Eagle River Real Estate Market update July 28, 2009

7/28/2009

Taking a look back at last week, one would think that the market had gone crazy.  21 homes pended in the Eagle River and Chugiak areas.  6 went under contract in Chugiak, this is a 12 month high for one week. 

Interest rates have fluxuated up and down but for the most part stayed in the low 5's for a 30 year fixed conventional loan. 

There are changes around the corner and you do need to be aware of them.  If you will be involved in a real estate transaction in the near future, pay attention.  The mortgage lenders will be operating under new rules and the title companies will be enforcing them.  Here is a short list of some of the changes.

Once you receive a good faith estimate on your new loan you will need to wait 7 days before you can close.  this means that if you lock your interest rate you may need to wait 7 business days before you can close. 

If the APR changes on your loan, example: some portion changes and it goes up by more the.125% then a new disclosure must be made.  7 more days.

Once the appraisal is in there will be a 3 day review period.  However in some cases this may be waived, although highly unlikely.

This is just a small portion of the changes, and now more than ever you need great communication between all parties.  The average contract closes in approximately 38 days.  I suggest writing an offer with a 45 day time table.  This will give you plenty of time and if everyone is ready early than close early.

If you have questions about these new rule please make a comment here or send an e-mail.

Eric Bushnell Comment