What is External Obsolescence? External obsolescence is a factor that reduces the value of an improvement because of something external to the property itself. It refers to something outside the home that is causing a lower property value. Five examples of external obsolescence: Busy Road: This is a very common example of external obsolescence because …
Tag: News
Apr 09
Cost of Common Home Repairs
Cost of Common Home Repairs Homeowners are sprucing up their homes more this year, tackling several home improvement projects. Eighty-eight percent of homeowners recently surveyed say they performed a major home repair in the last year, and more than half said they managed multiple major repairs or home improvement projects, according to a new analysis …
Apr 08
Self Employed Loan Approvals Just got Easier.
Self Employed Loan Approvals Just got Easier. The two largest sources of mortgage money in the United States want self-employed loan shoppers to know that their chances of getting a home loan approved have increased. Fannie Mae and Freddie Mac have rolled out automated underwriting technology for lenders that take a lot of the guesswork and …
Apr 05
Cities for Dog Lovers
Cities for Dog Lovers Families love their pets, and dogs in particular tend to be a household favorite. But moving can be stressful for a family pet, and realizing that, more buyers are factoring Fido into their buying decisions. Indeed, 81 percent of respondents to a National Association of REALTORS® survey in 2017 said that …
Apr 04
What buyers want from you
What buyers want from you Technology may be aiding home searches, but buyers know they can only go so far before they need a real estate agent. Eighty-seven percent of all buyers purchased their home through a real estate agent—and 92 percent among buyers 28 and younger, according to the National Association of REALTORS®’ newly …
Apr 03
Still renting? Your monthly rent could fund your dreams
Still renting? Your monthly rent could fund your dreams The leap from renter to owner is closer than you think. Many renters are discovering that they can qualify to buy a home of their own. Now might be the time to turn that monthly rental check into your first home while interest rates are still …
Apr 02
Dream Bathrooms your Clients Want
Dream Bathrooms your Clients Want Seventy-eight percent of home buyers say a linen closet in the master bathroom is “desirable” or an “essential/must-have feature,” according to the National Association of Home Builders’ 2019 What Home Buyers Really Want Survey. The report is based on responses from recent and prospective home buyers who plan to purchase …
Apr 01
Mortgage Rates have Largest Drop in a Decade
Mortgage Rates have Largest Drop in a Decade The 30-year fixed-rate mortgage plunged 22 basis points this week, the largest one-week drop in 10 years, Freddie Mac reports in its weekly mortgage survey. “The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest …
Mar 29
Declines in Bidding Wars
Declines in Bidding Wars There will likely be less competition for home buyers this spring—a widely reported index from Redfin shows a significant decrease among real estate professionals reporting bidding wars this month, compared to a year ago. Only 16 percent of offers written by Redfin agents on behalf of their customers in the first three weeks …
Mar 28
Apex Loans’ Expanded Eligibility.
Apex Loans’ Expanded Eligibility. Can Finally Get You Qualified! You can now take advantage of expanded eligibility requirements, and interest-only feature, alternative income documentation, asset qualifier options and non-warrant-able condos. With Freedom Mortgage’s newest Apex product line, you get no-stress qualifying even if you have special circumstances! Apex loan products offer flexible financing options to …
Mar 27
Get Rid of Pet Smells Fast
Get Rid of Pet Smells Fast Beloved household animals can leave behind smells that could turn off potential buyers when a home is for sale. Homeowners—who may have become “nose blind” to the smells—may want to take a few steps to remove any lingering smells prior to their first showing. Here are a few tips …
Mar 26
Freddie Mac Update on Housing and Market
Freddie Mac Update on Housing and Market Lower mortgage rates are making for a rosy spring selling season, even if the economy is starting to show some sluggishness, economists note in Freddie Mac’s March forecast. “The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence—two …
