Access to mortgage credit is at its highest level in three years, and credit standards are expected to loosen even more this year, according to a newly released index by the Mortgage Bankers Association.
The Mortgage Bankers Association index rose to a 114 reading in March of this year, which is the highest reading in the gauge’s three year history.
Mortgage underwriting standards have gotten easier over the last two to three years, but nowhere near the loose standards of the 2005 and 2006 era.
Nearly 17 percent of the large banks recently eased their credit standards for prime purchase mortgages, while 5.6 percent have tightened their standards. The remaining banks have left their standards the same. This information comes from the Federal Reserve’s recent senior loan officer survey.
This home is located on a double lot (1.5 acre) with 450 feet of frontage on the main channel of Watts Bar Lake. Enjoy the views from the screened porch or sun deck. Features include a main level master bedroom, office space, apartment over a garage that’s large enough for four cars.
The aging of the baby boomer generation may be mirrored by the aging of America’s housing stock. The U.S. Department of Housing and Urban Development’s American Housing Survey finds that the median age of an owner-occupied home in the United States was 35 years old in 2011. This was up from the median home age of 23 years in 1985.
More than 40 percent of the owner-occupies homes in the United States were built before 1969. Homes built from 2000 through 2009 account for only 15 percent of the owner-occupied housing stock.
Aging homes could prove to be a boon for home remodeling businesses. Older homes tend to be less energy-efficient than new homes and generally require more repairs.
Source: The Residential Specialist (March/April 2014)
Sellers who overprice their home are usually making one of the biggest mistakes that many sellers make when listing their home. Here are some of the dangers of overpricing:
1. You don’t get a second chance to make a good impression – After many months on the market, and several price reductions your property starts to get market worn in the eyes of both buyers and agents. When looking at a property or deciding on an offer, the buyer will often ask their agent how long has this property been on the market? If its been for an extend period of time, then buyers will start to question what’s wrong with the property. Additionally; many agents will not even show homes that have been on the market for a long time. They will assume that there are condition, location or pricing issues involved, and it will be a waste of their time and their buyer’s time to even show the property.
2. You are setting yourself up for failure – You will most often get your best offers within the first thirty days of being on the market, so don’t waste this opportunity. Time and time again, many sellers find this out the hard way and end up regretting their prior decisions.
3. You will often help sell someone else’s property – Most buyers will look at several homes before making a decision to buy, so they get a pretty good idea of what you get for the dollar. If your home is priced above the other comparable homes, then the buyer is almost always going to choose the one that’s a better value.
Leading Real Estate Companies of the World® is a network of over 500 of the very best real estate firms that are located in over 40 countries. These firms have 4,000 offices with 120,000 sales associates. In 2012 these firms had sales of $272 billion dollars representing over one million transactions, which placed LeadingReal Estate Companies of the World® #1 in sales volume in the United States.
Firms affiliated with Leading Real Estate Companies of the World® can offer sellers global exposure of their home in addition to strong marketing expertise at the local level. Leading Real Estate Companies of the World® has the resources to market your property to the highest possible number of potential buyers. With 120,000 talented associates around the world, they expose your property to buyers on six continents ensuring more eyes are on your property. In addition they receive inbound clients from other affiliates around the globe who are interested in purchasing a home.
If you are looking for the best real estate firm to sell your home, then you need to consider a firm that’s affiliated with Leading Real Estate Companies of the World®.
Ferguson Realtors is a proud member of Leading Real Estate Companies of the World®. Go to www.KnoxSold.com to find out more about us.
Don’t miss out on this beauty. Master on the main, gourmet kitchen with custom made cabinets, walk-out basement, surround sound throughout. Enjoy the outdoors from the screened porch that overlooks wooded common space. The subdivision offers both a pool and tennis courts for added enjoyment. For additional information or to schedule your private showing, contact Lori Douthat at (800) 747-0713.
Check-out the recent updates on this home; new roof and gutters, new carpet and crown molding throughout, newly tiled bathrooms and new outbuilding for extra storage. Also includes appliances and flat screen TV’s as an added bonus. For additional information or to schedule your showing, contact Pam Violette at (800) 747-0713.
I have worked for Ferguson Realtors for 16 years and they have promoted, supported and help grow my professional career in real estate. Ferguson Realtors is always on the cutting edge of technology with high quality video, photos, websites and creative ideas in advertising to get homes Sold! Their ethics and integrity, that is the Ferguson name, is also unparalleled in the business. Ferguson Realtors has a personable and friendly atmosphere to work in, while being one of the leading Realtors in the industry. Ferguson Realtors is a company that I am proud to say that I hold my license with and plan to continue my career with for years to come.
Are you considering a career in real estate or a firm change, then check us out at www.TopofKnox.com.