Housing reports and reviews of the housing market recovery since the first of this year have been VERY positive. Some reports released this week include:
· A very tight mortgage lending environment “promises improvements this year as the drivers of tough credit standards reverse,” according to Moody’s Analytics ResiLandscape Report.
· Over the past year and a half, large lenders have loosened up or held standards stable on prime loans for mortgage originations, according to the Survey of Senior Lending Officers.
· Aiding lenders’ confidence is that mortgage delinquencies have fallen to pre-recession rates.
· Pending home sales rose in January, and have been above year-ago levels for the past 21 months.
· NAR Chief Economist Lawrence Yun explains: "Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It's also why we're experiencing the strongest price growth in more than seven years."
Locally we have seen a remarkable turn in our market resulting in multiple offers on homes competitively priced with some selling in days – depending on price range. We haven’t seen this kind of activity in several years.
A good option for potential buyers looking for down payment or closing cost funds is their tax return. Several local credit unions and banks will loan you the funds to assist in a home purchase with your tax return as security.
If now is the time for your next move, give us a call and let’s explore your options!!
