Ever wonder why our inventory is so low?
Here is an explaination from Matthew Gardner, Chief Economist for Windermere Real Estate.
Here in Kootenai County we have an inventory shortage, however, our market is fairing better than many other states across the US. Most all segments of our market are performing well and most homeowners who bought at the top of the market are now in an equity position.
If you are on the fence about selling, now is a great time! Abunance of buyers, low rates, inventory shortage; all increase your odds of selling!
5 Mortgage Myths Many Buyers or 1st Time Buyers Have
Borrowers still have a lot of confusion when it comes to mortgages; from closing costs to minimum down payment requirements and questions over credit scores. Some mortgage myths are even preventing some would-be home buyers from entering the market too.
Read more: Buyers Overestimate Mortgage Requirements
The National Mortgage News recently highlighted some of the following mortgage myths that still seem to perplex borrowers, including:
1. Closing costs: New mortgage rules that took effect last fall, TILA-RESPA, are providing borrowers with a clearer picture of mortgage closing costs prior to settlement. However, those expenses can still come as a shock to your clients. They may be surprised to see the costs of closing on a home loan when they receive their Loan Estimate disclosure upfront.
2. Who can cover closing costs: Borrowers may believe that they are the only ones who can pay their closing costs. However, closing costs also can be offered as a seller concession.
3. The credit-less: Consumers who don’t have credit cards may think their lack of debt history will be a positive when applying for a mortgage. However, lenders are looking for how well consumers manage their debt and a lack of history could be problematic in qualifying a borrower.
4. Minimum requirements for qualifying: Home buyers may be under the impression that their credit needs to be a lot more stellar to qualify for a mortgage than it actually needs to be. To qualify for a Fannie Mae-backed loan, borrowers only need a 3 percent down payment and a minimum FICO score of 620.
5. Eligible tax breaks: Mortgage interest deductions are not limited to just primary residences. In some situations, second-home loans and home equity loans of credit may also be eligible.
Source: “7 Mortgage Myths That Still Befuddle Borrowers,” National Mortgage News (May 2016)
Source: Realtor Magazine
Wondering about our market? Its HEALTHY!
Home prices are on the rise across Kootenai County with a median price increase of 6%. From the time the home hits the market until its closed has decreased due to the abundance of buyers out there looking for homes with not much available (low inventory).
Been sitting on the fence about selling your home or know someone that has talked about it? Now would be an excellent time to talk about the benefits of selling now.
We can help. Happy to put together a complimentary market analysis for your home or your friends home and not only help you arrive at a value but show you the odds of selling.
Our smooth sale program and certified home offering help sellers close more quickly and for more.
Call or email us and let us help you!
How to contact John and Tracey
John Tindall: 208-818-2456 firstname.lastname@example.org
Tracey Tindall: 208-818-2365 email@example.com
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