Pending Sales Sustained Uptrend 4 Consecutive Months
GOOD NEWS – Pending Sales are up -
CAUTIOUS NEWS – delays in the number of contracts that go to closing due to the application of new appraisal rules.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the appraisal issue is complicated. “We see that distressed homes often are selling for 20 percent less than normal homes in the same area, but some appraisals don’t distinguish between traditional homes and distressed property,” he said. “In many cases appraisers from outside the area are being used, but as everyone knows real estate is local and appraisals should be done by an expert with local expertise.”
McMillan said sellers shouldn’t hesitate to speak with an appraiser about their home. “Sellers should feel free to tell an appraiser about improvements and renovations to their home, and how it compares with other homes in the neighborhood,” he said.
Read the entire artile from National Association of Realtors – “Pending Home Sales Record Fouth Straight Monthly Gain”
