Dear friends and clients, There are several different issues facing homebuyers these days. For example, due to pandemic-related economic issues and the tragic collapse of a condo building in Surfside, Florida, new adjustments have been made to mortgage rules and regulations for condos nationwide. Extra due diligence is required from lenders for approving condo units for conventional loans. Additionally, condo associations for buildings that were built 20 or more years ago that have deferred maintenance, building inspection findings, or jurisdictional findings are under increased scrutiny. The purchase of older condos may be more difficult and expensive for buyers. Another thing to know is … (1 comments)
Dear Friends and Clients, Our red-hot housing market caused some homebuyers to put their plans on hold in 2021. As we begin a new year, many of them will return to the market. If buying a home is one of your New Year’s resolutions, you’ll be relieved to know that it should be a much better year to accomplish that task than 2021 was. Here are three things all homebuyers should know in 2022: The market is easing up for homebuyers. New data from the Common Haus Price Index, which tracks asking prices for three-bedroom, two-bathroom U.S. homes, shows that the year-over-year rate slowed … (0 comments)
Friends and Clients -- The housing market just hit a record low — at least in terms of homes for sale. In December, the inventory of existing homes for sale last month fell to the lowest level in records dating back to 1982. This caused prices to jump 7.8% annually. It’s the biggest annual increase in almost four years. That's largely been the story of the housing market for the past several years. Demand far outstrips supply. Few homes are on the market, and prices continue to surge. Mortgage rates are also near historic lows, making the market even tighter. Buyers want to take advantage of … (1 comments)
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