Recently the Federal Reserve announced that it’s continuing to buy mortgage backed securities and treasury bonds. This is great news as this helps keep the rising interest rates from spiking. In fact Freddie Mac reports that the day after the Feds announcement rates dropped from 4.57% to 4.5%. The question though is how long will the Fed continue to do this and how long will it continue to be effective. According to an article posted on CNN, the fear is that should the economy gain more momentum that the Fed might reduce its purchases causing rates to move higher. CNN.com went on to write “Nothaft expects rates to hit about 5% by mid 2014. That’s an increase of less than $24 a month for every $100,000 borrowed–enough to weed out borrowers who are struggling to afford homes but not enough to impact overall demand.”

So what does all this mean. In our opinion, it means that we’re headed in the right direction but it’s still looking like a long road ahead before we find ourselves in the type of market that many current homeowners wish we were in. Rates are going to rise but many experts don’t think that it will stop the housing recovery and neither do we.

The Clark Team just sold 769 Silversmith Circle in Lake Mary, Florida and we wanted to share with you how this sale is an example of how important appraisals are. In this instance, we listed the property and marketed it as we always do and found a buyer very quickly. The buyer conducted inspections and then came the appraisal. The appraiser in this instance did what’s referred to as a “drive by” appraisal where they basically relied on local comparable sales and didn’t bother to enter the home to determine if there were other factors that could affect the homes value. As a result of this “drive by” approach, the appraisal came in below what the executed contract price was causing the contract to become null and void. We couldn’t arrive at viable solution so the buyers decided to walk away from the home after spending $700-$800 dollars for inspections and appraisals. Our clients were concerned but they had faith in the system and we relisted the property and found another buyer in just a couple weeks. This buyer went through the same steps but the appraiser in this instance actually took the time to enter the home and observed the added value within the home like granite counters, custom cabinetry, completely renovated bathrooms and more. As a result, the appraisal came in where we needed it to and the sale was completed. It’s concerning to see that two different appraisers within just a few short weeks or months of each other came come to very different opinions on value. The moral of the story hear is to make sure and communicate with the appraiser. In our experience, most appraisers appreciate hearing from Realtors who can provide more in depth insight into the homes value. Every deal is unique and presents its own challenges and everyone sellers, buyers, and Realtors simply need to work together to find a solution that’s a win for everyone involved.

The Clark team is proud to announce that it’s sold two homes this month in the beautiful Camden Club community located in Altamonte Springs. The first property which was sold in 17 days was a short sale that other local agents refused to take on because of the difficulty in getting bank approval in this particular case. We welcomed the challenge and marketed the property heavily to get a buyer in virtually two weeks and then worked diligently to get bank approval quickly which we did. The second home in Camden Club was a traditional sale that we were able to sell in 7 days. We’ve been able to sell homes very quickly lately not only because the market is doing better but because we’re putting a great emphasis in how the property is marketed online. The results from our online marketing efforts with Coldwell Banker has been phenomenal. If you need to sell your Altamonte Springs home, please give us a call because we’re selling them fast and for top dollar.

According to Bloomberg TV, the Florida real estate market is on fire and primed to see prices rise dramatically in the near future.

This is a beautiful 4/2.5 in the Silver Lakes subdivision located in the Crossings Community in Lake Mary.

769 Silversmith Cir Lake Mary, FL 32746 Beautiful Lake Mary home in the Crossings

Price : $275,000 Bedrooms : 4 Bathrooms : 3 Square Foot : 2,191 Community : Silver Lakes at the Crossings County : Seminole Property Type : Detached Year Built : 1989 MLS Number : O5148670 click for more information and pictures Property Description If you’re looking for an immaculate 4/3 home in Lake Mary that comes with all the bells and whistles then look no more. This virtual showcase home boasts formal living and dining rooms as well as a family room complete with a well-appointed fireplace. Whether you’re a cook or simply like to eat, you’ll enjoy the kitchen which comes with upgraded cabinets, granite countertops, tiled backsplash, mosaic range hood, lots of counter space, and a breakfast nook. The master suite is the perfect retreat with an oversized walk-in closet, double vanities, garden tub and separate shower. All the other bedrooms are large and the secondary bathrooms were upgraded to include items like a pedestal sink, new cabinetry, custom lighting, as well as a custom shower enclosure. The screened in patio is also a great place to escape from the daily grind and if you’re really stressed then you can relax in your gas powered in ground spa. The pavered outdoor patio is also a great place to have a cup of coffee, read a book, or simply unwind. If location is your thing then you’re going to love being within walking distance to several parks, library, several restaurants, a local YMCA and two excellent Seminole County Schools. If you’re looking for a home that has it all, then look no further, you’re home! This Plogging (property blogging) is brought to you by an ePropertySites Plogger

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