If you turn on the Television, pick up a newspaper or listen to the radio, even go to the salon, all you hear these days is how bad the Real Estate industry is right now. Is this truth?! Yes and No. Here's why; yes the mortgage industry has had some harsh times recently, the days of Wine and Roses are gone. But! And it is a large but(no pun intended) the real issue here is FEAR. One of the deadliest four letter words I know. Nothing runs us a humans stronger and faster than fear. It can dictate to an intelligent person and have them behaving foolishly. This is what I believe is happening now. After hearing how bad it is over and over ad nausea finally everyone believes it. It is just not so! OK, what is true is that the days of 100% loans with no documentation just because your credit score is high are gone. NO BIGGIE. Most people with scores like that also have a steady income that is provable. Next, those who can not afford a home mortgage will stop getting them. Good, I say. We need a bit of balance here. Traditionaly, a home was something you saved up for while you drove the out dated car etc. In recent years there has come far more of the first time buyers with no money down driving new cars. Who can blame them if the lender approves the loan? The way I see it is that now some order will be restored and the market will correct given some time. 6-12 months minimum is my guess, in the meantime, buyers with good credit and provable income with a bit down are great to buy now! The rates are still good and prices are going down a little, in resale at least. Also, many lenders have contacted me to say that they are still doing 100% loans, Jumbo loans and little documentation loans. When to buy! THE TIME IS NOW PEOPLE!
Just one humble REALTOR's opinion. Feel free to share yours, I look forward to hearing from you!