DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/920498
» VISIT US ONLINE @ DSNEWS.COM 113 New York RESULTS THROUGH REAL TIME SOLUTIONS. Strength Through Innovative Leadership. PROVIDING DEFAULT REAL ESTATE SOLUTIONS SINCE 1988 Todd Yovino Broker/Owner Island Advantage Realty, LLC Serving Metro New York & Long Island Todd@iarny.com | 631-820-3400 www.islandadvantage.com vember marked the highest November price of the decade, and the 14th consecutive month of year-over-year price increases. Sales volume for the D.C. metro was also up, increasing 11.5 percent year-over-year—an increase of more than $2.15 billion. Inventory shortages have been a problem nationwide, a trend that will hopefully see some relief in 2018. According to Bright MLS, the problem remains rampant in the D.C. area, with D.C. seeing declines in inventory levels year-over-year for the 19th consecutive month. At 4,308 listings, new listings were up 1.0 percent year-over-year compared to last year but down 25.3 percent from October 2017. Active listings also dropped to 8,629, down 5.7 percent compared to last year and 14.6 percent compared to October 2017. Baltimore median sales prices were up in November 2017 as well, hitting $254,000. at put November's numbers up 5.8 percent over November 2016 (a difference of $14,000) but down 2.3 percent ($6,000) compared to October 2017. Baltimore sales volume was up 8.4 percent over the same month in 2016. Inventory issues were even more pro- nounced in Baltimore than in D.C. e 3,592 new listings were up 2.2 percent over Novem- ber 2016, but down a seasonal 23.2 percent from last month. According to Bright MLS, "Active listings declined by 11.0 percent to 9,712, the 27th consecutive month of declining year-over- year inventory levels and the lowest November level in a decade." In D.C., the median days-on-market for November 2017 was 21 days, two days lower than in November 2016. In Baltimore, the me- dian days-on-market was 32 days, down eight days compared to November 2016 and holding steady since October 2017. Redfin Mortgage Expands to Washington, D.C. Redfin Mortgage, LLC is now offering loans to homebuyers in Washington, D.C. With this expansion, Redfin Mortgage now serves homebuyers in Texas, Illinois, and the District of Columbia, and the company plans to launch in additional states in 2018. Redfin Mortgage offers fixed and adjustable-rate conforming mortgages, as well as jumbo loans for higher-priced homes in every state where it operates. Redfin Mortgage also offers a 30-day closing guarantee. If Redfin Mortgage is unable to fund a mortgage in 30 days, it will give the homebuyer a $1,000 credit toward closing costs, subject to terms and conditions. e closing guarantee is enabled by Redfin Mortgage's fully underwritten preapproval letter, where all required borrower information is underwritten by the company in advance of the homebuyer finding a property to purchase. is gives the buyer and the seller a stronger commitment that her loan will be approved as long as the home has a clean title and appraises for the proposed sale price or more. e buyer must also provide proof of homeowners insur- ance to complete the transaction. "In the competitive Washington, D.C. real estate market, Redfin Mortgage's 30-day closing guarantee gives homebuyers an edge in getting their offers accepted," said Jason Bate- man, head of Redfin mortgage. "By earning the seller's confidence that the sale will close on time, offers from buyers with a Redfin mortgage will stand out from the crowd in a bidding war." Redfin Mortgage primarily serves homebuyers who choose to work with a Redfin agent because Redfin Mortgage is built to seamlessly integrate with Redfin's homebuy- ing service and, when desired, Title Forward, Redfin's title insurance and settlement com- pany. However, Redfin real estate agents are not compensated for recommending Redfin Mortgage. Redfin agents will continue to encourage homebuyers to work with the lender that offers the best combination of service and rates. According to data from the Long & Foster Market Minute, the median sale price for a home in Washington D.C., in November 2017 was $547,000, holding steady from the year prior. KNOW THIS