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If Another Buyer Says They Can't Get A Loan I'm Going To Scream!!!!!

In the past two weeks no less then 5 would be buyers have said to me "there's no point in looking at homes with all the sub-prime problems I can't get a loan". Every single one of them had verifiable income and the lowest credit score was 620. I asked them why they thought they coudln't qualify for a loan and they said "well that's all you hear about in the news".

And the lack of buyers is trickling down and putting potential sellers on the fence. I had a gal say to me "My home won't sell, there are two others on my street and they've been listed forever". While it's true that the average days on the market is now around 90+ days it's because buyers think they can't get a loan so they aren't looking.

While markets in other parts of the country are struggling to stay above water, Washington's market is still going strong. The Washington Board of Realtors®released the following about the Washington market.

Our Key Message
The Washington real estate market is stable and an excellent investment that you get to live in!

Facts About Foreclosures
The foreclosure rates today are the same as they were 10 years ago. Fewer than one percent of mortgages end in default in Washington state. As of mid-June, sub-prime, adjustable-rate loans represented 20 percent of loans nationally, but just 6 percent of home loans in Washington.

The Market is Strong
Home appreciation in Washington continues to out-perform the rest of the nation with year-to-year price increases every quarter since the spring of 1995.

The Market is Stable
Home prices in Washington have increased an average of 8.1 percent since the same time last year. Many counties, however, have experienced price hikes much higher: Chelan 29.8 percent, Okanogan 24.5 percent; Douglas, 22.2 percent; and Lewis 19.3.

WSU Center for Real Estate Research (CRER) The demand for median-priced homes has never been greater.

Why Washington Is Different?
The home market isn't keeping pace with the growth of the state's population, which is continuing to increase at 1.8 percent per year. The state's population will increase by nearly one million over the present decade and reach 6.8 million by 2010. About two thirds of the growth is due to in-migration; the rest is a result of the growth of families now living in Washington.

Washington State Office of Financial Management

What About Inventory?
The key to stability in the residential real estate market is balance, where balance is about a six month supply (or inventory) of homes available on the market at any given time.

Who we are
Washington Realtors® represent approximately 170,000 home-buyers and the interests of more than 2 million homeowners throughout the state. Realtors®' top public policy priority is building communities that have a strong economy, attractive home choices, great schools and parks, safe neighborhoods, and good transportation choices.

Get The Facts Straight......Contact your REALTOR® for more information

So buyers......stop thinking you can't because you probably can and will be happy you took that step into home ownership!! Give me a call and let's get you into your dream home for the holidays!

Sandy Noll
Realtor, eAgent
Keller Williams Realty
425-890-0878
sandy@sandynoll.com
http://www.letsachieveyourgoals.com
Woodinville, Kirkland, Bothell

Sandy Noll
Realtor
Keller Williams Realty Kirkland
425-890-0878
sandy@sandynoll.com
www.letsachieveyourgoals.com
http://sandynolls.eastsidepowersearch.com/
www.sandynollskirklandupdates.com
Kirkland, Woodinville and the Greater Eastside

Posted by Sandy Noll on 11/03/2007 12:33 AM

Comments (18)

realtor, buyers, sellers, subprime loans, lets achieve your goals

Originally posted at: Sandy Noll's Kirkland Updates: If Another Buyer Says They Can't Get A Loan I'm Going To Scream!!!!!

This post has been included in Washington Information

18 Comments on If Another Buyer Says They Can't Get A Loan I'm Going To Scream!!!!!

NOV

2007

we fight a daily battle with the media. If they keep saying the housing market sucks, people are sitting on the sidelines. In my area, we are doing the same numbers that we were very happy with in 2002, but everyone says the market is down because the last few years have been SO GREAT. We're back to a normal market, not a bad one!

Great post. I have to educate my buyers every day. It's crazy how people are getting scared and not doing any research for themselves and just listen to the media

My business is stronger than ever. It is crazy how the media is scarring the hec out of buyers.

Matt I think that's what everyone has to remember out here too is that two years ago homes were literally going STI within days if not hours of listing. Now it's taking a little longer but homes are still selling. People can still get loans and the media needs to stop freaking everyone out. If they want to talk about a single market that's struggling fine, but don't generalize. Thanks for reading and commenting.

Jeff it's funny because I personally don't read the "newspaper" and I try to limit my news intake because it's so depressing and has to many generalities but apparently there are millions out there who are getting the wrong information from the media somewhere. I hope your Board of Realtors® is being proactive in helping you guys fight the media damage in your area. Thanks for stopping by and reading!

You are so right, i have the same problem and sometimes people allow the news to dictate their lives instead of researching for themselves. This country is so busy living their lives that they just allow the media to tell them when and how to maneuver. Education is the key for sure and sometimes even that isn't enough because they believe a lie over the truth. Good luck and hopefully we all can keep rising even when they critics say we are falling...

Ginger congrats on your business! We need more of that kind of talk being spread around so those that are on the fence will get off and see that it's OK to buy/sell! Thanks for commenting.

Jonathan isn't it funny how people DON'T check things out for themselves. It's almost scary. I have always been my own person and never just "believe" something because that's what everyone else is doing. Thanks for commenting.

good post sandy..........things are looking well here in the black hills of south dakota as well....

duane hosek

Maybe we could all get together and create some positive media for the industry.........Rome, GA is booming we have opened 10 restaurants (8 National Franchises) in 10 months we have 4 office complex buildings being built now. I also originate mortgages and if your clients have verifiable income and a credit score of less than 620 FHA is an option for them.......find a lender that is familiar with FHA and send them the referrals. Good luck!

Duane thanks for reading and commenting. I'm glad things are good in your area. I suspect there are lots of areas where it's good but no one seems to know that because the media says otherwise.

Jennifer I have my FHA lenders ready and willing to help out! I think we all need to really work to spread the word that it's a great time to invest in real estate! Thanks for your comments!

NOV

2007

Great post!!! I wish I could shout it from the mountain tops. People tell me all the time that no one has 100% loans anymore. I have closed two 100% loans in the last 60 days.

All we can do is educate one borrower at a time.

Hey Karen you are so right and even comments like yours will help those reading to become educated on the realities. And that it's not bleak like the media wants us to believe!!

NOV

2007

Good post Sandy. I am in the Everett office and we have seven 0-Down programs. FHA and VA are programs that everyone forgot about in the last 3 years but they are also stronger than ever. I beleive that George runs your office and I don't know who your inhouse lender is. Have them teach a class and have fliers in your breif case to give to a client when they tell you that. It is amazing how much "false" scare is out there.

Jerry Wright

NOV

2007

Hey Jerry thanks for reading and adding you insight. Yes George Charles is our OP and we are working on the in-house lender. We need to get our physical doors open!!! George offered a class last week about this very thing! Thanks for commenting!

OCT

2008

These are all still very relevant points today. One year later and we are still combating this negative notion. People can and do qualify, especially for a primary residence. This is a great and positive way to look at the continuing situation.

Rich I talked to someone last week who said "I can't get a loan" and I asked how do you know and they said "well that's all you hear about in the news!!" You are right, a year later and we're still trying to squash the myths about home loans!!

I talked to the owner of our branch and she said we are doing 50% of our business from people who have been turned down other places.

I am on a one woman crusade to change peoples point of view!!!

Karen you go girl!!

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