Americans looking to buy, sell or refinance a home are confronting a very different market from the one that existed just a few months ago. And it continues to change!
What does this mean for you and your current mortgage?
If you’re planning to sell your home, be prepared for a smaller pool of qualified buyers. While some experts predict a settling of this credit crisis over the next twelve months, tightened credit guidelines and diminishing mortgage products could knock out as many as 15%-30% of potential qualified buyers. If you truly need to sell, now is not the time to sit and wait for the best possible price. Have a serious talk with your real estate agent. After reviewing recent buying/selling transactions in your neighborhood, your agent can help you price your home accordingly. He or she can also help ensure that your buyers get pre-approved with a preferred lender and stay pre-approved throughout the transaction.
By Taum Hemmingsen, owner/broker of Marketline Mortgage, LLC. For a free consultation or to speak with him directly, he can be reached at 480-967-8286.