal to lower their risk of loss in the event a buyer defaults on their loan. It provides assurance that the home’s value meets or exceeds the amount being lent for its purchase. In most cases, a licensed appraiser will analyze the property’s condition and review the value of comparable properties that have recently sold. Mortgage borrowers are usually expected to pay the cost of an appraisal. These fees are often due upfront and non-refundable.2 Appraisal requirements can vary by lender and loan type, and in today’s market in-person appraisal waivers have become much more common. Analysis of the property, the local market, and the buyer’s qualifications will determine whether the appraisal will be waived. Not all properties or buyers will qualify, and not all mortgage lenders will utilize this system.3 If you’re applying for a mortgage, be sure to ask your lender about their specific terms. If you’re a cash buyer, you may choose—but are not obligated—to order an appraisal. Appraisals in a Rapidly Shifting Market An appraisal contingency is a standard inclusion in a home purchase offer. It enables the buyer to make the closing of the transaction dependent on a satisfactory appraisal wherein the value of the property is at or near the purchase price. This helps to reassure the buyer (and their lender) that they are paying fair market value for the home and allows them to cancel the contract if the appraisal is lower than expected. Low appraisals are not common, but they are more likely to happen in a rapidly appreciating market, like the one we’re experiencing now.4 That’s because appraisers must use comparable sales (commonly referred to as comps) to determine a property’s value. These could include homes that went under contract weeks or even months ago. With home prices rising so quickly,5 today’s comps may be lagging behind the market’s current reality. Thus, the appraiser could be basing their assessment on stale data, resulting in a low valuation. How Are Buyers and Sellers Impacted by a Low Appraisal? When a property appraises for less than the contract price, you end up with an appraisal gap. In a more balanced market, that could be cause for a renegotiation. In today’s market, however, sellers often hold the upper hand. That’s why some buyers are using the potential for an appraisal gap as a way to strengthen their bids. They’re proposing to take on some or all of the risk of a low appraisal by adding gap coverage or a contingency waiver to their offer. Appraisal Gap Coverage Buyers with some extra cash on hand may opt to add an appraisal gap coverage clause to their offer. It provides an added level of reassurance to the sellers that, in the event of a low appraisal, the buyer is willing and able to cover the gap up to a certain amount.6 For example, let’s say a home is listed for $200,000 and the buyers offer $220,000 with $10,000 in appraisal gap coverage. Now, let’s say the property appraises for $205,000. The new purchase price would be $215,000. The buyers would be responsible for paying $10,000 of that in cash directly to the seller because, in most cases, mortgage companies won’t include appraisal gap coverage in a home loan.6 Waiving The Appraisal Contingency Some buyers with a higher risk tolerance—and the financial means—may be willing to waive the appraisal contingency altogether. However, this strategy isn’t for everyone and must be considered on a case-by-case basis. It’s important to remember that waiving an appraisal contingency can leave a buyer vulnerable if the appraisal comes back much lower than the contract price. Without an appraisal contingency, a buyer will be obligated to cover the difference or be forced to walk away from the transaction and relinquish their earnest money deposit to the sellers.7 It’s vital that both buyers and sellers understand the benefits and risks involved with these and other competitive tactics that are becoming more commonplace in today’s market. We can help you chart the best course of action given your individual circumstances. What To Expect as Appraisal Gaps Grow In today’s real estate market, low inventory and high demand are driving up home prices. As many as 39% of homes are getting offers over the listing price, based on the latest Realtors Confidence Index from the National Association of Realtors (NAR). Shawn Telford, Chief Appraiser at CoreLogic, elaborates: __________________________ “The frequency of buyers
Is the Real Estate Market Going to Crash?
At the beginning of the pandemic, fears of an economic recession and an ensuing mortgage meltdown were top of mind for homeowners all across the country. For many buyers and sellers, the two seemed to go hand in hand, just as they did in the 2008 economic crisis. This time around, because of lessons learned in 2008, banks are better funded, homeowners are holding more accrued equity, and, crucially, much of the economic activity is focused on financial factors outside the housing market.
Strong Housing Market Is Expected To Continue Into 2022
Market conditions like fewer available listings, changing criteria for desired homes, and record-low mortgage rates are changing the way people buy and sell homes. Find out how!
Do Rising Home Prices Impact Net Worth?
If you’re a homeowner, it’s important for you to understand how your home’s value contributes to your overall net worth.
However, for some renters, rising home prices are making dreams of homeownership feel further out of reach. If you’re a renter, now is the time for you to figure out how home ownership fits into your short-term goals and your long-term financial future. An investment in real estate can help you grow your net worth.
10 Tips to Buy and Sell A Home at the Same Time
What will I do if I sell my home before I can buy the next house? Ten Tips are given in this article to help you when faced with this challenge of buying and selling a home at the same time..
LOWEST MORTGAGE RATES IN HISTORY: What It Means for Home Owners & Buyers
We have the Lowest Mortgage Rates in History: In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history and continue low in November. Are today’s rates truly a bargain? 561-339-1779