My 2009 Recap message

Wow, what a year we have had. It really has been a roller coaster ride for real estate. We began the year with a very slow sellers market. Prices were dropping and homes just sitting on the market and buyers were getting amazing home buys. By the time June came around we saw multiple offers and all cash began to be the norm in some of our markets. We also saw interest rates drop to a 50 year low down in the low 4% range. By November we saw inventory of homes available for sale drop below average, an increase in the number of sales and more motivated and happy sellers. Bank owned properties in the high end market began to appear and short sales began to actually close and with quicker turn around times than we had seen in the previous two years.  By the end of December we saw rates begin to slowly climb in order to keep inflation in check and the market becoming a more stable environment.

The good news is that we have all found a way to survive this ride and we should see a payoff of this emotional trek we have been on  in 2010. Happy New Year’s and hope 2010 will be one filled with peace and prosperity!

If you would like more specific information please feel free to email or call me and I will be more than happy to provide that to you.

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Mortgages, 620 the new magic number!

Qualifying for a mortgage under current lender standards is more difficult nowadays than in years past.  Beginning Nov. 1 or Dec. 12, depending on the type of loan, Fannie Mae is tightening its lending standards to the 620 credit score benchmark—including loans backed by the Federal Housing Administration and Veterans Affairs.  Borrowers with credit scores of less than 620 will find it very difficult to qualify for a mortgage.   However, to qualify for the best rates, consumers generally need credit scores of 720 and must have verifiable, steady income.

 As for loan type, most real estate professionals agree that a fixed-rate mortgage is the best choice for buyers and refinancers.