Ah, the complexity of comps. In college, comps are stressful final exams. In restaurants, to “comp” something means to give it away to a customer, usually because of a fly in the soup. In real estate circles, comps, a shortened term for comparable sales, ultimately provide guidance for the list price and potentially for the mortgage too.
To determine comps, an agent looks at similar properties that have recently sold in your area. An appraiser will do the same. As you seek to understand how comps affe... read more
Real estate agents often become the go-to person for buyers’ questions—especially first-time buyers and people relocating to the area. What do you think I should offer? Which lender do you recommend? How quickly can I close?
Oftentimes, however, home buyers don’t think to ask about title insurance. They don’t think about all the potential issues that may botch their purchase. That’s why it’s up to agents to advise their clients on title insurance and highly encourage it ... read more
So far in 2017, mortgage rates have remained flat or lowered. While most market analysts predicted higher interest rates by now, some surprise factors have kept the numbers low. This is great news for home buyers, but the second half of the year can bring about a rise in mortgage rates.
On one hand, the economy is strong, and unemployment is low. Low unemployment means more buyers in the market, which almost inevitably leads to higher interest rates.
On the other hand, failed healthcare legisl... read more
It seems that as soon as a home in our price range goes on the market, it's sold. How can I get ahead of other buyers?
The seller’s market continues to run hot, with lower supply and higher demand. That’s great news if you’re a seller, but getting into a new home as a buyer can be a challenging process. Adopt a few important strategies to get the home you want.
1. Find a good agent. This is your number one tactic. A good real estate agent has an... read more