Weston Real Estate Market Update September 2009
In Weston, there’s good, bad, and ugly news in the residential real estate market. The good news: There is an uptick in the market activity…buyer traffic in today’s market is more characteristic of late spring activity than early fall market. Buyers are viewing the current market as an opportunity to capitalize on significant values, with Weston prices below levels of seven years ago: median prices were up 2.9% from August 2009, but 16.6%... [Read More...]
Have banks and lenders become more conservative with appraisals?
Yes, they have. With refinances, a good amount of homeowners in recent years used their homes as “piggy banks” and kept taking out equity through Home Equity Lines of Credit, because the value of their home kept going up. With the recent market correction in home values, homes do not have as much equity, so the banks/lenders are less likely to refinance a property where there is little equity remaining. With purchases, lenders have been... [Read More...]
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