Everybody, and I mean EVERYBODY told me that when the government subsidy for the $8000 tax credit expired on April 30 that there would be a drop off in the real estate market.
To all those folks I politely say "HA ! HA ! HA !
I took in more pre-quals this weekend than I have in a long time. The market is good, not strong yet, but good. There are plenty of shoppers out there still looking for bargains. Interest Rates remain low and most of the lenders are aggressive.
This monring, Monday, May 3, 2010 I looked at my inquiry sheet and saw over 62 inquiries for mortgages and that is just in a very small geographical area of Southern Westchester and part of the Bronx.
School is letting out in another month and people are going to buy/sell or re-locate during the summer months.
F.H.A. has made it easier for mortgage brokers to do business and S.O.N.Y.M.A. is still going strong.
Sooooooo, if you are in the Real Estate/Mortgage Industry, don't listen to those guys who love to predict doom and gloom.
Keep your nose to the grindstone, shoulder to the wheel and your ear to the ground. (Who the heck can work in that position I do not know !) Good days are here and now, better days are coming.
Ken Nelson: The Mortgage Sherpa
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