This week, the news was mostly focused on trends and how they affect homebuyers with the busy spring real estate season fully upon us. We also took a detour into existing mortgage land with advice for improving your loan terms.
1. Competition pushes prices way over asking
In many parts of the country, the list price has become a mere starting point for negotiations. Limited inventory and a plethora of interested buyers has kept the market hot for a while, and now things are really reaching a boil. In some states, more than half the homes that sold last year earned their sellers more than they were asking.
2. What you need to know about waiving the inspection contingency
With competition at a fever pitch, many buyers are taking drastic steps to help their bids stand out. One tactic that has become increasingly common in recent months is waiving the inspection contingency. Essentially, that’s when buyers say they won’t use negative home inspection findings to derail a sale. Doing so can certainly make an offer more attractive, but buyers should still proceed with caution.
3. How to modify your mortgage
If you’re struggling to make your mortgage payments, your lender may be willing to adjust your loan terms, including lowering your interest rate, to help you avoid foreclosure. It’s important to know about the difference between a loan modification, refinance and forbearance, so you understand what you’re signing up for.
4. Record-low mortgage rates
Experts have long said that 2020’s rate trends wouldn’t last. Now we seem to be seeing that prediction come true, as rates trend slowly upward. Here’s one industry insider’s outlook on where rates will go, and what’s going to happen certain loan features like points.
5. A guide to iBuying
If you don’t want to deal with the stress of a traditional real estate transaction, you can sell your home directly to a company, known as an iBuyer. These firms, usually online real estate outfits, will purchase your home directly, and flip it to another buyer later on. Read on for more info about how iBuying works.