Episode 36 Transcript – Spring appraisal values

Hello there! You’ve got Jessi Johnson live. Here to talk today about refinancing in the short term. The reason for this is taking advantage of the value of your current property where it was back in the spring. What I mean by that that might not make a lot of sense is right now people are considering doing refinances because Christmas is coming, great time to consolidate debt. Rates are still very, very low and right now when you do an appraisal what happens is they take a look at your property which would be called the subject property, and they look at three other comparable sales which are comparable to your property, same property type, etc. What is happening because there hasn’t been an abundance of sales in the past few months they are having to look back to spring. So they are looking back to spring prices which were considerably higher to some extent obviously varying from area to area. What’s happening is you are able to get a larger value for your property because right now your property is worth a little bit less. No need to be concerned, we’re just going through a buyer’s market. We’ve got an excessively high saturation of properties on the market and we’ll have about a year to a year and a half of a buyer’s market. Maybe even two years which is great when you’re buying but not the greatest time to sell. Either way if you are considering a refinance pre Christmas or a debt consolidation, etc., now is a good time. Give me a call. If you want to reach me my website is www.firsthomeinfo.ca and you have a good day, bye!