Random thoughts from Katy, Texas
This week the biggest concerns are the management companies for the appraisers. In defense of the Appraisers, I believe they want to do a good job. The system as it is now does not support their efforts. We have swung from one end of the pendulum to the the extreme in the opposite direction. Appraisals are coming in low and there is no recourse, so deals die? The system was to help move us forward not stop the process altogether. Buyer confidence is also low. Even after inspections are completed, there is no guarantee that the Buyer will follow through. (Refer to my earlier entry on the management companies)
On a happier note, we have read that we have hit bottom, one can only hope. Sales are still being made regardless of the stress and effort needed to get to closing, albeit in lower numbers. Inventory is still receding and the number of foreclosures we expected to see has not materialized yet. So you still have time to decide if this is your year.
Reminder: To take advantage of the maximum $8000 tax credit, you must close before the end of November.