November 19th, 2021 4:29 PM by Juan Luis Rodriguez-Kohly
Excerpts from an Article in National Mortgage Professional Website about Home Values
While this article refers to Home Buyers, when you analyze the information it also can affect the Refinance be it Reverse or a "regular" Mortgage Borrower.
Some Borrowers have been waiting to refinance, for home values to increase due to the short supply of Homes listed on the market and the high prices buyers have been willing to pay so far,
The appraised value of your home is affected by the comparable sales in your area. If Values come down, your appraised value will be lower. The lower your value, the less funds you get from any Refinance be it Reverse or a "regular" Mortgage..
From what this article states, there are more homes being offered in the market, more competition among sellers which will lead to accepting lower offers and selling their homes for lower values
"Deals Of The Year’ Are Beginning To Pop Up"
Navi Persaud SEP 13, 2021
"Home prices peaked in the summer, and new listings continue to come on the market helping slow the pace of sales -- which is good news for homebuyers, said Danielle Hale, chief economist, Realtor.com. As families across the country focus on getting back into school routines, there are fewer buyers in the market, creating a great opportunity especially for first-time homebuyers to make a purchase with somewhat less competition.
Additionally, Realtor.com believes the extreme inventory shortages earlier this year have been slightly relieved by 100,000 additional homes that hit the market in 15 of the last 17 weeks.
On average, the best time to buy in each market will mean 166,000 (31%) more active listings than the average week and have an additional 100,000 new listings to choose from nationwide. That is 46% more than the start of the year, according to the report.."
To Read the entire article click here:
So, if you have been waiting to refinance, now might be the right time to do it. Values are still high!!! Call me today to get started, no cost or oblugation. 786-262-6486 or RodKohly@gmail.com
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