I get this question a lot lately. Is now the time to buy? Have we hit bottom yet? All debatable for sure. I think the answer depends on where you live and what your current financial situation is.

Personally I believe we are probably about half way through this foreclosure crisis. I believe this is a great time to be a buyer but of course a bad time to be a seller. Are we at the bottom? Probably close to it but there are great deals  all across the country, especially in areas like California, Florida, Nevada, Hawaii and Arizona where prices have slid between 30-55% percent.  There are great opportunities out there especially on short sales or bank owned properties. If you just can't sell right now consider renting your place out for a while until the market improves but make sure you can qualify with your property as a rental before putting an offer on another home.

Now more than ever is the time to make sure your clients are able to get financing, as you know loan guidelines are now very strict so make sure you have a client who is officially Pre-approved.

Interest rates are still very low but may not remain low after this year as inflation could really hurt us in that area. i think rates could be above 6% by the end of this year. That is another long topic for discussion for sure!

 

Dan Chapman

Loan Officer-The Legacy Group

Lic # MLO-70767

office (661) 295-4686

cell (425) 503-3209

dan.chapman@legacyg.com

www.Legacyg.com/danc

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Dan Chapman

Dan Chapman Mortgage Pro

Santa Clarita, CA

More about me…

The Legacy Group

Address: 2805 Smyth Drive, Valencia, CA, 91355

Office Phone: (661) 295-4686

Cell Phone: (425) 503-3209

Email Me

This is my blog all about the world of Mortgages and financing. I will cover a variety of topics from what is happening in the current housing and mortgage market to how this affects you and your finances and what you can do to put yourself in a better situation financially. God Bless, Dan Chapman


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