By Mike Hudson and E. Scott Reckard, Special to The Times
Low interest rates and aggressive marketing campaigns have driven home lending to record levels. But increasingly Americans with good credit are being saddled with loans designed for high-risk borrowers.
These higher-cost loans have been the fastest-growing segment of the mortgage market — accounting for 20% of the home loans issued last year, up from 10% a decade ago.
Freddie Mac, the government-sponsored mortgage finance giant, estimates that more than 20% of people who get these so-called sub-prime loans could have qualified for more-conventional prime loans.
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Establishing a reasonable and profitable listing price for a home is perhaps the biggest challenge for every home seller. Before coming to a final figure, many sellers ask themselves: “That home down the block went for a lot; can I just price my home in the same ballpark?” “Can I jack the price up in a hot market?” These and many other factors must be considered before settling on a listing price. The professionals at Coldwell Banker recommend taking the following steps before setting an asking figure.
Choose the Right Sales Associate: While many people use a friend or relative’s referral to select a sales associate, it is smart to interview many prospective agents. Invite several sales associates to show their listings presentations. Pay attention to how they plan to market the home, and find out the reach of their company’s Web site. Also, make certain they plan to list the home on the multiple listing service (MLS) and inquire about how broad their real estate contact network is.
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