{"id":1910,"date":"2017-07-12T10:00:02","date_gmt":"2017-07-12T10:00:02","guid":{"rendered":"https:\/\/thezakariagroup.com\/homeowners-your-home-must-be-sold-twice\/"},"modified":"2017-07-12T10:00:02","modified_gmt":"2017-07-12T10:00:02","slug":"homeowners-your-home-must-be-sold-twice","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/homeowners-your-home-must-be-sold-twice\/","title":{"rendered":"Homeowners: Your Home Must Be Sold TWICE"},"content":{"rendered":"
\n

\"Homeowners:<\/p>\n

In today\u2019s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal.<\/span><\/p>\n

If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.<\/p>\n

Every month in their Home Price Perception Index <\/em>(HPPI), Quicken Loans<\/em> measures<\/a> the disparity between what a homeowner who is seeking to refinance their home believes their house is worth, as compared to an appraiser\u2019s evaluation of that same home.<\/p>\n

Bill Banfield, VP of Capital Markets <\/em>at Quicken Loans<\/em> urges anyone looking to buy or sell in today\u2019s market to remember the impact of this challenge:\u00a0<\/strong><\/p>\n

\n

\u201cWhile a 1 or 2 percent difference in home value opinions may not seem like a lot, it could be enough to derail a mortgage. <\/strong><\/em><\/p>\n

A homeowner [or a buyer] could be forced to bring more cash to closing in order to make a mortgage work if the appraisal is lower than expected. On the other hand, if an appraisal comes in higher, they could be surprised with more equity than they had planned. Either way, if owners are aware of their local markets it will lead to smoother mortgage transactions.\u201d<\/em><\/p>\n<\/blockquote>\n

The chart below illustrates the changes in home price estimates over the last 12 months.<\/p>\n

\"Homeowners:<\/a><\/p>\n

Bottom Line<\/strong><\/h3>\n
\n

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank\u2019s appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, let\u2019s get together to discuss this and any other obstacle that may arise.<\/p>\n

<\/div>\n<\/div>\n
<\/div>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

In today\u2019s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal. If prices are surging, it is difficult for […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[100],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nHomeowners: Your Home Must Be Sold TWICE - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/homeowners-your-home-must-be-sold-twice\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homeowners: Your Home Must Be Sold TWICE - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"In today\u2019s housing market, where supply is very low and demand is very high, home values are increasing rapidly. 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