As I reflect over the past week it seems that I have been seeing signs…
I have also been seeing some market signs…
…I had breakfast with a financial advisor last week who talked about what a wonderful opportunity it is for buyers right now. It’s fairly obvious for buyers without a house to sell, but it’s also a great time for move-up buyers. Even if you have a house to sell first, the savings on your purchase will likely more than offset the lower price you might receive on your sale…the more you plan to move up in price, the greater the opportunity.
…I spoke with a lender who talked about how FHA financing is filling the gap in conventional low-money-down financing so even though 100% financing may be gone, 3% financing is still available through FHA…and loan limits have increased to $362,790 for even more opportunity.
…I read an article by a commentator from Inman News asking "Is the end in sight?" One reason given was that investor funds are finally being channeled into credit markets where it is needed instead of commodities. We won’t know when the crisis is really past until months afterwards as we look back, but the fact that financial analysts are even talking about an end is a positive sign.
…yesterday’s report from the Minneapolis Area Association of Realtors showed that new listings are down 6.9% year-to-date compared to last year, and the number of newly signed purchase agreements jumped significantly from the previous week. Let’s hope it’s a sign that we’re starting to come out of the snow.
Bottom line is, if you or someone you know has been waiting for the right time to buy it may be now.