Happy New Year Readers ! Yes, we’re 20 degrees below normal and freezing but that is not impacting the local real estate market.
Over Christmas & New YEars, I must have received 5-6 inquiries regarding homes in our area.
Interesting to note, the price range & type of homes being searched for are varied.
We seem to have moved out of the ground level of “Being safe” at the $300’s-$400’s ( Yes, there WERE actually some good deals to be had in this price bracket….townhomes of course.
Now, the “Enlightened” buyer is catching up to the fast tracking market & financing changes.
So are we transitioning to a Seller’s market ?
Aah, what a whimsical supposition.
As a Realtor I say with no condescension whatsoever,……..”Dream On” . To clarify, I am a homeowner myself, so believing & conveying “Realism” is vital.
Having said that, please be aware that for almost 3-4 months, our area has had very little in terms of inventory….and anything attractive that has come on the market HAS been snapped up…..with 8-12 offers on most & above asking for some.
So what ‘s new for 2010 ?
Changing lending standards for sure.
Interest rates are on the rise …fast heading to 6%.
FHA AND conventional credit/loan ratios are requiring more notches to be tacked on to the borrowing ability of many a qualified buyer.
New standards & tests to weed out unqualified/uneducated mortgage officers are already underway.
In a neighborhood watch website, one can see the default ratios for many local lenders…It is quite amazing that loan officers continue to preapprove borrowers for hefty loans, that would hurt their very own “clients” in the short AND long run.
And, I do have personal, recent experiences to back that up.
So, what’s the plan…….Wait …..Buy……..Buy Now?…….
That makes for another post………soon to come.
BTW, for those curious…….a technical glitch seems to have wiped out all my posts in between Aug 2009 & now…………I hope to compensate with more interesting & updated reading to follow.
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