There are many questions about where home sales are headed next year. We have gathered the most reliable sources to help answer this question. Here are our sources:
Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.
The National Association of Realtors (NAR) – The largest association of real estate professionals in the world.
Freddie Mac – An organization which provides liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast.
Fannie Mae – A leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets.
Here are their projections:
Every source sees home sales growing next year. Let’s get together to chat about what’s going on in our neighborhood.
Serving the Front Range Since 1989
A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification.
For many, the mortgage process can be scary, but it doesn’t have to be!
In order to qualify in today’s market, you’ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and good credit history.
Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you.
Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests to follow:
- Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® of all closed loans in September was 731, according to Ellie Mae.
- Start gathering all of your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
- Contact a professional – your real estate agent will be able to recommend a loan officer who can help you develop a spending plan, as well as help you determine how much home you can afford.
- Consult with your lender – he or she will review your income, expenses, and financial goals in order to determine the type and amount of mortgage you qualify for.
- Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change) and demonstrates to home sellers that you are serious about buying!
Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.
Kristel Acre – Realtor
We all know the people in our lives with perfect credit scores. Quite often, they are people that we look up to as we simultaneously beat ourselves up wondering why we cannot be more like them. To make matters worse, I suspect we feel they’ve been that way their entire life. However, at least statistically speaking, that probably isn’t the case. Truth be told, nearly everyone in their life has had one or more blips on the radar, if not an entire storm system of events that have affected their credit.
As most of us know, life happens… And when life happens, it can affect every facet negatively and certainly our credit worthiness is not exempt at all. In fact, when the big storms of life hit, our credit is right up there on the list of things most likely to suffer. Heath crises, job losses, family crises, accidents and the list goes on. No small wonder that the aforementioned reasons alone are at the top of the list in reasons for bankruptcy filings. With this in mind, I would ask first and foremost to show yourself some grace and self-love as you remember that you are not alone in the battle for not only your credit, but your personal well-being. Remember that you are not the only one to have had credit difficulties.
Most importantly, remember that despite how overcome you feel right now, there are very real and even easy steps you can take to begin your road to good credit. I have great tools and incredible people that can help you in ways you may not have imagined where credit repair and more specifically the dream of home-ownership is concerned. If you want to own a home and you believe your credit is too large an obstacle to overcome, contact me. I can help.