Better news from the trenches
It’s been nice to hear some encouraging numbers this week, after a long period of fear and stress in the industry these past couple of months.
Lenders are noting that they have experienced an uptick in the number of new buyer loan applications recently. Additionally, they report that buyers that were pre-approved a few months ago are now re-engaging and calling in for updated pre-approval letters.
How do we see this play out in the market?
Just this week, there were two homes listed for sale recently in the upper $700,000 price range.
Both were cosmetic fixers for the most part. Inspection reports and disclosures were available to help buyers gain a better understanding of the current condition of the homes.
AND, both received multiple offers (in December and in this formerly stagnant market).
It has been my experience and personal opinion that you can sell a home in any market as long as it is priced right for the condition, location and market.
The other piece of good news is that mortgage interest rates seem to be stabilizing more (slightly up or down by 1/8% to 1/4% point here or there). It is nice to see a little less volatility and a little more acceptance from the marketplace and home buyers.