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Originally Posted by TommyT
I spoke to the realtor that shown our house to her clients during our home inspection today and both said the forclosures and short sales are slowing because of the junk on the market and resales are booming. She said people are buying resales at an alarming rate.. FAST.... now the but. She said the appraisals are coming in way under as the "conservative appraisers" the lenders are using. So, one sign resales are up, but they are not returning fair appraisals. I hope she was wrong in that aspect.
Good luck everyone. Us Georgia (metro Atlanta) people to meet up if we "ever" get to the villages....
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We just refied to get the new lower rates as it looks like we will be here for a year or two more and the appraisal came in at 30% under what we have invested and about 25% under what the realtors think we could get. They gave no value to what was in the past considered a big item the view and a corner lot. They said these days they go by dollar per square ft and then level of construction. I would get more if lightening struck and it burned down than what they appraised it at. The realtors say that they are educating their clients that they will have to come up with more than 20% down to buy as no appraisals are coming in at what the market is at.
So good news market has come back some. Bad news that unless someone is trading up to your house then they probably won't have the down payment and then you have to hope they have already sold their house and don't want a congency.