The real estate and lending market is pretty uncertain these days. The Puget Sound area has fared better than most around the country, but we are feeling our own pain.
It is understandable to feel hesitant, but this is actually a great time to be a buyer. There is a surplus of homes on the market, and buyers are enjoying their first real buyer's market in some years.
However, though rates are still historically low (low 6% range), many buyers are being kept out of the market due to tighter restrictions from lenders. As I mentioned previously, 100% financing is pretty much gone outside of VA finacing. Higher credit score and lower debt ratio requirements are keeping other buyers out as well.
Do you know where you stand? Are you staying out of the market for fear that you can't qualify? Or are you staying out of the market because you are waiting for prices to hit bottom?
Don't wait on the sidelines. Find out if, and for how much, you can qualify. Even if you know you can qualify, you should get pre-approved as soon as you are in the market for a house. The pre-approval process can take some time, and you want to be ready to nab that perfect home at a great price. If you wait to start the loan process until you think prices have "hit bottom", you could be weeks away from acting on it. In the meantime interest rates continue to change and have been on the rise in the last couple of weeks.
As always, I want you to be the strongest buyer possible. Contact me today to see if you can qualify. After some questions and some quick calculations, we can tell where you stand. If you are ready to enter the home buying market, it will only cost $19 for a credit report and a little time to gather your documentation. By being pre-approved now, you are ready to act when that perfect home comes along.
