Dallas Home Appraisals News and Information

Mortgage rates are up significantly this week, according to an article on CNNMoney.com.  The average 30-year fixed rate rose to 5.45%, almost back up to pre-meltdown levels.  If the fed is still planning to push rates down to 4.5% or lower, they're taking their time.  Among the best rates we've found in the past 90 days were at the Pentagon Federal Credit Union which, even as rates started ticking up, held to a 4.85% rate with a 1 point origination fee, no other points, and very low closing costs (if you are moving your loan from another lender, PenFed pays most of the closing costs).  This week the rate rose to 5.125%.

In other news over the weekend, home sales rose in April but at a lower level than expected, which may or may not be related to the uptick in rates.  It is just as likely due to the greater difficulty in getting a loan.  As it is, we are seeing loans take between 60-90 days to close, with more and more documentation being required by lenders before a loan can close.  Still, with foreclosures still rising and more and more REO's hitting the market, there are some great deals out there and many are being snapped up by investors.  Along with foreclosures, more homes are being listed as school ends and people customarily start looking to move in the summer, so inventories continue to rise, while still at the lowest levels since 2001.

Remember, you only have until the close of business on Monday, June 1, to file a property tax protest with the Dallas County Appraisal District (and most other counties as well).  You can still contact us at Blue Star Appraisals Inc. today or tomorrow for a quick phone consultation regarding market values in your neighborhood and possibly to order listings of comparable sales that might support an argument that your assessment is too high.  If you are still interested in fighting your assessment with a full appraisal, your best bet is to file a formal protest today or tomorrow, requesting a hearing date, and order an appraisal in advance of that date.