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Category Archives: Finances
When a Low Appraisal Holds Back a Sale
 Over the past three months, real estate appraisals have held back more than one-third of home sales, according to a survey by the National Association of Realtors. Of the Realtors surveyed, 9% said a contract was delayed because an appraisal came in below the negotiated price, 15% said a contract was renegotiated to a lower price and 11% said a contract was cancelled as a result of a low valuation.
Want to Own a Vacation or Retirement Home?
When the economy was exploding in the early 2000s, many of us began to dream about purchasing that vacation home on the lake or securing a home in a more appropriate location for our retirement years. However, with the booming economy came skyrocketing house prices. Many of the homes we fell in love with quickly became out of reach financially. Perhaps we should take a second look at these same homes today.
Shrinking Housing Inventory
Both home prices and home sales in September continued at levels higher than last year, according to the RE/MAX National Housing report, a survey of MLS data in 52 metropolitan areas. For the eighth consecutive month, September’s median home price was higher than the previous year. Median prices rose 7.8% from September 2011. Home sales followed a seasonal pattern and dropped lower than levels seen in August, but maintained a level 0.5% higher than sales last year. Inventory was 29.1% below September 2011 and may have contributed to the drop in sales from August. While low inventories are creating bidding wars in some markets, they also have resulted in prices moving higher.