L’économie US par notre expert Rafic Vartan

Treasury bond yields –  The 10 year Treasury bond closed the week yielding 1.77%. The 30 year Treasury bond yield ended the week at 2.22%. We watch Treasury bond yields because mortgage rates follow bond yields.
 

Mortgage rates remain near historical lows –  The November 21, 2019 Freddie Mac Primary Mortgage Survey reported that the 30 year fixed mortgage rate average was 3.66%, down from last week. The 15 year fixed was 3.15%, down from last week. The 5 year adjustable rate mortgage ( ARM) was 3.39%, down from last week.
 
 

How do I change the real estate closing date on a house? –  When you go through the process of buying a house, you might have to change the real estate closing date. It's actually fairly common for the buyer or the seller to request this kind of adjustment, so don't be alarmed if it happens to you. Let's take a closer look at the closing process and why someone would want to reschedule a closing date in the first place.

• What is closing on a home? – Closing represents the scheduled day, after a seller accepts a buyer's offer, when the parties meet and sign the final paperwork. The whole process from accepted offer to closing typically takes an average of 30 days. During that time, your agent, the escrow company, and some other parties, draw up contracts, and finish completing the transfer of a property.
• Why change a real estate closing date? – Sometimes the buyer or seller wants to speed up or slow down the process, and that requires changing the closing date. It's fairly common to move closing date to change by a few days in one direction or another. Most of the time it is simply a matter of scheduling and finding a time and date that works for all parties involved. One instance that can prompt a closing date change is when the home inspection turns up an unforeseen issue with the house. The appraisal process can also slow things down, especially if the home doesn't appraise as high as the buyer's offer. This could force a lender to deny a mortgage, leaving a buyer scrambling for alternative financing or pushing the seller to renegotiate the selling price. The title report can also delay the closing date. The title company's staff does an investigation into the property's history to ensure the seller truly has the right to sell the home. If a title agent finds liens, or unpaid debts on the property, the liens will have to be paid off or there can be no sale. It's up to the seller to pay the liens ( or fight them in court), which can delay closing by weeks, if not months. Personal issues can also delay a closing. Closing dates aren't always pushed back. Sometimes buyers might want to speed things up to get into their new home faster.
• How to change the real estate closing date on a house – Closing dates are outlined in the purchase contract. Most closing dates are open to negotiation, but some are set in stone, so ask your agent to check your contract to see if you can even make a change.
• Repercussions with changing a closing date – If either party cannot close by the agreed-upon date, the other party could have the right to cancel the contract. Your bank or mortgage company might also penalize you for changing your real estate closing date. Lenders like to get their buyers into rate locks, or a guarantee that they'll give you a specific interest rate and mortgage points as long as you close by a specific date. Some banks grant rate lock extensions, but you might have to pay a penalty. Additionally, the amount you pay in property taxes can also be affected by a closing date change.

 
 
It's been months and my home won't sell. How to revive a stale listing –  A house that's seen minimal movement on the market for months is frustrating. In fact, frustrating might be an understatement. For some, a home that won't sell can be a desperate situation. That's why, if you have yet to find a buyer, it's important to take a step back and assess exactly why your house isn't selling. So let's dive in and discuss some of the main factors that hinder house sales and how you can maneuver your way around them so you can offload your home hopefully sooner than later.

• Ask your real estate agent these questions – If your house has been on the market for months with no offers, the first factor you want to consider is the market. Does the current market favor buyers or sellers? Talk to your real estate agent about the median days on the market in your area for comparable homes. Perhaps things just aren’t moving quickly in the current market. Sometimes, real estate is hot, and other times it’s not. You can also discuss any showings by your agent or other agents and the feedback given by other agents and potential buyers. Their feedback could help you rethink how you and your agent are marketing the house.
• Reassess your expectations – While you might think your house is a steal of a deal, make sure you’re able to objectively look at the situation. The buyer has to perceive the value to be there. If not, no offers. How do you stand up to the comparables in the neighborhood? Be honest in your assessment, because vanity or pride could be costing you money.
• Is the price right? – Beyond the temperature of the market and your marketing efforts, the most likely factor when it comes to a lack of offers on a home is price. Properties sell when they are priced correctly. The value of your home is determined by what a buyer is willing to pay for it. If it is too high, you won't get any offers. If you have had a lot of showings with no offers, it is a pricing issue. If you are having very little activity, it can be a pricing or marketing issue. Is your house being marketed on all the major websites? How is the quality and quantity of the photos?
• How low can you go? – If you determine your home was overpriced out of the gate, then lowering it might help. However, you need to be strategic in terms of just how much you drop the price. You can slash your price by $50,000, but if it’s still above your competition or there are major repairs or updates that need to be done, your chances of selling remain low.
• Consider new representation – If your agent isn’t responsive or doesn't have a good explanation for why your property isn’t selling, then you might want to consider a new agent. But just don’t expect a new agent to have the magic solution. If you speak with another agent, keep in mind that they are motivated to tell you what you want to hear. If they are telling you that they can get you the price you want, ask them for data to justify their claims. With the transparency and accessibility provided by the internet today, it is a rare circumstance when a real estate agent has exclusive access to any buyers. Buyers know what is out there.

While it might not always happen as quickly as you like, your home will eventually sell. You just need a strong strategy, and a healthy dose of patience.