Daily Smile Source
Great Updates on the Market
Happy Valentine's Day! I’m not sure where everyone else receives their daily smile from, but mine is usually associated with the Upbeat Times in Sonoma County. They always have good news and interesting facts and jokes… Always a good read. For instance today I learned that Inca’s, the ancient society in Peru, were considered officially wed only when “they took off their sandals and handed them to each other.” Awesome Valentine’s Day quote, huh?
However what Really caught my eye was the article right next door to this fun and endearing little factoid titled “THE Mortgage Coach ~ Home Buying: Getting Pre-approved”. As a business owner and loan officer I always like to keep my eyes open for what other loan officers or other people in the biz have to say about the trade. Not only this, but the fact that the market is in such a unique place makes this article of particular interest. Let me explain what I mean by unique first before I go further into the article.
As everyone Well knows the market has been in a losing battle for the past several years and the outlook hasn’t been looking up.. Until now! It’s believed that the market has hit bottom which essentially makes it a buyer’s market. The prices are down, competition hasn’t been ruthless and us Real Estate Agents and Loan Officers need all the business we can get. But something interesting has begun to happen now that the market has ‘hit bottom’ or is at least bottoming out… Buyers are becoming more competitive.
For the first time in a long time “many properties are seeing multiple offers competing for acceptance.” Unfortunately only time will tell if this trend is going to last, but it’s encouraging to see the numbers shift. For me this means that daily business will not only be busier but, with a little hard work, much more successful. With buyers competing for homes business can only get better!
Another fantastic component of this market is that “interest rates are at historic lows and home prices are at levels not seen since before thebubble started”. This is our sign that things are going in the right direction for both parties, both sellers and buyers. With the prices and rates being down more buyers, especially first time home buyers, will be more encouraged to make their entrance into the market which is more business for all of us!
This article has a lot of good solid information to offer not only about the market, but also about the whole loan process. Click this link and take a look! And be sure to check out our new listing in Santa Rosa, CA, brand new to the market and move-in ready. Have a great Valentine’s Day!
Lynn Tardibuono - Flipper Chick and Expert Real Estate Agent at Sun Pacific Mortgage and Real Estate Since 1988. 707.523.2099