Is the market improving?????? Some say that we have not hit the bottom and some say we have. Are the big boys holding on to inventory??? Just waiting to release thousands of houses??? Only they know...
However, the market that you are in depends on many factors. Are you in a Market that the has a large in flux of consumers flowing into your market looking to rent or buy? Or are you in a Market that the economics have hit hard and the consumers are not buying yet and even the Investors are just not gobbling up the market yet. Lots of things create a good Real Estate Market, low interest rates help as well.
One thing I do know is that we all have to work harder for the dollar in today's market. I am fortunate enough to live in a market that we have an influx buyers and the investors today seem to be buying a little more. However, in the lending arena the guidelines are much stricter and the banks are just not opening up their pocket books to buyers as they once did.
In today's Market buyers can receive an mortgage for an FHA for 3.5% down, but for how long is that low down payment going to last? With guidelines changes almost monthly it seems in the mortgage industry for both FHA mortgages and Conventional mortgages with 5% to 10% down payments in Arizona we just don't know what the future will bring. And our HomePath Mortgage where a buyers can have up to 10 mortgaged properties is even an even bigger opportunity to purchase more properties.
Here is what I do know. Over the past fifteen years in the mortgage industry I have seen a lot of changes. I have seen the Subprime mortgage market give birth and suffer a tragic death. I have seen the birth of FICO scores...and I have yet been unable to tell anyone who is applying for a mortgage with me how to calculate a FICO score and I do not believe that I will ever be able to. I however can tell them what is a good FICO and a Bad FICO... This is of course just a couple of the items that I have seen over the last fifteen years I see more change on the horizon..................like the 7 years from foreclosure from Fannie..
Here is to change..................
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