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Real Estate Market: Is the Number of Homes for Sale Finally Growing?

Real Estate Market Is the Number of Homes for Sale Finally Growing

Real Estate Market: Is the Number of Homes for Sale Finally Growing? An important metric in today’s residential real estate market is the number of homes available for sale. The shortage of available housing inventory is the major reason for the double-digit price appreciation we’ve seen in each of the last two years. It’s the reason many … Continued

Homeownership: 5 Tips for Making Your Best Offer

Homeownership: 5 Tips for Making Your Best Offer

Homeownership: 5 Tips for Making Your Best Offer In today’s sellers’ market, standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand. If you’re buying this fall, you’ll want every advantage, especially when you’ve found the home of your dreams. … Continued

Why It’s Still Safe To Sell Your Home in La Mesa CA

Why It’s Still Safe To Sell Your Home

If you’re on the fence about whether or not you want to sell your home this year, there’s good news. Real estate professionals are highly experienced in how to sell houses safely during the pandemic. Over the last year, agents have adopted new technologies and safety measures designed to keep you safe. And experts say these … Continued

Home Price Appreciation Is Skyrocketing in 2021. What About 2022?

Home Price Appreciation Is Skyrocketing in 2021.

One of the major story lines over the last year is how well the residential real estate market performed. One key metric in the spotlight is home price appreciation. According to the latest indices, home prices are skyrocketing this year. Here are the latest percentages showing the year-over-year increase in home price appreciation: The House Price … Continued

5 Reasons Today’s Housing Market in San Diego CA Is Anything but Normal

5 Reasons Today’s Housing Market Is Anything but Normal

5 Reasons Today’s Housing Market Is Anything but Normal There are many headlines out there that claim we’re reverting to a more normal real estate market. That would indicate the housing market is returning to the pre-pandemic numbers we saw from 2015-2019. But that’s not happening. The housing market is still extremely vibrant as demand … Continued

What You Can Do Right Now To Prepare for Homeownership in San Diego CA

What You Can Do Right Now To Prepare for Homeownership

What You Can Do Right Now To Prepare for Homeownership As rent prices continue to soar, many renters want to know what they can do to get ready to buy their first home. According to recent data from ApartmentList.com: “The first half of 2021 has seen the fastest growth in rent prices since the start of our estimates … Continued

What Buyers and Sellers Need To Know About the Appraisal Gap

What Buyers and Sellers Need To Know About the Appraisal Gap What Buyers and Sellers Need To Know About the Appraisal Gap | MyKCM It’s economy 101 – when supply is low and demand is high, prices naturally rise. That’s what’s happening in today’s housing market. Home prices are appreciating at near-historic rates, and that’s creating some challenges when it comes to home appraisals. In recent months, it’s become increasingly common for an appraisal to come in below the contract price on the house. Shawn Telford, Chief Appraiser for CoreLogic, explains it like this: “Recently, we observed buyers paying prices above listing price and higher than the market data available to appraisers can support. This difference is known as ‘the appraisal gap . . . .’” Why does an appraisal gap happen? Basically, with the heightened buyer demand, purchasers are often willing to pay over asking to secure the home of their dreams. If you’ve ever toured a house you’ve fallen in love with, you understand. Once you start to picture yourself and your furniture in the rooms, you want to do everything you can to land the property, including putting in a high offer to try to beat out other would-be buyers. When the appraiser comes in, they look at things a bit more objectively. Their job is to assess the inherent value of the home, so they’re going to study the facts. Dustin Harris, Appraiser Coach, drives this point home: “It’s important for everyone to understand that the appraiser’s job in the end is to remain that unbiased third party, to truly tell the client what that home is worth in the current market, regardless of what decisions have been made on the price side of things.” In simple terms, while homebuyers may be willing to pay more, appraisers are there to assess the market value of the home. Their goal is to make sure the lender isn’t loaning more money than the home is worth. It’s objective, rather than emotional. In a highly competitive market like today’s, having a discrepancy between the two numbers isn’t unusual. Here’s a look at the increasing rate of appraisal gaps, according to data from CoreLogic (see graph below):What Buyers and Sellers Need To Know About the Appraisal Gap | MyKCM What does this mean for you? Ultimately, knowledge is power. The best thing you can do is understand appraisal gaps may impact your transaction if you’re buying or selling. If you do encounter an appraisal below your contract price, know that in today’s sellers’ market, the most common approach is for the seller to ask the buyer to make up the difference in price. Buyers, be prepared to bring extra money to the table if you really want the home. Above all else, lean on your real estate agent. Whether you’re a buyer or seller, your trusted advisor is your ally if you come up against an appraisal gap. We’ll help you understand your options and handle any additional negotiations that need to happen. Bottom Line In today’s real estate market, it’s important to stay informed on the latest trends. Let’s connect so you have an ally to help you navigate an appraisal gap to get the best possible outcome.

What Buyers and Sellers Need To Know About the Appraisal Gap It’s economy 101 – when supply is low and demand is high, prices naturally rise. That’s what’s happening in today’s housing market. Home prices are appreciating at near-historic rates, and that’s creating some challenges when it comes to home appraisals. In recent months, it’s become increasingly common … Continued

If Housing Affordability Is About the Money, Don’t Forget This.

If Housing Affordability Is About the Money, Don’t Forget This.

If Housing Affordability Is About the Money, Don’t Forget This. There are many non-financial benefits of buying your own home. However, today’s headlines seem to be focusing primarily on the financial aspects of homeownership – specifically housing affordability. Many articles are making the claim that it’s not affordable to buy a home in today’s market, but … Continued

Why 2021 Is Still the Year To Sell Your House in La Mesa CA

Why 2021 Is Still the Year To Sell Your House

Why 2021 Is Still the Year To Sell Your House in La Mesa CA If you’re trying to decide whether or not to sell your house, this is the time to think seriously about making a move. Fannie Mae’s recent Home Purchase Sentiment Index (HPSI) reveals the number of respondents who say it’s a good time to sell is higher now than … Continued

What Do Experts Say About Today’s Mortgage Rates in San Diego CA?

What Do Experts Say About Today’s Mortgage Rates?

What Do Experts Say About Today’s Mortgage Rates? Mortgage rates are hovering near record lows, and that’s good news for today’s homebuyers. The graph below shows mortgage rates dating back to 2016 and where today falls by comparison. Generally speaking, when rates are low, you can afford more home for your money. That’s why experts across the … Continued

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