Episode 108: Divorce Appraisals, Interest Rates📈, & Home Values🏠 with Tracy King & Jay Josephs

Joining us on today's show is the one and only Jay Josephs Founder/President of Josephs Appraisal Group and Tracy King Region Manager of Prosperity Home Mortgage!😄 Both Jay & Tracy have been in the housing industry for over 20 years and agree that what we have been experiencing over the last 2 years is an anomaly. Homes selling overnight with more than 30 offers😲 is NOT the norm and those looking to buy or sell need to be prepared for a more balanced market.🏠 There are still deals to be found you just need to know where to look! Listen to today's show to find out what the heck a divorce appraisal is, where we believe interest rates📈 are headed, and how to find the deals in today's market!🙌 Listen & Learn: 1:11 - Rebecca intros Tracy & Jay 2:40 - Have you heard of a divorce appraisal? 3:55 - Why do appraisals seem to come in right at the sale price 5:36 - What is Jay seeing on divorce appraisals & home values 7:40 - What is a house worth? 9:00 - Zillow & their Zestimates 10:40 - Tracy King's recent home purchase 12:19 - The Cromford Index Chart explained 14:40 - Median price point today 18:20 - Where does Prosperity Mortgage cover? 19:15 - What is going on with appraisals today? 21:15 - How is it harder for appraisers in today's market? 23:30 - Do multiple offers/bidding wars affect appraisals? 24:45 - Are appraisals coming in higher or lower? 26:50 - Chart on the percentages of closing with seller concessions 28:50 - How do seller concessions affect appraisals? 29:43 - What do 3 points do for a buyer's interest rate? 31:30 - Marry the house and date the rate 32:20 - Story of Rebecca's personal home sale 35:20 - How Rebecca sold her house for 280k more than the competitor today 36:40 - How an appraiser would explain Rebecca's house selling for way more than a similar home in the neighborhood 38:30 - Jay's predictions for future home values 40:30 - Tracy's final thoughts & predictions for future rates 42:50 - Rebecca's final thoughts Special Guests: Jay Josephs – Owner of Josephs Appraisal Group & JAG Educational Systems: Jay Josephs is the Founder and President of Josephs Appraisal Group and has been appraising homes for nearly 20 years. Jay is also a state-certified real estate instructor and has been certified for expert witness testimony. Jay is a Certified Residential Appraiser, Valuation of Green Sustainable Buildings Certified, and is a licensed real estate broker in Arizona as well. Phone: 602-955-4050 Email: [email protected] Website: www.josephsappraisalgroup.com Tracy King - Region Manager at Prosperity Home Mortgage a Berkshire Hathaway HomeServices Company: Tracy has been in the mortgage industry since 1994. Prosperity Home Mortgage is a full-service mortgage banker specializing in residential and refinance loans. Phone: 623-680-8110 Email: [email protected] Website: https://www.phmloans.com/mortgageconsultant/tracyking Follow us on Facebook or Instagram @GratefulHeart.Tv💖 Listen🎧, Rate🌟, & Subscribe on Spotify & Apple Podcasts