Values are on the rise, it’s difficult to say what the measurable differences are because there is not enough recorded data for appraisers to pull from to support current pending contracts. I will share this data as it becomes available.
We currently have 35 active listings; many are priced much higher than appraised value. It’s important to note, that gambling with a higher listing price than can be supportive has its downfalls. For example
Currently four (4) homes have withdrawn their listing. For whatever reason, failed inspection, appraisal was unsatisfactory for buyer’s lender, and a scope of other reasons.
Six (6) homes have closed in the past 35 days and (14) are under contract. It’s become common practice now for lenders to take more commonly 60 days to close on a loan.
WHAT IS TRID With the new TRID process initiated October 3, 2015 The TILA-RESPA Integrated Disclosure, or TRID It is commonly known as the “Know Before You Owe” rule. TRID is designed to make sure all mortgage lenders’ disclosures are clear, correct, and easy for buyers to understand. Buyers will also have more time to review disclosures. TRID will become the new mortgage standard, as it is mandated by the Consumer Financial Protection Bureau (CFPB.)
K-Hovanian currently has three spec homes available that back up to Old Pasco Road and one Augusta that’s limited in size. All others are under contract and some with back-up contracts.