Low Housing Levels = Fast-Paced Housing Market

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
https://activerain.com/droplet/5m9T
 
Low Housing Levels = Fast-Paced Housing Market
 
 
 
You don't have to look far to find headlines that report about the housing shortage that many U.S. housing markets are currently experiencing.  They're everywhere.
 
 
Another reveals,  "For-Sale Housing Inventory at Multi-Year Low".  And that's just a small
that's available across the many media formats.
 
This lower level of available housing comes at the same time that the markets are seeing an uptick in the number of consumers wanting to buy a home. 
 
Lower, tempting mortgage rates have made the prospect of homeownership, step-up buying, and refinancing attractive to a growing number of prospective buyers.
 
Many prospects now entering a Chicago-area home search are finding that because of current low housing inventory, they're competing with others (sometimes multiple buyers) during the bidding process.  And this means they are under greater pressure to make quick decisions.
 
In these situations, these potential buyers need to be fully prepared and able to make sound financial decisions for themselves.  In order to do this, they have to have already taken steps and pro-active measures to fully-educate and prepare themselves.

So what does "pro-active measures" and "preparation" actually mean?
 
Homebuyers need to have already taken measures to secure their home financing. 
 
That means they have already:


In other words, the above-mentioned steps must have been performed and completed prior to the start of viewing homes and placing bids on them.

 

Buyers need to act proactively.  They need to be up and running regarding their mortgage financing.  

 

When they have done this, they then can quickly produce a PRE-APPROVAL LETTER proving to a Seller their capability to buy successfully.  (Read about the advantages and benefit of Pre-Approval VS Pre-Qualification).

 

Education ... preparation ... action.  Each is crucial when buying in a low-inventory/multiple bidder Chicago-area housing market.  

 

Give yourself every advantage possible.  Contact me or your own local mortgage lender now ...

 
 

* Are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County - Chicago - Chicagoland - IL/WI?

Contact me today! I'll put my 40 years of mortgage experience and expertise to work on your behalf.

I'm easily found at:

 
Gene Mundt
 
Mortgage Originator - NMLS #216987 - IL Lic. 031.0006220 - WI License #216987
 
American Portfolio Mortgage Corp.
 
 
NMLS #175656
 
 
Direct:  815.524.2280
Cell:  708.921.6331
eFax:  815.524.2281

 

 

 

 
 
 
 
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

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Topic:
Home Buying
Location:
Illinois Will County New Lenox
Groups:
Realtors®
Mortgages
Chicago Area Real Estate BUZZ!
Buyer Information - What Buyers Need to Know in Today's Market
Bananatude
Tags:
mortgage preapproval
housing market outlook
mortgage prequalification
housing markets
talk to a lender
low housing inventory
preparation to buy and finance a home
competitive housing markets
competitive housing bids
preparation to buy

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Ambassador
1,689,329
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Luckily Oklahoma City has had a balanced market for quite some time. We have been a bit under inventoried for new construction but not extremely so.

Feb 03, 2020 02:30 PM #1
Rainmaker
5,215,793
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Hi Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi I can't remember our listing inventory in town being this low.... we have 7,722 single family homes in this town and there are 11 resale homes on the market.... imagine 11 homes? we've spread out to other towns and we are working buyers too.... we do get government owned property (marshals) and FDIC properties (foreclosures)... we have that contract in MA... but we need to travel in many directions for those... our town has none... 

Feb 03, 2020 02:56 PM #2
Rainmaker
2,052,004
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi with this sellers market buyer need to have their pre approval lined up.

Feb 03, 2020 03:00 PM #3
Ambassador
3,909,130
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene great advice.  I am seeing multiple offers on just about every offer my Borrowers make.

Feb 03, 2020 03:01 PM #4
Ambassador
4,045,784
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Gene- this is especially useful information for first time buyers or those who have not purchased a home for quite some time. Get everything ready so that when Your House is there, you're ready to act. 

Feb 03, 2020 08:01 PM #5
Rainmaker
3,313,752
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Gene... it's never been more important to have all of one's duck in a row when making an offer on a house... and being thoroughtly pre-approved before doing so is critical.

Feb 04, 2020 04:56 AM #6
Rainmaker
3,440,006
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Gene. In today's market pre-approval is a must. Enjoy your day!

Feb 04, 2020 05:09 AM #7
Rainmaker
3,506,209
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Gene - it seems as if each real estate market offers unique challenges but a ready and well-prepared borrower will have a better understanding of what is faced when that opportunity to purchase becomes available.  That's a good thing.  Anytime.  Coming from a position of strength.  

Feb 04, 2020 05:25 AM #8
Rainmaker
5,616,144
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good information to share with prospective home buyers.

Have an outstanding month.

Feb 05, 2020 11:56 AM #9
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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