Joining us on today’s show is the one and only Jay Josephs Founder/President of Josephs Appraisal Group and Tracy King Region Manager of Prosperity Home Mortgage!😄
Both Jay & Tracy have been in the housing industry for over 20 years and agree that what we have been experiencing over the last 2 years is an anomaly. Homes selling overnight with more than 30 offers😲 is NOT the norm and those looking to buy or sell need to be prepared for a more balanced market.🏠
There are still deals to be found you just need to know where to look! Listen to today’s show to find out what the heck a divorce appraisal is, where we believe interest rates📈 are headed, and how to find the deals in today’s market!🙌
Listen & Learn:
2:40 – Have you heard of a divorce appraisal?
3:55 – Why do appraisals seem to come in right at the sale price
5:36 – What is Jay seeing on divorce appraisals & home values
7:40 – What is a house worth?
9:00 – Zillow & their Zestimates
10:40 – Tracy King’s recent home purchase
12:19 – The Cromford Index Chart explained
14:40 – Median price point today
18:20 – Where does Prosperity Mortgage cover?
19:15 – What is going on with appraisals today?
21:15 – How is it harder for appraisers in today’s market?
23:30 – Do multiple offers/bidding wars affect appraisals?
24:45 – Are appraisals coming in higher or lower?
26:50 – Chart on the percentages of closing with seller concessions
28:50 – How do seller concessions affect appraisals?
29:43 – What do 3 points do for a buyer’s interest rate?
31:30 – Marry the house and date the rate
32:20 – Story of Rebecca’s personal home sale
35:20 – How Rebecca sold her house for 280k more than the competitor today
36:40 – How an appraiser would explain Rebecca’s house selling for way more than a similar home in the neighborhood
38:30 – Jay’s predictions for future home values
40:30 – Tracy’s final thoughts & predictions for future rates
42:50 – Rebecca’s final thoughts
Jay Josephs – Owner of Josephs Appraisal Group & JAG Educational Systems: Jay Josephs is the Founder and President of Josephs Appraisal Group and has been appraising homes for nearly 20 years. Jay is also a state-certified real estate instructor and has been certified for expert witness testimony. Jay is a Certified Residential Appraiser, Valuation of Green Sustainable Buildings Certified, and is a licensed real estate broker in Arizona as well.
Tracy King – Region Manager at Prosperity Home Mortgage a Berkshire Hathaway HomeServices Company: Tracy has been in the mortgage industry since 1994. Prosperity Home Mortgage is a full-service mortgage banker specializing in residential and refinance loans.