This month, Seattle Magazine released their annual edition that covers the best neighborhoods in the greater Seattle area. This year, they featured the “most affordable neighborhoods” near Seattle. It’s no secret that home prices and rents in Seattle have been climbing due to lack of inventory. However, there are neighborhoods that are not located too far from Seattle where home buyers can get more for their money.
In this episode, Jim Reppond and I discuss Commitment Letters. A commitment letter is kind of like a preapproval letter on steroids. And in this hot sellers market that the greater Seattle area is currently experiencing – many buyers can use a little extra help to stand out from a similar competing offer. A Loan Commitment Letter may be the extra boost that could help some home buyers.
Check out our last episode!
In this episode of Seattle RE Chat, Jim Reppond of Coldwell Banker Danforth and I discuss what’s going on in the Seattle real estate market, including the lack of inventory.
Side note: if you have been considering selling your home, today’s lack of inventory could make this a prime time for you to sell your home.
Seattle RE Chat is a Google Hangout that takes place on Tuesdays at 10am Seattle-time. You can follow us on Twitter at @Seattlerechat or #seattlerechat
In this episode of Seattle Real Estate Chat, Jim Reppond and I discuss recent changes to mortgages with “qualified mortgage” and “ability to repay” which rolled out earlier this month.
Seattle RE Chat is a weekly live show that Jim Reppond and I co-host every Tuesday morning at 10:00 am PST at www.seattlerechat.com via a Google Hangout. Join us next Tuesday!
In this year’s final episode of Seattle Real Estate Chat (we’re coming back in 2014!), Jim Reppond and I review 2013 and make a few prediction for 2014 regarding the real estate market and mortgages in the greater Seattle area.
We will resume our regular scheduling of Tuesday mornings at 10:00 am PST for Seattle Real Estate Chat on Tuesday, January 7, 2014.
Thank you for watching our show – I hope you’ll tune in next year. 🙂
In the last episode of Seattle Real Estate Chat, Jim Reppond and I discuss what happens when an appraisal comes in low for a home purchase. Since appraised values are based on comps (recently closed homes), the data used to determine an appraised value is often “lagging” behind current home prices. Factor in bidding wars when prices may be escalated along with HVCC (regulations that do not allow lenders to select appraisers) and it’s not entirely uncommon to have an appraisal come in lower than the offer price.