emember last year - how easy it was to
sell a home? Seller B would notice that
Seller A's house in similar condition and
of similar size sold for $XXX,000, so
Seller B added a few thousand on to the
listing price of his home, and Voila! he
got his home sold for full asking price
within a month or two. This happened
whether the home was in pristine condition
or not. It also happened whether the
house was advertised extensively or not.
And, generally it happened without a lot
of effort on the part of the seller or his
agent.
Mortgage Corner - What the Pause in Rising Rates Means for You
Homebuyers "who are looking
at longer-term fixed-rate
products are going to get a
pretty good deal," says
Doug Duncan, chief economist
of the Mortgage Bankers
Association. Mr. Duncan
believes that rates on fixedrate
mortgages aren't likely
to move much higher unless
the Federal Reserve decides
to boost rates again to stem
inflationary pressures.
(Reported in the Wall Street
Journal Aug 9, 2006.)
So while the days of the 5.5%
30 year fixed rate mortgage
are gone, rates are currently
staying pretty steady and even
dropping a little over the last
month. However, there is
some concern that if the Federal
Reserve reacts to rising
inflation, mortgage rates may
be affected and start rising.
Have you checked your credit
lately? Having a high credit
score will set you up to qualify
for the lowest interest rates
around.
Free copies of your
credit report are available to
you at:
www.annualcreditreport.com.
And if you are checking your
own credit, there is no negative
impact to your credit
score by you doing so.
This information was provided
by Sue Schnetlage of
Mountain Mortgage, Inc.
You may contact Sue at
928-775-9330.
So what changed? Well, last year there
were 29% fewer homes on the market
than this year and 26.4% more sales.
(See chart) In other words, this year
there were almost 30% more homes for
sale and 26% fewer buyers. So, then,
what's a poor seller to do? Is it even possible
to get your home sold for a decent
price in today's market? The answer,
believe it or not, is "Yes!" Here's how:
In today's market, it's important that a
home is priced correctly, is in great condition,
and is marketed extensively in order to
get a good offer in a relatively short period
of time.
