Things change fast in real estate. A couple weeks ago, we were talking about "historically low interest rates." Now, the rates are already moving up.
Work closely with mortgage brokers. Credit remains tight, so those seeking mortgages will need a good job history and credit score to qualify. And consider focusing on small to medium-size homes. Why? Some high-earning first timers will find it tough to get jumbo loans, typically more than $400,000, because those loans are seen as high risk because of the amount. Lawrence Yun, NAR's chief economist, says sales in the upper price ranges "remain stalled because of higher interest rates on jumbo loans."
So there you have it -- a market ready, waiting and willing. Splash on your SPF and make the summer of '09 a day at the beach!
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