May the Odds Be Ever In Your Favor. [#DHallTheINSIDER]

This continues on yesterday’s Mortgage Minute topic and why it’s important to not lowball in today’s market: homes are selling above listing price where homes are tight. In Sunnyale, California where inventory is low, one home sold for $782K over listing price. Some real estate professionals will even purposefully list a home under market value in order to encourage a bidding war. Not a terrible idea (obviously) but there’s a tip in there somewhere for the seller: make sure you trust your realtor to know when or even if this is a good idea. To the homebuyers: may the odds be ever in your favor.

Sixty-three percent of all homebuyers say their children have input on what type of home to buy but it’s the first-time homebuyers who put more emphasis on allowing their children to have a say.

Fun fact: potential buyers prefer hardwood flooring over almost all other kinds of flooring, making the marketability of it high and the resale value (return on investment) also high. Goodbye carpet.

Home flipping leveled out in the second quarter of 2017 due largely to home prices increasing and a drop in profits but is that the entire story? It was also noted many home flippers are opting to use lowdown mortgage options to purchase homes instead of paying all cash. Are they being outbid? After all, it’s a tight housing market out there. In pricier markets like Denver and Boston, over half of the homes purchased to be flipped were financed with mortgages.