January 2018

There are 14 blog entries for January 2018.

The Narodny Team is VERY excited to be #1 Team for Transactions in 2017. Thanks for all the love and support from everyone, especially my amazing clients.

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Demand has outweighed supply for the past 4 + years. In a market with many competitive offer situations, the list price can become an arbitrary number. In the Bay Area especially, it’s common for homes to go far beyond the value of neighborhood comps.

Why do we care?

If the winning buyer is obtaining a loan, this means they also likely need to get an appraisal to verify the value matches up with the purchase price. In an appreciating market, sometimes these appraisals come up short. When appraisals come in below the purchase price, the buyer has the option to exit the transaction or re-negotiate. Although this does not always apply if the buyer is paying cash or has a “no contingencies” offer, it’s worth paying attention to.

How do sellers

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Ahhh yes, the tempting For Sale By Owner. Many sellers, especially in today’s market, believe they can do our job for free. “I’ll just take some pics with my phone, plop it on Zillow, how hard can it be? Psh, piece of cake.”

Courtesy of Narodny Team and Keeping Current Matters, listed below are only a few of the many reasons why FSBO’s now represent only 8% of the country’s homes on the market (a portion of which actually sell):

  • Most homeowners think they have the nicest house on the block, and usually list a price to reflect that sentiment, driving buyers away.

  • Not understanding how to market a home will drastically influence the end price received.

  • It helps to have an advocate who knows what finishes and home designs the

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Since when did getting a mortgage become synonymous with an FBI background check? Why do they need so much paperwork? Is my lender watching me right now?

According to Keeping Current Matters, there are two reasons why getting a mortgage requires more effort today:

  • The bank has set new guidelines that requires the lender to prove, beyond all reasonable doubt, that buyers can afford to pay their mortgage.  A product of the housing crisis, this ensures that strict qualification standards are met to avoid another 2008 catastrophe.

  • The banks don’t want to be in the real estate business. Since 2008, the banks have had the burden of taking on millions of foreclosures and short sales. The new guidelines are a safety net against a repeat

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