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    Shopping Mortgage Rates

    By Mike Parker | April 25, 2023

    Nobel Prize recipient, Richard Thaler, in his research into seemingly irrational economic behaviors, “found that consumers generally search too little, get confused while evaluating complex alternatives, and are slow to switch from past choices, even if it costs them.” “Why are consumers leaving money on the table?” Based on this behavior, a borrower securing a mortgage... Read More

    Who Benefits From Selling a Home As-Is?

    By Mike Parker | April 17, 2023

    A person’s decision to sell their home comes with a lot of other decisions causing an owner to stress or procrastinate.  Early in the process, the owner will consider selling the home “As Is” to avoid the looming issues that accompany selling a home. From a seller’s standpoint, “as is” means the buyer will purchase the... Read More

    Tell Me More About Closing Costs

    By Mike Parker | April 5, 2023

    There are fees and expenses associated with mortgages that must be paid by the closing date for closing costs, and pre-paid items, in addition to the down payment.  These amounts can vary according to the type of loan, mortgage company, customary practices of the area, and the terms of the contact. According to Freddie Mac, the... Read More

    Make Your Home Offer the Most Appealing

    By Mike Parker | March 27, 2023

    Sales in February 2023 were up 14.5% month over month and still down 22.6% year over year according to the NAR Housing Snapshot.  The median sales price dipped 0.2% to $363,000 and there are 2.6 months supply of homes on the market compared to 1.7 months a year ago. “Inventory levels are still at historic lows,... Read More

    A New Perspective On The Housing Market

    By Mike Parker | March 22, 2023

    The housing market in 2021 and part of 2022 was anything but normal.  Mortgage rates were at all time lows and may never reach those levels again.  Double-digit appreciation drove prices to new heights.  Low inventories fueled by high buyer demand made multiple offers a normal expectation. As we look at the market snapshots provided by MLS in... Read More

    Rethinking Backup Offers

    By Mike Parker | March 13, 2023

    Like with any professional, there are tools and techniques available to help with particular situations.  They might be more popular at certain times and might even be put aside or forgotten at others. For real estate professionals, one of those is the backup offer.  In a situation where there are multiple offers, the seller can accept any... Read More

    Playing Monopoly Is Good Homework

    By Mike Parker | March 5, 2023

    If you’ve ever been in a Monopoly game after most of the properties have been purchased and developed, it can be a relief to land on Free Parking, knowing the dice must rotate to the next player giving you a respite from paying rent.  Like the game, in real life, it would be nice to avoid... Read More

    Getting Comfortable with the New Normal Mortgage Rates

    By Mike Parker | February 27, 2023

    The biggest shock to homebuyers is the soaring mortgage rates of 2022 that doubled in one year resulting in approximately 15 million mortgage ready buyers displaced from the market due to affordability issues. As of February 23, 2023, the 30-year fixed rate mortgage was at 6.5%.  While that is twice as high as it was on... Read More

    When Do You Lock Your Mortgage Rate?

    By Mike Parker | February 20, 2023

    Locking your interest rate protects you from increases due to market conditions.  Locking early safeguards your budgeted payment.  By locking the rate, if the market goes up, you get the lower rate; if it goes down after the lock, you may be able to pay a fee and lower the rate. Knowing when to take the lock... Read More

    Get the Buyer Incentives to Act Now

    By Mike Parker | February 13, 2023

    Sellers, who last year, were not willing to make any concessions, are much more likely to do so this year due to the softening of the market because of inflation and higher mortgage rates affecting affordability for buyers. Concessions can take place in different forms.  A seller could offer to pay the buyer’s closing costs or... Read More