When Britons voted to leave the European Union on July 23, 2016, in a referendum commonly known as Brexit, the impact on the British economy — and on Europe’s too — was immediate. Here across the pond, though, it’s not been totally clear how Brexit would affect the U.S. economy, and in particular interest rates tied to mortgages.
A month later, we have a better understanding of how Brexit affects US real estate market. Here are some of the benefits Brexit is bringing us [and a drawback too].
There’s no guarantee, of course, when the market will right itself and the immediate impact of Brexit abates. And there’s no knowing whether a more stable European economy will allow interest rates Stateside to begin to climb again. That’s why homeshoppers need to make their move now and get into a new home while rates are low, home prices have not yet begun to climb and their dollars go further.
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Favorable weather and restored confidence are propelling home buying activity aournd Western Washington to the highest level in nearly a decade, according to NWMLS report released on Mar. 5th, 2015.
Pending sales surged 18.7% in February compared to the same month a year ago. The number might be even higher given the ample supply of buyers, but inventory is far from ample.
"listings are flying off the shelf faster than allergy medicine in this early spring market", quipped MLS director Frank Wilson. Brisk activity is posing challenges for buyers. "They will probably make several offers before one is accepted and they just need to expect to be competing with others"
The housing market is on fire now. Sellers haven't experienced a market this favorable since frothy days. (of 10 years ago). Savvy sellers need savvy listing brokers to help market the listing, also an ABR to help find a replacement homes. Contact firstname.lastname@example.org for a listing consultation to help you get top dollars in this market.
websites answer your question?[/caption]~~Fast and Easy But is it Accurate? – 3/2/2015
There are sites all over the web that offer to tell you what your home is worth. Simply plug in your address and email and you’ll get a value. It’s fast; it’s easy but is it accurate?
The value is determined by what is called an Automated Valuation Model (AVM) that analyzes public record data with computer decision logic. Square footage, age, number of bedrooms and location are easily definable objective data. The challenge is identifying, measuring and comparing the subjective data.
An AVM cannot identify how unique features might add or detract from the value, if the market is declining or why the comparable sales apply or don’t apply to the subject property. Is a home worth more because it is near shopping or less because it is across the street from a high-traffic commercially zoned property?
Experienced professionals are more likely to make proper adjustments for condition, market appeal and positive and negative influences.
Imagine that you’re going out for dinner and you consult HamburgerAVM.com to tell you how much a hamburger is worth. It might be accurate based on condiments, vegetables and weight but can it address things like taste, quality, cleanliness, service, convenience or atmosphere. You certainly couldn’t present the printout to the waiter to negotiate a lower price.
An AVM can be a tool that a homeowner, prospective buyer, mortgage officer, appraiser or real estate agent can use to get a quick idea of price but there are inherent limitations that can only be considered by personal examination balanced with experience in the market place.
Experience and understanding of the subject property and the marketplace are critical to having confidence that a value is accurate. Any person could go through the same steps to arrive at a value but an experienced, well-trained professional is far more likely to assess all of the variables more accurately.