BUILDERS: LIST YOUR SALES WITH THE MULTIPLE LISTING SERVICE
Twenty-six percent of builders are seeing signed sales contracts fall though the cracks because appraisals on their homes are coming in below the contract sales price, according to a nationwide survey conducted by NAHB.
The survey showed that nearly 60% of the builders are reporting that inadequate appraisals are causing serious problems in the market, with the biggest problem being comparables of new single-family homes that are too often based on foreclosures and distressed sales.
Of those who are reporting appraisal problems, 54% said that the appraisal amount was actually less than the cost of building the home.
The HBA of Fort Wayne has been contacted by a number of local lenders asking us to please encourage our builders to list new sales on the MLS so that appraisers have comps.
Call the HBA if you have questions.
The Evidence Is In: Housing Pays for Itself
The Home Builders Association of Fort Wayne (HBA) recently unveiled a housing impact study for the Fort Wayne area that shows housing has a huge economic impact on our community... Read report (PDF)
IBA, in conjunction with NAHB, recently conducted a study on the economic impact of housing. Click to view the full report