Home Value Update February 2024

U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.

  • Closed Sales increased 9.9 percent for Detached homes and 24.9 percent for Attached homes.
  • Pending Sales decreased 6.4 percent for Detached homes and 11.2 percent for Attached homes.
  • The Median Sales Price was up 18.2 percent to $1,122,500 for Detached homes and 9.6 percent to $740,000 for Attached homes.
  • Days on Market decreased 37.2 percent for Detached homes and 30.6 percent for Attached homes.
  • Supply decreased 11.8 percent for Detached homes but remained flat for Attached homes.

Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR.

Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.

The numbers by city:
These numbers are for Single Family Detached homes and do not include Attached Homes, aka condos and townhomes.
% List Price = Percentage of the original list price that the home sold for.

Carlsbad

MonthAvg
Sold $
ChgDOMChgSold HomesChgAct. ListingsChg% List PriceYoY Chg
02/24$2,024,0001%25-14%11717%75-12%99.4%27.0%
01/24$2,005,000-0%2912%100-2%85-6%97.7%25.5%
12/23$2,013,00012%26-4%102-20%90-10%96.9%24.0%
11/23$1,795,0001%2723%128-15%1004%97.2%13.1%
10/23$1,778,0001%2216%151-19%96-5%98.3%10.2%
09/23$1,759,000-3%1927%186-3%101-3%98.5%3.3%
08/23$1,815,000-2%157%1917%1041%99.6%0.7%
07/23$1,861,000-3%140%17915%1036%100.0%2.2%
06/23$1,920,0001%14-26%156-3%9723%100.3%3.0%
05/23$1,900,0006%19-17%16115%7922%100.0%2.4%
04/23$1,793,0008%23-26%1409%655%98.4%-0.8%
03/23$1,657,0004%310%12835%62-2%96.9%0.8%
02/23$1,594,000-0%3111%95-17%63-19%95.5%5.1%
01/23$1,598,000-2%280%114-10%78-21%95.9%4.1%
12/22$1,623,0002%28-7%127-19%99-14%94.4%4.9%
11/22$1,587,000-2%300%156-4%115-9%94.0%3.1%
10/22$1,614,000-5%3025%162-14%127-16%94.9%5.0%
09/22$1,703,600-5%2441%188-12%151-11%95.8%14.3%
08/22$1,802,279-1%1742%213-4%1691%98.9%22.4%
07/22$1,821,026-2%1220%223-4%16719%102.8%27.6%
06/22$1,863,6240%100%2334%14037%106.7%29.5%
05/22$1,855,9693%10-17%2236%10236%109.4%26.2%
04/22$1,807,47110%12-20%21012%759%109.5%23.3%
03/22$1,643,4658%15-12%187-6%69-5%107.4%16.1%
02/22$1,516,065-1%176%198-14%73-17%104.4%20.7%
01/22$1,535,059-1%160%231-17%88-15%103.0%30.4%
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Veterans Day

Veterans Day is an official United States public holiday, observed annually on November 11, that honors military veterans, that is, persons who served in the United States Armed Forces. It coincides with other holidays, including  Armistice Day and  Remembrance Day, celebrated in other countries that mark the anniversary of the end of  World War I; major hostilities of World War I were formally ended at the 11th hour of the 11th day of the 11th month of 1918, when the Armistice with Germany went into effect. The United States previously observed Armistice Day. The U.S. holiday was renamed Veterans Day in 1954.

Veterans Day is not to be confused with Memorial Day; Veterans Day celebrates the service of all U.S. military veterans, while Memorial Day honors those who  died while in military service.

Home Value Update: October 2023

U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.

  • Closed Sales decreased 7.5 percent for Detached homes but increased 10.8 percent for Attached homes. Pending Sales decreased 10.2 percent for Detached homes but increased 28.7 percent for Attached homes.
  • The Median Sales Price was up 18.6 percent to $1,150,000 for Detached homes and 13.1 percent to $735,000 for Attached homes.
  • Days on Market decreased 16.7 percent for Detached homes and 36.7 percent for Attached homes.
  • Supply decreased 28.0 percent for Detached homes and 36.4 percent for Attached homes

Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases.

The numbers by cities:

Carlsbad

MonthAvg
Sold $
ChgDOMChgSold HomesChgAct. ListingsChg% List PriceYoY Chg
10/23$1,778,0001%2216%151-19%96-5%98.3%10.2%
09/23$1,759,000-3%1927%186-3%101-3%98.5%3.3%
08/23$1,815,000-2%157%1917%1041%99.6%0.7%
07/23$1,861,000-3%140%17915%1036%100.0%2.2%
06/23$1,920,0001%14-26%156-3%9723%100.3%3.0%
05/23$1,900,0006%19-17%16115%7922%100.0%2.4%
04/23$1,793,0008%23-26%1409%655%98.4%-0.8%
03/23$1,657,0004%310%12835%62-2%96.9%0.8%
02/23$1,594,000-0%3111%95-17%63-19%95.5%5.1%
01/23$1,598,000-2%280%114-10%78-21%95.9%4.1%
12/22$1,623,0002%28-7%127-19%99-14%94.4%4.9%
11/22$1,587,000-2%300%156-4%115-9%94.0%3.1%
10/22$1,614,000-5%3025%162-14%127-16%94.9%5.0%
09/22$1,703,600-5%2441%188-12%151-11%95.8%14.3%
08/22$1,802,279-1%1742%213-4%1691%98.9%22.4%
07/22$1,821,026-2%1220%223-4%16719%102.8%27.6%
06/22$1,863,6240%100%2334%14037%106.7%29.5%
05/22$1,855,9693%10-17%2236%10236%109.4%26.2%
04/22$1,807,47110%12-20%21012%759%109.5%23.3%
03/22$1,643,4658%15-12%187-6%69-5%107.4%16.1%
02/22$1,516,065-1%176%198-14%73-17%104.4%20.7%
01/22$1,535,059-1%160%231-17%88-15%103.0%30.4%
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Home Value Update: September 2023

National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of
REALTORS®(NAR).

  • Closed Sales decreased 23.1 percent for Detached homes and 25.0 percent for Attached homes.
  • Pending Sales decreased 14.3 percent for Detached homes but increased 0.8 percent for Attached homes.
  • The Median Sales Price was up 15.1 percent to $1,122,500 for Detached homes and 8.5 percent to $705,571 for Attached homes.
  • Days on Market decreased 13.8 percent for Detached homes and 44.4 percent for Attached homes. Supply decreased 32.0 percent for Detached homes and 33.3 percent for Attached homes.

Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas.

Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.

Here is a look at the numbers for cities:

Carlsbad

MonthAvg
Sold $
ChgDOMChgSold HomesChgAct. ListingsChg% List PriceYoY Chg
09/23$1,759,000-3%1927%186-3%101-3%98.5%3.3%
08/23$1,815,000-2%157%1917%1041%99.6%0.7%
07/23$1,861,000-3%140%17915%1036%100.0%2.2%
06/23$1,920,0001%14-26%156-3%9723%100.3%3.0%
05/23$1,900,0006%19-17%16115%7922%100.0%2.4%
04/23$1,793,0008%23-26%1409%655%98.4%-0.8%
03/23$1,657,0004%310%12835%62-2%96.9%0.8%
02/23$1,594,000-0%3111%95-17%63-19%95.5%5.1%
01/23$1,598,000-2%280%114-10%78-21%95.9%4.1%
12/22$1,623,0002%28-7%127-19%99-14%94.4%4.9%
11/22$1,587,000-2%300%156-4%115-9%94.0%3.1%
10/22$1,614,000-5%3025%162-14%127-16%94.9%5.0%
09/22$1,703,600-5%2441%188-12%151-11%95.8%14.3%
08/22$1,802,279-1%1742%213-4%1691%98.9%22.4%
07/22$1,821,026-2%1220%223-4%16719%102.8%27.6%
06/22$1,863,6240%100%2334%14037%106.7%29.5%
05/22$1,855,9693%10-17%2236%10236%109.4%26.2%
04/22$1,807,47110%12-20%21012%759%109.5%23.3%
03/22$1,643,4658%15-12%187-6%69-5%107.4%16.1%
02/22$1,516,065-1%176%198-14%73-17%104.4%20.7%
01/22$1,535,059-1%160%231-17%88-15%103.0%30.4%
Continue reading

Keep up to date about your homes value

Hi folks,
If you are going to be selling your home in the near future or are just curious about its value in today’s market, give me a call or use the button below. I will email you a comprehensive market analysis of your home. There is no obligation on your part and it is totally free.

My phone number is 760.476.9560.

What is my Home Worth

Not ready to move yet but want to keep an eye on your homes value, I have a monthly update that is customized to your home and neighborhood. Click the link below to see what is included in the report and to sign up:

Monthly Update

Home Value Update: August 2023

Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August,
according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).

Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a
3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier.

North County Overview:

  • Closed Sales decreased 12.1 percent for Detached homes and 19.6 percent for Attached homes.
  • Pending Sales decreased 21.7 percent for Detached homes and 16.7 percent for Attached homes.
  • The Median Sales Price was up 14.0 percent to $1,127,150 for Detached homes and 8.6 percent to $730,000 for Attached homes.
  • Days on Market decreased 8.3 percent for Detached homes and 22.7 percent for Attached homes.
  • Supply decreased 29.2 percent for Detached homes and 38.1 percent for Attached homes.

City Overview: Holding fairly steady with regard to Price, Days on Market, number of sold and active listings.

Carlsbad

MonthAvg
Sold $
ChgDOMChgSold HomesChgAct. ListingsChg% List PriceYoY Chg
08/23$1,815,000-2%157%1917%1041%99.6%0.7%
07/23$1,861,000-3%140%17915%1036%100.0%2.2%
06/23$1,920,0001%14-26%156-3%9723%100.3%3.0%
05/23$1,900,0006%19-17%16115%7922%100.0%2.4%
04/23$1,793,0008%23-26%1409%655%98.4%-0.8%
03/23$1,657,0004%310%12835%62-2%96.9%0.8%
02/23$1,594,000-0%3111%95-17%63-19%95.5%5.1%
01/23$1,598,000-2%280%114-10%78-21%95.9%4.1%
12/22$1,623,0002%28-7%127-19%99-14%94.4%4.9%
11/22$1,587,000-2%300%156-4%115-9%94.0%3.1%
10/22$1,614,000-5%3025%162-14%127-16%94.9%5.0%
09/22$1,703,600-5%2441%188-12%151-11%95.8%14.3%
08/22$1,802,279-1%1742%213-4%1691%98.9%22.4%
07/22$1,821,026-2%1220%223-4%16719%102.8%27.6%
06/22$1,863,6240%100%2334%14037%106.7%29.5%
05/22$1,855,9693%10-17%2236%10236%109.4%26.2%
04/22$1,807,47110%12-20%21012%759%109.5%23.3%
03/22$1,643,4658%15-12%187-6%69-5%107.4%16.1%
02/22$1,516,065-1%176%198-14%73-17%104.4%20.7%
01/22$1,535,059-1%160%231-17%88-15%103.0%30.4%

Encinitas

MonthAvg
Sold $
ChgDOMChgSold HomesChgAct. ListingsChg% List PriceYoY Chg
08/23$2,640,0003%21-5%820%487%100.0%-1.1%
07/23$2,560,0001%2216%82-1%450%99.7%-3.4%
06/23$2,523,0001%19-21%832%452%98.7%-2.7%
05/23$2,496,000-4%24-11%8131%4413%98%-3.7%
04/23$2,592,0002%27-18%6219%393%97.1%6.4%
03/23$2,542,00022%33-8%520%38-16%94.9%17.2%
02/23$2,077,0002%3613%520%45-4%92.2%1.2%
01/23$2,028,000-10%32-3%52-15%47-10%93.4%-5.9%
12/22$2,255,000-4%3318%61-5%52-5%92.5%1.3%
11/22$2,343,000-6%28-10%64-7%554%93.4%3.9%
10/22$2,505,000-4%3111%691%53-5%93.2%10.3%
09/22$2,604,000-2%2840%68-3%56-3%94.4%13.3%
08/22$2,668,9441%2054%70-17%584%98.1%25.6%
07/22$2,650,4042%130%84-18%5614%103.1%31.3%
06/22$2,592,6140%13-19%103-9%4920%105.6%31.3%
05/22$2,590,5936%167%11318%4121%106.7%30.1%
04/22$2,435,88712%15-25%9612%34-6%106.9%24.8%
03/22$2,169,5826%20-9%868%36-14%104.7%17.3%
02/22$2,052,570-5%22-19%80-7%42-19%103.1%17.5%
01/22$2,155,319-3%2713%86-7%52-13%101.8%27.7%

Oceanside

MonthAvg
Sold $
ChgDOMChgSold HomesChgActive ListingsChg% List PriceYoY Chg
08/23$971,000-0%140%2597%103-7%101.5%4.9%
07/23$974,000-2%14-22%2433%11110%102.1%-0.6%
06/23$997,0001%18-33%2362%1016%101.1%2.6%
05/23$988,0000%27-18%23212%9517%100%0.9%
04/23$984,0007%33-11%2087%81-21%98.5%5.6%
03/23$923,000-2%379%19410%103-18%97.2%3.0%
02/23$938,0001%340%176-7%125-15%96.1%14.0%
01/23$933,000-0%3417%190-16%147-15%95.2%9.5%
12/22$934,0003%294%225-11%173-9%95.3%9.8%
11/22$911,0003%2812%254-14%190-2%95.4%3.9%
10/22$885,000-2%254%296-2%193-6%97.4%6.3%
09/22$904,283-2%2433%303-1%206-8%96.8%11.3%
08/22$926,014-5%1838%307-4%2232%99.1%15.5%
07/22$979,5241%1318%321-17%21814%102.3%23.2%
06/22$971,761-1%11-15%385-9%19124%104.8%21.9%
05/22$979,3465%13-13%4219%15418%105.8%25.8%
04/22$931,8934%15-12%38621%1305%105.7%21.6%
03/22$896,0659%176%318-2%124-5%104.7%19.7%
02/22$823,005-3%167%324-11%130-10%103.1%18.4%
01/22$852,1430%157%364-15%144-7%102.9%24.9%

San Marcos

MonthAvg
Sold $
ChgDOMChgSold HomesChgActive ListingsChg% List PriceYoY Chg
08/23$1,185,000-0%18-14%1251%395%101.1%7.9%
07/23$1,186,0003%2111%124-6%37-12%100.6%3.8%
06/23$1,154,0003%19-5%1325%425%100.1%4.9%
05/23$1,123,0001%20-29%12613%40-9%99.3%3.4%
04/23$1,113,0009%28-20%1128%44-19%98.7%5.6%
03/23$1,017,0002%35-3%10416%54-17%97.3%-1.9%
02/23$996,0002%3624%90-14%65-14%95.5%1.5%
01/23$972,0002%297%105-15%76-16%95.2%-2.1%
12/22$951,000-2%278%123-22%90-11%94.6%-1.0%
11/22$974,000-1%259%158-3%101-6%95.0%2.8%
10/22$985,000-6%2310%163-8%107-8%95.8%6.4%
09/22$1,047,000-5%2131%177-3%116-6%96.9%11.5%
08/22$1,098,000-4%1623%183-11%1236%99.8%13.8%
07/22$1,143,0004%138%205-8%11620%102.9%17.7%
06/22$1,100,6171%120%222-1%9728%105.0%14.8%
05/22$1,085,7693%120%22411%7613%106.7%19.0%
04/22$1,053,8082%120%20110%678%107.3%18.6%
03/22$1,036,3536%120%183-4%623%106.9%24.5%
02/22$981,319-1%12-20%190-6%60-5%105.0%21.0%
01/22$993,1963%150%203-11%63-7%103.0%26.5%

Vista

MonthAvg
Sold $
ChgDOMChgSold HomesChgActive ListingsChg% List PriceYoY Chg
08/23$998,0002%167%17016%842%101.4%8.7%
07/23$982,0002%15-6%14720%826%102.1%7.6%
06/23$964,0003%16-20%123-8%7738%100.2%1.6%
05/23$936,0000%20-13%1348%5610%99.3%-1.0%
04/23$935,0008%23-21%124-6%51-16%98.7%0.9%
03/23$863,0003%29-17%13227%61-10%97.5%-3.7%
02/23$835,0002%35-3%104-10%68-22%95.3%-5.5%
01/23$820,000-1%3620%116-6%87-19%94.2%-7.2%
12/22$828,000-3%3011%124-24%107-18%95.3%-3.6%
11/22$851,945-6%2717%163-11%131-11%95.9%2.2%
10/22$906,273-0%2321%183-9%147-10%96.6%13.6%
09/22$910,549-1%1919%2013%1633%97.4%15.3%
08/22$918,4641%1633%196-14%15910%98.6%18.5%
07/22$913,029-4%129%227-12%14421%101.7%18.4%
06/22$948,4250%1110%258-3%11924%105.5%24.0%
05/22$945,9102%10-9%26712%9617%107.0%25.8%
04/22$926,8643%11-21%23811%8215%107.4%28.8%
03/22$896,5491%14-13%214-3%719%104.8%30.0%
02/22$883,560-0%16-6%220-8%65-12%103.4%34.0%
01/22$883,9073%170%240-3%74-17%102.6%31.6%

Hi folks,
If you are going to be selling your home in the near future or are just curious about its value in today’s market, give me a call or use the button below. I will email you a comprehensive market analysis of your home. There is no obligation on your part and it is totally free.

My phone number is 760.476.9560.

What is my Home Worth

Not ready to move yet but want to keep an eye on your homes value, I have a monthly update that is customized to your home and neighborhood. Click the link below to see what is included in the report and to sign up:

Monthly Update Continue reading

9 Crucial Questions to Ask Before a Bathroom Remodel Begins

So you want to remodel your bathroom? Then congratulations and a fair warning are both in order. Because whether you’re simply upgrading your sink or ripping out every last tile, it takes tons of research to get a successful bathroom renovation right.

  • “©2022 Zonda Media, a Delaware corporation. Complete data from the 2022 Cost vs. Value Reportcan be downloaded free at www.costvsvalue.com.”

Before you obsess over faucets, the first step is to ask yourself some basic questions, to assess your wants and needs. Here’s a guide to help in your decisions.

1. How much can you spend?

The average bathroom remodel will cost $20,420, but that will vary widely, based on what you do. Even a simple toilet can range from hundreds to thousands of dollars. “On average, you should budget $10,000 to $30,000,” says Paloma Contreras, a Houston-based interior designer behind La Dolce Vita.

“Learning how much you have to spend also eliminates falling in love with items that don’t fit your budget,” says Rick Johnson of STL Remodeling and General Contracting in Groton, MA. And don’t worry, having a minuscule budget doesn’t mean limiting your options that much, there are great deals out there in every price range.

2. Who will be using the bathroom?

Consider who will be using the bathroom to help you whittle down your choices. For instance, if kids will be using the bathroom, you’ll definitely want a tub, or tub/shower combo. A tub is also key feature when it comes time to resell—at least for buyers with families.

However, if it is mainly adults who will be using the bathroom, and if you already have a tub elsewhere, “I always recommend installing a walk-in shower in one,” says Harder. The reason: Showers generally get more use than tubs, and open shower designs are a hot trend right now. They also take up less room, at 12 square feet, whereas a standard tub takes up 15 square feet.

You also need to consider who will be using the bathroom when you’re choosing the flooring. “While a polished floor may look amazing, it can be an incredibly dangerous slip hazard,” says Jennifer Harder, founder and CEO of Jennifer Harder Mortgage Brokers, who has worked on numerous bathroom remodels. Slippery floors are particularly dangerous for the old and for the young. Then, it’s best to avoid carpeting and wood, which can develop mold or warp. The sensible choice is usually between tile and laminate, so you might want to limit your search to those materials.

3. Do you want a bigger bathroom or one the same size?

The average bathroom is 40 square feet, which may be cramped if you dream of an expansive oasis. If you want to expand, you probably can. But it will mean moving walls, downsizing adjoining rooms, or carving out space from closets.

The upside of expanding is obvious: more room to relax! Additionally, fantastic bathrooms do help sell homes. The downside? Such renovations are pricy and will extend the time you’ll need. An upscale remodel, meanwhile, won’t bring the same return on investment as a low to mid-range one.

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Instant Offers and iBuyers

With advances in technology and new ways to utilize data, some companies have sprouted up to create different ways to sell your property.

Basically, they utilize automated valuation models (AVMs) to make quick offers on homes, allowing

them to close in a much faster than typical timeframe, and then resell them.

From a seller’s standpoint, it can eliminate some hassle and uncertainty, but with high “transaction fees” ranging from 7% to 14%, and the likelihood that they will sell the home for more than they paid you for it, you are simply exchanging that smooth and quick transaction for a portion of your equity.

Companies that offer this kind of service are only in limited markets across the country right now. They operate by having homeowners fill out a short questionnaire with information on their home. They feed that data into their AVM, which kicks back an offer price. They make the homeowner a cash offer to close in a short timeframe (typically about a week) and specify what the fee will be to proceed through to closing. Once they own the home, they will repair and spruce it up, and list it for sale on the open market.

It may be tempting to consider such an offer, but keep in mind that this is a straight numbers play. They are determining a price that allows them the room to cover the costs of the transactions as well as the repairs, while still making some profit. Their profit will either come from the fee you’ve paid or from acquiring your home at a below market price – although it could possibly be a combination of the two.

 n analysis on one company’s transactions showed they were selling homes at an average 5.5% appreciation, on top of their transaction fee. That’s a lot of money to leave on the table for a little convenience.

There are other companies beginning to test alternative listing models as well, utilizing technology and AVMs to make ‘instant offers’ on homes, or to help buyers acquire and move into their next home before selling their current one. As always, it’s important to read the fine print and understand what you are agreeing to before using the service.

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Overview of the Mortgage Loan Application and Approval Processing

Quick overview of applying for a mortgage loan:

Loan Application 1 to 2 hours:

  • Loan application and pre-qualification sheet are filled out
  • Obtain all necessary documents: W-2’s, tax returns; bank statements; paycheck stubs.
  • Review loan programs and how rate lock works

Application Processing 10 to 30 days:

1) Set Up

  • Send out missing items request for items not obtained
  • Order title information, credit report, appraisal
  • verification of employment, funds on deposit and landlord

2) Review

  • Review missing items that have been received
  • Confirm information on verification’s and review for any additional requests
  • Review credit report, appraisal and verification’s

3) Workup

  • Review loan package for completeness
  • Prepare loan paperwork
  • Work up forms for the underwriter

Underwriting 2 to 3 days:

Submit completed loan package for approval – Normally 48 hour turn around. The loan is approved or rejected. Loan approval may be with conditions to be met before loan funding

What is loan underwriting?
Mortgage loan underwriting is a process involving the analysis of your income, assets and credit to determine if you meet the requirements for the mortgage product you are applying for. The underwriter also focuses a great deal of attention on the home that is being financed to make sure the value is sufficient, the home is safe and habitable and the title of the property can be transferred without any issues like prior tax liens, judgments or zoning problems.

The foundation of loan underwriting is built on a concept called the 3 C’s of underwriting. The factors are credit reputation, capacity to repay loan and collateral, appraisal value of home + down payment.

Title 1 to 3 days:

  • Draw loan documents and send to escrow/title company
  • Buyer & Seller sign their respective documents
  • Signed documents and funding package sent from escrow/title company to lender
  • Lender reviews package to ensure all conditions have been met

Closing of Escrow:

  • Funds issued to escrow company for disbursement to seller
  • Grant deed and Trust deed are recorded
  • Keys are then given to buyer