This month news is not terribly exciting, but will affect most financed real estate transactions starting on Oct. 3, 2015. The Consumer Finance Protection Bureau has enacted TRID, with the purpose of protecting buyers who finance their properties.
The new regulations mandates certain disclosures to the borrower and gives them adequate time to understand the terms as to not feel pressured. What it means practically is that financed escrows are going to take longer. A typical 30 day escrow is probably going to run 40 days now.
Regarding the state of the market, it is still active, but slowing down a little. In the above $5,000,000 market, the number of sales has decreased. And in the entry level, homes seem to be staying on the market a little longer as sellers have pushed the prices up. But buyers are out there and properties priced at market are moving quickly still.
I love doing my job and if you would like to talk more about the market or have questions about buying or selling, please let me know.
AUGUST MARKET HIGHLIGHTS
Highest-550 FREEHAVEN DR-$14,047,500
– Breathtaking view, 9,000 sq ft, 21 acres, & amazing quality.
Lowest-34 MALARD AVE-$597,500
Sold Off Market-11 LAS ALTURAS RD-$2,095,000
– About 15% of homes sell before they hit the internet, here is an example of a great view property that some might have missed.
Nice Carp. Listing-1478 THERESA ST-$819,000
– The property is not listed in the SBMLS, so limited exposure
Have a great day,