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Should Sellers Get a Home Inspection to Help the Mortgage Process Along?

Today’s Ask the Expert column features Dan Steward, President of Pillar To Post Home Inspectors.

Q: Should sellers get a home inspection to help the mortgage process along?

A: If you’re a seller, it behooves you to get your own home inspection prior to putting your house on the market. But why spend money on one when the buyer will surely get their own?

Buyers that see a recent home inspection along with the listing sheet already realize that the asking price of the home is likely justified. They can rest assured that there are no scary surprises waiting for them upon closing. And you can hasten an offer by having that report right in front of serious buyers when they’re considering putting in an offer.

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Mortgage Rates Descend to Year Low

It’s a perfect time to buy (again)…! Let us help you buy or sell your home at 317.507.1906

Mortgage rates descended to a new year low with the 30-year, fixed rate averaging 3.82 percent, down from 3.86 percent the week prior, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The 15-year, fixed rate averaged 3.12 percent, down from 3.16 percent the week prior, while the 5-year, Treasury-indexed hybrid adjustable rate averaged 3.14 percent, down from 3.17 percent the week prior.

“The 10-year Treasury yield fell to a new 2017-low [this week],” says Sean Becketti, chief economist at Freddie Mac. “In response, the 30-year mortgage rate dropped four basis points to 3.82 percent, reaching a new year-to-date low for the second consecutive week. However, recent releases of positive economic data could halt the downward trend of mortgage rates.”

Source: Freddie Mac

Courtesy of RISMedia.com

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Study: FSBOs Net ‘Significantly’ Lower Profits

Frustrated Trying to Sell Your Home By Yourself…?  Read This Article Then Ask Us How We Can Help

For-sale-by-owners tend to sell their homes for lower prices than homes sold through traditional agents via the MLS, and in many cases below the average differential represented by the prevailing commission rate, according to a new study by Collateral Analytics.

The study examined the price differences between homes sold through traditional agents versus those sold by FSBOs from 2016 to the first half of 2017.

Some homeowners may be tempted to try to avoid commission costs to a broker and try to sell the home on their own. But that can backfire and turn into a much lower sales price, the study found.

Even successful FSBO sellers achieve prices “significantly below” those from similar properties sold more traditionally via REALTORS®, the study found.

The authors found that the differential in selling prices for FSBOs when compared to MLS sales is “remarkably close to average commission rates.” A FSBO sale, on average, nets nearly a 6 percent lower price than an MLS sale for a similar property.

“Assuming that both buyers and sellers pay the commission, one might have expected something less than this average,” the researchers note. “It appears that many sellers are avoiding commissions while netting home prices less than they would with an agent-represented MLS sale. They are avoiding commissions at any price, even one that exceeds a commission rate.”

Source: “Saving Real Estate Commissions at Any Price,” Collateral Analytics Research (Aug. 16, 2017)