What’s happening in our local market?

Hi everyone. I want to give you a market update!

We are seeing a lack of inventory. We are seeing buyers making decisions much faster because of multiple offer situations. We are also seeing appraisal issues; buyers are willing to pay more and the banks are capping it. So, on the selling side you need to worry about any appraisal contingency. If the buyer is doing FHA financing, that appraisal typically lasts 120 days.

What else is going on in the market? Interest rates are increasing. Because the bond market is ticking up, they increase interest rates. I have spoken with a couple lenders and both believe that rates will not drop back down. So if you are looking to buy, now is the time. For every one percent interest rates increase, you pay 10% more for a home.

If you have any questions please call me at 410.638.9555!

Investment Properties

Welcome back to my video blog! I wanted to help you if you are considering purchasing an investment property. We have a few investors who buy quite frequently, so it is an area we are definitely experienced in.

If you’re a first time investor we like to walk through the property with you to make sure you don’t under or over improve. You want to make sure you have a reasonable profit margin. One of the terms we use is ARV which stands for After Repair Value, how much is the property worth after you have updated and renovated?

We are able to give you a price within $5,000 of what you will receive for the property. We are very familiar with the process and would love to help you. If you have any questions on how to buy an investment property or how to look for one we can help with that also!

It is a great time to be an investor. We are seeing multiple offers, sometimes up to 20-25 offers and many of them are cash offers! We also see a lot of the time the price is bid 10-15% above the asking price!

So if investing is something you want to know more about, give me a call at 410.638.9555!