Follow up to Zillow and Zestimates

It gets better.  I just received this from Zillow via email in the updated Zestimate on the house I just sold in April 2013.  Even when they have the answers to the test they fail.

Home Report
1112 W Durwood Cres, Richmond, VA 23229
Sold on 04/16/2013: $359K
4 beds | 2.0 baths | 2,020 sqft

Zestimate ® $309,126 (+$8.2K / +2.7%)
Rent Zestimate ® $1,664/mo (-$71/mo / -4.5%)

Click for full details.

If you are a buyer or seller please don’t reply on Zillow.
If you are a REALTOR stop liking Zillow on Facebook.


What’s Next?

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Home prices up sharp- Int rates stay low

Mortgage rates held at record lows this week as fresh data showed home prices in the nation’s largest cities rose sharply from May to June. In other industry related news, 25% of banks reported tightening lending standards for would-be mortgage holders in the last few months. In order to avoid hiccups and closing delays, prospective buyers should submit all their documentation to a reputable and experienced lender well in advance of beginning their home search.

Please note we have special rates for our purchase customers, please call for rates on refinances.

Here are our weekend rates for purchase loans for borrowers with credit scores over 740 and at least 20% down:

Conf 30 year fixed to $417,000: 3.5%
Conf 30 year fixed ($417,000-$535,900): 3.5%

FHA 30 year fixed: 3.25%

FHA 5/1 ARM: 2.25%

Jumbo 30 year fixed ($528,750+): 3.75%

All rates except FHA reflect 1 origination, 0 discount points. Please note rates do vary by credit score, loan amount, rate lock period, occupancy and loan to value.

Emily Scarborough
Prosperity mortgage

When is a good time to close

Mortgage Myth #1: It is best to close my transaction at the end of the month.
Mortgage Realty # 1: Save Your clients time and money with an interest credit!

Many agents & buyers believe it is best to settle at the end of the month in order to save money on pre paid interest.

As you know, the lender charges interest at closing from the day you close until the end of the month. Because of this, the later in the month you close, the less money you would come out of pocket with.

However, at Prosperity Mortgage, we offer the buyer an interest credit if they settle earlier in the month. This will allow the buyer to bring LESS cash to close and not have to worry about squeezing in between 10 other settlements on the last day of the month. It will allow agents to avoid the last minute delays and backlogs that are sometimes associated with end of month lender clogged pipelines and allow you to offer an extraordinary customer experience every time. Here’s how it works:

Settlement Date: 7/3/2012

Most lenders will collect 29 days of interest at closing through 7/31/2012 with the First Mortgage payment being due 9/1/2012.

Prosperity Mortgage customers can choose a first payment on 8/1/2012 and actually receive a credit for 2 days of interest (July 1st and 2nd) at closing. This enables the customer to come out of pocket with less money spreading these costs out over the first month of home ownership rather than upfront. This can be a life saver for cash strapped clients or those not wanting to deal with an end of month closing.

Prosperity can offer an interest credit on conventional loans if the loan funds on or before the 10th of the month. Talk to your Prosperity Mortgage Consultant for more details.

Virginia home sales surge ahead (+9%) in February 2012
Posted: 23 Mar 2012 07:11 AM PDT\







In another sign of potential stabilization of the housing market in Virginia, home sales rose 8.6% in February 2012 as compared to one year prior.  This strong increase is after a 2.7% year-over-year increase in January 2012.  Virginia’s unemployment rate of 5.8% in January is the lowest level seen since December 2008 and provides a strong climate for growth in the housing market.

Download the full February 2012 Virginia Home Sales Report below which also highlights:

  • Monthly median sales prices only declined 0.9% in the past year.
  • Monthly sales volume increased 8.4% between February 2011 and February 2012.
  • Average days on market stayed level at 105 days in February 2012.

February 2012 Virgina Home Sales Report


Spring Cleaning

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Rates are still low – below 4%

Mortgage giant Freddie Mac reported that the average rate for a 30 year fixed rate loan fell to 3.87% this week amid positive economic news. The unemployment rate hit it’s lowest level in three years and the Dow broke through to its highest close since May 2008. Refinance applications have surged on the lower rates, although some homeowners are waiting to see if rates will go lower. Most economists predict that with the economy improving, the odds are better that rates will tick a bit higher in the coming months..

Here are current rates for purchase loans on single-family homes greater than $150,000 with 20% down and 740+ credit scores.

Conf 30 year fixed to $417,000: 3.875%
Conf 15 year fixed: 3.125%
Conf 30 year fixed ($417,000-$535,900): 3.875%
FHA 30 year fixed: 3.75%
FHA 5/1 ARM: 2.75%
Jumbo 30 year fixed ($528,750+): 4.0%

All rates reflect 1 origination, 0 discount points. Please note rates do vary by credit score, loan amount, rate lock period, occupancy and loan to value.
Emily Scarborough
Home Mortgage Consultant
Prosperity Mortgage Company
MAC M8615-011
5702 Grove Ave
Richmond, VA 23226
804-285-4216 Tel
804-281-7846 Fax
1-888-664-7683 Toll Free

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