Traditionally, this time of year sales activity slows and we can all catch our breath, but not so much this season. Although sales will be less than peak spring and summer months, they are unusually strong for this time of year. Our annualized sales rate is actually higher now than it was this past spring, meaning we are carrying even stronger buyer demand into the new year than we did this year (and this year was pretty strong).
Buyer's lending standards continue to be a challenge, so here are some simple suggestions to help minimize mortgage loan frustration:
1. It’s never too early to get pre approved. Preparation is key to a successful transaction.
2. Once pre approved, don’t open new debt.
3. Large deposits are watched very closely. Deposits going in checking and savings accounts need to be accounted for (large means anything over $500).
4. Bring everything asked for by the Loan Officer up front at the time of application
5. As underwriters check and double check files, be prepared for additional conditions after approvals and some details needed within the last few days of the transaction.
6. Often, if the transaction has been in place longer than 45 days, ask which information will need to be updated before closing.
We have had requests for an updated Rent vs. Own analysis, so here it is using current rental and mortgage rates. Even if values remain flat over the next seven years, which is highly unlikely, owning a home is still an outstanding investment.
November sales were our best of the year, adjusted for the season and not surprisingly so was our market share!
Thank you all for an outstanding, and anticipated record, year for our family of companies. You all worked extremely hard and it is great to see that work pay off!
Have a great Holiday Season.
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