- Home prices rose over the past year in nearly every metro area, including ours.
- This hectic housing market causes appraisal headaches and delays. Home prices are surging as high as they have ever been, leading in a few cases, to a significant gap between the sale price and the appraised value. Rushed appraisers are not always keeping up with new data that may conflict with recent history. There is one option, a Reconsideration of Value Request, which allows an unsatisfied buyer to submit new comparables, for an appraiser to reconsider.
- Building Materials are rising rapidly too, making new homes more expensive. Industry Data states the cost of lumber has risen 300% in a year.
- Interest Rates are historically low, but this market is favoring cash sales, as there are more buyers than sellers.
- Homes are being purchased remotely through virtual showings. So the time is right to sell, but be sure you have a place to hang your hat, as homes are selling quickly.
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