Condo Buyers Know What They Want

The majority of condo buyers know what they want before they even start to shop for a new place, according to a survey conducted by the National Association of Home Builders.

The survey found that nearly half of all condo buyers choose their new place without considering any other type of housing and are as interested in buying a life-style with a condominium development as much as they are a place to live or vacation.

Two groups drive the condo market, according to the survey, baby-boomers made up of professional singles or couples who want to enjoy a better quality of life, and older couples who want to deal with less maintenance than it would take to maintain a single family home.

Watch Out for Yourself

More than 90% of real estate appraisers were pressured by mortgage brokers, real estate agents, lenders or consumers to inflate property values in 2006, according to a new survey from October Research Corporation.

The study also revealed that there were negative repercussions for appraisers for refusing to elevate property values if they did not go along with the request. The most common source of pressure came from mortgage brokers – a staggering 71% of appraisers surveyed said.

A watch dog group united to protect consumers is now recommending that purchasers of homes and condos now attend the inspection conducted when appraisers visit a home or property to protect their own interests.