How strong is the residential market? Well, according to people looking to buy and folks looking to sell, very strong. In fact, many residential properties put on the market sell for more than the listing price. Indeed, many times there are bidding wars. All this is fine until the winner of the war applies for a mortgage. The gulf between contract prices and appraised values highlights the risks to buyers in the current market, especially those stretching their budgets to win a bidding war. Mortgage lenders will typically lend only… read more
October 19, 2021