How’s the Market?
How to make sense of the current market for would-be home
buyers and sellers? The following trends
seem to be in play:
- A
generally soft market for home sales has brought qualified buyers to the
fore, increasing not only the number of sales but price levels in
desirable areas. Although
bank-owned properties are still numerous, these are not usually in prime
neighborhoods in terms of general condition physically and economically.
- The
pressure of qualified buyers on the mortgage market could result in higher
interest rates, thus more difficult qualification ratios, as the year goes
on.
- Due to
litigation that erupted from feeding-frenzy sales prior to 2007, buyers
and their lenders are insisting on tighter contingencies, especially
regarding inspections.
- Loans that “adjust” are still available but harder to come by, making it more advisable for buyers to invest in homes they plan to stay in for at least 3-5 years.
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